What is ORDI? BRC-20 Based Token Listing on Bittime

Image source: CoinMarketCap

Since it first became a crypto asset, Bitcoin has had the property of being able to be traded or exchanged. However, along with the development of the blockchain world, this value began to shift with the emergence of ordinal theory in Bitcoin. This theory itself comes from two basic community questions about the Bitcoin system, namely:

1. Can Bitcoin only be used to process financial transactions?
2. Can Bitcoin also be used as a secure and decentralized network for storing data?

Consisting of the smallest fractions in the form of satoshis, ordinal theory stems from the question of how Bitcoin transactions are ordered in the blockchain network. Satoshi itself has storage space that can be used to embed tags in the form of text or images, which can help identify the order of satoshis in the blockchain network. This is what gives Satoshi a unique identity.

However, with the previous pattern, Bitcoin only has a position as a global financial network. Meanwhile, in the block space itself, Bitcoin has a place that can be used as data storage space. Where, if the Bitcoin block space can be increased for use as storage space, it will actually be able to improve the security budget problem in the blockchain.

Want to know more details? Read this article until the end, Bittimers!

What is ORDI?

Since the hardfork was carried out , Bitcoin's size limit, which was previously only 80 bytes, has changed to 4 MB per block. Through the two previous Taproot and Segwit hardfork updates, a different way was found to calculate the size of each block on Bitcoin, so that transaction data management could be more efficient.

Initiated by Casey Rodarmor on January 21 2023, a software developer and Bitcoin supporter who developed the Bitcoin Ordinals protocol, it succeeded in opening a new world for Bitcoin users. 

The Ordinal Protocol makes it easy for Bitcoin node operators to associate data with each piece of Bitcoin thereby creating a numbering system that determines the order based on minting and gives each satoshi an identity allowing them to be tracked and traded individually.

The introduction of Ordinals allows the inscription of Bitcoins (i.e., Bitcoin NFTs) directly into satoshis, unlike other main networks such as Ethereum, which require the use of smart contracts .

As a crypto asset that operates with inscriptions recorded on the Bitcoin blockchain, ORDI is unique because NFTs, which previously required a smart contract , do not apply to the Ordinal protocol. This is because the Ordinals protocol is decentralized, immutable, always on-chain, and native to Bitcoin.

In short, the Ordinals protocol is used to perform inscription by writing content to satoshis. Inscription does not require using a separate token, another network, or changing Bitcoin.

So what the Ordinals protocol does is write information to each Satoshi, such as text, images, audio and video, etc. Due to Bitcoin's block size limitations, the main information written on the Ordinal protocol is text and images, in the form of NFTs and tokens on the BRC-20 network.

Having a circulating supply of 21 million ORDI tokens, as of November 16 2023 ORDI has succeeded in sitting at position #88 based on information from CoinMarketCap. 

Even though it experienced a decline for several months, until November 2023 ORDI was able to recover and set an all-time-high record of around 27.5 US dollars.

What are the uses of ORDI tokens?

As an innovation in the world of blockchain, especially Bitcoin, ORDI (Ordinals) tokens have various uses. 

Some of the uses of the ORDI token are to store information such as text, images, sounds, and videos on the Bitcoin blockchain through inscription at the satoshi level, which allows the creation of unique and non-forgeable NFTs. 

With a total of 2.1 quadrillion satoshis in Bitcoin, ORDI opens up new opportunities for applications in the Bitcoin ecosystem, facilitating the use of data and digital assets in innovative ways. 

How to Buy ORDI on Bittime

After knowing what ORDI is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. ORDI tokens are available on Bittime in ORDI IDR pairs. 

 Below is a guide on how to buy ORDI tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy ORDI with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy ORDI.
9. Click the 'Buy ORDI' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

Complete guide on how to buy ORDI, click here .

Apart from buying ORDI tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.