Welcome to the on-chain Bitcoin ecosystem!

What is Bitcoin?

Bitcoin is the world's first decentralized cryptocurrency, launched in 2009. It operates on a peer-to-peer network, using blockchain technology to ensure security and immutability of transactions.

Bitcoin's blockchain is designed to be immutable and transparent, with all transactions recorded permanently. Think of it as one giant database with data that CANNOT be edited or deleted when uploaded. The network is secured through cryptography and its decentralized nature, making it extremely difficult to hack or manipulate. Bitcoin aims for longevity, with no central point of failure.

 

To learn more about Bitcoin, visit https://bitcoin.org/en/.

 

To deepen your knowledge- read the Bitcoin whitepaper! Go to https://bitcoin.org/bitcoin.pdf.

What are Ordinals?

Ordinals is a protocol developed by Casey Rodarmor that is built on top of Bitcoin which enables tracking and identification of individual satoshis. A satoshi is the smallest unit of Bitcoin, equivalent to 0.00000001 BTC, allowing for microtransactions and precise value transfer within the network. Ordinals allows users to attach data directly to specific satoshis, creating unique Bitcoin-native digital artifacts called "inscriptions."

Ordinals introduces a way to create NFT-like assets directly on the Bitcoin blockchain without requiring separate layers or sidechains. These inscriptions can contain various types of data, including images, text, or small applications. Once inscribed, the data becomes a permanent part of Bitcoin's blockchain, inheriting its immutability and security. This innovation has opened up new possibilities for digital ownership and scarcity within the Bitcoin ecosystem, similar to NFTs on other blockchains but with the added security and longevity of Bitcoin.

 

To read the official Ordinal docs, go to https://docs.ordinals.com/

What are Runes?

Runes is a protocol developed by Casey Rodarmor for creating simple, fungible tokens on the Bitcoin network. It launched April 2024, the same block as the bitcoin halving (840,000). The runes protocol aims to provide a more efficient way of creating and managing tokens on Bitcoin.

The Runes protocol uses Bitcoin's UTXO model for efficient token management and transfer. It's designed to be more scalable and less resource-intensive than previous token standards on Bitcoin, potentially enabling a wide range of decentralized finance (DeFi) applications. Runes leverages Bitcoin's security and immutability while providing a new way to create and manage fungible tokens. The ecosystem is still in its early stages but is seeing rapid development and adoption, with many builders and developers actively working on projects that utilize Runes.

 

To read the official Rune docs, go to https://docs.ordinals.com/runes.html

How to Get Involved

You can get started in the ecosystem by creating an Xverse wallet. Xverse is a user-friendly Bitcoin wallet that supports Ordinals and other Bitcoin-based assets w/ ledger. It is a chrome extension similar to Metamask/Phantom, with the user experience being similar.

 

Download Xverse Wallet (xverse.app)

 

Watch this video to learn how to set up your Xverse wallet:

 

 

Make sure you pay attention to your addresses! Send bitcoin to your payment address, and send Ordinals/BRC-20/Rune assets to the bc1p address!

 

Ordinals Example

Ready to learn more? Head over to resources to explore the ecosystem in depth!

 

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Resources

Bitcoin

How to get Bitcoin

Magic Eden Wallet

Magic Eden Wallet: A cross-chain wallet with Bitcoin support. Has an in-wallet exchange to easily swap between assets!

 

Centralized Exchanges

You can get Bitcoin from a centralized exchange like Binance or Coinbase

 

Crypto Swap Platforms

There are platforms like SimpleSwap or ChangeNOW, which allow you to exchange crypto for crypto without the need to KYC.

 

Bitcoin's Fee Network

How it Works

Bitcoin's transaction fee system works like a bustling auction house. When you want to make a transaction, you're essentially placing a bid to have your transaction processed.

 

  • Higher fees = Higher priority
  • Lower fees = Longer wait times

 

Things to Know

  • • Transactions take an average of ~10 minutes to be confirmed
  • • During high congestion, fees can increase significantly
  • • Always check the current fee rate before transacting

 

To monitor the current state of the Bitcoin network and check fee rates, you can use mempool.space. This website provides real-time information about transactions, blocks, and fee estimates. This is BTC's equivalent to Etherscan/Solscan

Ordinals

Exploring Ordinals

  • Ordinals.com: The main Ordinals website
  • Ord.io: An Ordinals explorer site
  • Ordpool.Space: Similar to Mempool.space, but allows you to see Ordinal inscriptions in each transaction

 

Trading Ordinals

To get involved with trading Ordinals, here are the two main marketplaces:

  • MagicEden: The leading NFT marketplace for Ordinal & Rune degens
  • Gamma: A platform specializing in Bitcoin Ordinals, more art focused

 

Inscribing Ordinals

To inscribe your own data on Ordinals, there are some specialized sites that make it easy:

  • Chisel: A user-friendly platform for inscribing Ordinals
  • Ordinals Bot: An automated service for Ordinal inscriptions

 

Shameless Boo Plug

Interested in an OG Ordinals project that explores the limits of AI? Check out Bitcoin Boos and view their two collections: Genesis and Boottalion

Bitcoin Boos Logo

Runes

Exploring Runes

 

Trading Runes

 

Minting Runes

  • Runeblaster: Bulk mint runes with speed-up options and other useful tools
  • Luminex: Etch your own runes

Misc

View Bitcoin Startups

  • Bitcoin Startups: A directory for Bitcoin Startups including Bitcoin L2, Bitcoin DeFi and Data & Analytics.

 

Borrowing/Lending

  • Liquidium: A platform where you can borrow and lend Ordinals & Runes directly on layer 1 Bitcoin.

 

Rare Sats

  • Magisat: A tool for finding rare sats and managing your UTXOs.

Community

Some Key Community Members

Great Twitter Posts

Essential Ordinals Knowledge

Suggest a Resource

Missing something, or have something cool to showcase that fills a gap in the ecosystem? Please let me know about it!