What is Ordinals(ORDI)?
Ordinals(ORDI) is a cryptocurrency that uses a technology known as Ordinals Protocol and brings NFT(Non-Fungible Token) capability to the Bitcoin blockchain.
Ordinals protocol is an experimental framework that creates a fungible token on top of Bitcoin. By this protocol, tokens with unique characteristics can be developed that can be traded in the Bitcoin network. The smallest unit of Bitcoin is Satoshi.
The ordinal protocol enables the allocation of a numbering scheme for satoshi, making them more versatile. ORDI allows text, images, audio and video to be added to Satoshi.
Ordinals Protocol allows billions of Satoshi to be employed as NFTs and tokens. The ordinal NFTs are made possible by Segregated Witness(SegWit) and Taproot updated to Bitcoin Protocol, which took place in 2017 and 2021 respectively.
By following the protocol developed for ORDI, data including text, images, audio, and video can be inscribed directly into satoshi creating a permanent record in the Bitcoin blockchain.
How Do Bitcoin Ordinals Work?
The ordinals protocol adds more information to each satoshis serial number called an inscription. With 100 million satoshis in a bitcoin, each with a unique number based on when it was mined, users can create NFTs and assets directly on the Bitcoin blockchain without extra layers.
These inscriptions are directly embedded into satoshis and stored in Bitcoin blocks, inheriting Bitcoin’s security and immutability. Ordinals are mined like regular Bitcoin transactions, just following a specific protocol.
How to buy Ordinals(ORDI) coins?
To purchase ORDI, users need to register with crypto exchanges such as Gate.io, BKEX, CoinW, Bitsmart, and BingX.
It is recommended to secure the assets in good exchanges or cold wallets to avoid hacking and other security threats.
Advantages and disadvantages of Ordinals
Ordinals are more secure, decentralised, and censorship-resistant than traditional NFTs. The inscriptions ensure data integrity. Artists, creators, and collectors can enable novel applications of non-fungible tokens on Bitcoin.
One of the main benefits of Ordinals is there is no need to leverage an off-chain protocol. Bitcoin ordinals provide a stable and transparent way for Bitcoin to accomplish these goals without the need of a third party which helps in lowering security risks by reducing the number of transactions.
The onboarding process is pretty easy in the case of ordinals as it is simply needed to connect the wallet to start creating ordinals.
The other main benefit is the ability to tokenise assets and bring them to the Bitcoin blockchain.
As more files are added to the blockchain, network congestion may result in slower transaction time leading to higher fees.
Moreover, Ordinals due to their data-intensive nature are critiqued for their misuse of scarce resources of the Bitcoin network.
ORDI price prediction and market cap
| Year | Price range($) |
| 2024 | $20 to $80 |
| 2025 | $34 to $90. |
| 2026 | $50 to $100. |
| 2027 | $60 to $130. |
| 2028 | $85 to $150. |
| 2029 | $100 to $160. |
| 2030 | $110-$203 |
The market capitalisation of ORDI coins
The price of ORDI (ORDI) as of April 16, 2024, is $41.97 today a 24-hour trading volume of $385,196,526.51.
The present value of all ORDI assets is approximately $ 900 million. It is very difficult to predict the market capitalization for the future as it involves multiple factors like market sentiment, supply and demand, technological advancement, economic factors, and regulatory developments.
Based on the price prediction, the market capitalization of ORDI can vary wildly from $400 million to $4 billion from 2024 to 2030.
Investment opportunities in ORDI
Ordinals (ORDI) projections are very conflicting, as the above-cited analysis makes evident. On future ORDI price changes, there is also no general agreement as to whether they will be good or negative.
That being said, a number of variables, including announcements, the technological innovations of the Ordinals projects, the overall state of the cryptocurrency market, the legal landscape, and so forth, could contribute to future growth. Before making an investment in cryptocurrencies, research is vital.
Conclusion
Ordinals(ORDI)coin is a unique cryptocurrency that achieved fame and popularity thanks to its use of NFTs and tokens in the Bitcoin network.
Even though it is a comparatively new coin, the market capitalization at present is close to $900 million. Investors can make investment decisions in ORDI based on thorough analysis.
With a historical analysis, ORDI seems to be a good bet for the long term. It can be bought at popular exchanges like Gate.io and BKEX.
It should be noted that the assets should be stored in trusted exchanges or cold wallets.
