Understanding All Things Ordinal
In the coming days, GVNR will deliver a world first as the first ever Ordinal is paid for and inscribed without spending Bitcoin, using our JUSTPAY platform.
Be among the first to experience inscribing your very own Commemorative GVNR x CoinList Ordinal, as part of our Incentivised Launch Campaign.
Using JUSTPAY, you can inscribe your very own ordinal with ANY TOKEN on ANY CHAIN.
Just looking at details on what Ordinals will unlock with the 6 chains we have today for JustPay, we’re looking at over $125 billion of stablecoins that can enter into Bitcoin once we ship. Combine that with the new US regulations and no one is bullish enough.
If you’re reading this and asking ‘what’s an Ordinal?’, we’ve put together a quick overview to bring you up to speed on all things Ordinal and understand the significance of this watershed moment.
What is an Ordinal?
Ordinals are essentially non-fungible tokens (NFTs) inscribed on individual satoshis (the smallest unit of Bitcoin) on the Bitcoin blockchain.
The process of creating an Ordinal on Bitcoin
To inscribe an Ordinal, there are several steps for which we’ve outlined the basics:
Wallet Setup: You need an Ordinal-compatible wallet like Sparrow Wallet, Xverse, or Hiro. These wallets support the Taproot upgrade, which is necessary for Ordinal inscriptions.
Content Preparation: Decide what you want to inscribe. This could be text, images, audio, or other data, but it must be under 4MB due to blockchain space limitations.
Inscription Process:
Commit Transaction: This transaction commits to the data you want to inscribe.
Reveal Transaction: This follows the commit transaction, revealing the content on the blockchain, thus inscribing it onto a satoshi.
Transaction Fees: Inscriptions are part of normal Bitcoin transactions, meaning they require fees. The fees depend on the size of the data and network congestion.
Why Ordinals Help Increase Transactions on Bitcoin Blockchain
Ordinals have breathed new life into Bitcoin, here's just a few ways they benefit the blockchain.
Increased Utility: Ordinals add functionality to Bitcoin beyond just financial transactions, attracting more users to the network for various data inscription purposes.
Higher Transaction Volume: By inscribing data, users must pay transaction fees, which in turn incentivise miners and can increase the overall transaction count on the blockchain. This can lead to greater network activity and miner rewards.
Cultural and Market Interest: The hype around Ordinals can drive more engagement with Bitcoin, encouraging more transactions as users buy, sell, or transfer these digital artifacts.
How much does it cost to inscribe an Ordinal?
The approximate fee for an inscription can be calculated by dividing the content size by four and then multiplying by the current fee rate per byte.
For example, if your file is 100 KB and the fee rate is 100 sats/vbyte, the fee would be around (100,000 bytes / 4) * 100 sats = 2,500,000 sats.
What is a Four Mega?
"Four mega" refers to the 4MB limit on the size of data that can be inscribed on a satoshi. This limitation comes from the Bitcoin protocol's transaction size constraints.
Current Market Rates for Inscribing an Ordinal
As of recent data, costs can range widely based on network conditions, with a simple image inscription potentially costing from a few dollars up to several tens of dollars or more, depending on urgency and size.
The resurgence of Ordinals has driven Bitcoin fees to their highest level since the meme coin mania this past May. The excitement of Ordinals on Bitcoin has brought new experimentation to the network, increasing average blocks sizes overnight, which translates to higher fees per block.
Using Delegates to Reduce Inscription Costs
Some platforms or services allow you to delegate the inscription process to others who might have cheaper access to Bitcoin transaction fees or more efficient methods.
This can involve using platforms like Gamma.io or Ordinalsbot, which manage the technical aspects of inscribing for you, potentially at a lower cost due to their bulk handling or optimised fee strategies.
Ideas to Make Inscription Cheaper
Batching: Inscribing multiple ordinals in one transaction can spread the cost over several inscriptions, effectively reducing the per-inscription cost.
Layer 2 Solutions: Utilising solutions like the Lightning Network might eventually help in managing fees more efficiently for smaller transactions, though this isn't directly applicable to Ordinals yet.
Optimised Services: Services that specialise in Ordinals can optimise the inscription process, choosing the right times or methods to minimise costs.
Future Protocol Updates: Any future Bitcoin protocol updates that allow for more data or reduce transaction costs could make inscriptions cheaper.
The Future of Ordinals is Here
The future of Ordinals is here and with GVNR it’s bigger than anyone imagined. With JUSTPAY, we're tearing down the final barriers - now, anyone can inscribe Ordinals without spending Bitcoin. This isn’t just an evolution; it’s a revolution.
As we launch the world’s first Ordinal inscription paid for with any token on any chain, you have the chance to be part of history. Be among the first to experience this game-changing technology by inscribing your Commemorative GVNR x CoinList Ordinal.
The Bitcoin ecosystem is expanding, adoption is accelerating, and the doors to $125 billion in stablecoins are about to swing wide open. This is just the beginning - get ready for what’s next.
Join the CoinList Incentivised Launch today.