Exchanges go to Ordinals. Do you want to declare your flame to the chosen one of your heart and forever engrave your love on the Bitcoin blockchain? This is now possible via Binance. Indeed, exchange users can now join registrations for their Bitcoin transactions. Text, images or even your own token: we explain everything to you.
Taproot: the latest Bitcoin revolution paves the way for Ordinals
In a communication, Binance Pool has just unveiled its new service Ordinals Registration. When transacting in Bitcoin from the Binance platform, you are now possible to add data, be it text or images. You will even be able to create your own token. All this emerges from Ordinal technology and the BRC-20s we’ve heard so much about since the start of the year.
But what is an Ordinals? Do you know NFTs? In this case, the Ordinals, it’s not complicated. It is their counterpart on the Bitcoin blockchain. As for BRC-20, these are the equivalent of ERC-20 on the Ethereum blockchain, namely tokens on the Bitcoin blockchain. Clearly, the operation is as follows.
As you may know, 1 bitcoin is broken down into smaller units called satoshis, in honor of its creator. 1 BTC equals exactly 100 million satoshis. However, Ordinals technology makes it possible to associate a message or a file with a particular satoshi, thereby transforming it into an NFT.
That’s all well and good, but how do you do it on Binance? First, you will need a bitcoin address Taproot, the latest version of the protocol. This is a wallet address starting with “bc1q”. Indeed, to send your transaction from Binance, it is necessary to have a suitable receiving address. It will therefore be necessary:
- Make sure your personal wallet supports the Taproot protocol;
- You create a dedicated Taproot wallet in order to obtain your famous address starting with “bc1q”.
It’s good. Are you now ready to receive the transaction? In this case, direction Binance to follow the process.
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
You will first have to go to the“Finance” tabthen select « Mining pool “.
Then select “Ordinals Inscribe”. You will then see the page below appear. You will have the possibility to choose if you want to associate text, an image or create your own token thanks to your Bitcoin transaction.
Attention ! If you select the creation of a BRC-20 token, it must first be deployed. In addition, when creating your token, you will be asked to indicate a number in the fields “Amount” And “Repeat Mint”. For example, if you specify “1,000” in “Amount” and “20” in “Repeat Mint” via your transaction, you will create 20 registrations containing 1,000 tokens each, for a total of 20,000.
If you choose a pictureits size will be limited to 300 KB. A heavier image will be compressed.
If you opt instead for textlikewise, the limit will be of 300 KB. In addition, only simple words can be entered, such as “p”, “brc-20”, “mint” or “1000”.
Once this is done, you will need to choose your type of transfer and the associated fees. Finally, you will have to indicate your sending address and validate the transaction.
THE Ordinals are at the heart of the Bitcoin topic this year. Some see this use case, and the associated costs, as a additional future income for miners, once all bitcoins are mined in 2140. In our interview with Tobam leader, Yves Choueifaty, on the occasion of Surfin Bitcoin, we discuss the subject with him. And his opinion on the matter is particularly interesting.
For you, blockchain technology and cryptocurrencies will soon be at the heart of the daily life of each of us. You can get exposure to Bitcoin, Ethereum and other tokens on the leading exchange. Register quickly on the Binance platformand save 10% on your trading fees by following this link (trading link).