ORDI (ORDI) has emerged as the first BRC-20 token, gaining significant attention for its role as a memecoin on Bitcoin’s Blockchain. Utilizing Bitcoin’s ordinals protocol, the token facilitates data writing and trading on Bitcoin’s existing infrastructure. However, its functionality is simpler compared to Ethereum’s ERC-20 standard due to Bitcoin’s limited smart contract capabilities. This article addresses two main questions: What is ORDI (ORDI) and how to purchase ORDI (ORDI) with Turkish lira (TRY)?
What is ORDI (ORDI)?
Launched in March 2023, ORDI is the inaugural BRC-20 token leveraging Bitcoin’s ordinals protocol. This protocol, developed by Casey Rodarmor, allows data embedding like text, images, audio, and video within a Satoshi. This expands Bitcoin’s original capabilities, enabling the creation and trading of NFTs and other digital assets directly on the Blockchain.
Inspired by Ethereum’s ERC-20 standard, the BRC-20 standard adapts to the Bitcoin network by writing data onto a Satoshi. Unlike ERC-20 tokens that rely on smart contracts, BRC-20 tokens use Bitcoin’s infrastructure, thus avoiding the need for external smart contract platforms. ORDI has quickly gained value and popularity due to its unique project approach and the novel opportunities it brings to the Bitcoin network.
Which Challenges Does ORDI Face?
ORDI has expanded the scope of derivative and leveraged trading on Bitcoin’s Blockchain, offering a secure and decentralized environment. It provides advantages like governance, staking, and lower trading fees. Additionally, its listing on major exchanges has increased both its reach and trading volume.
Technically, the BRC-20 token standard benefits from Bitcoin’s Taproot update, which allows more complex data handling. BRC-20 tokens define their properties using JSON-based data writing, making token creation accessible without technical expertise. However, programmability remains limited compared to ERC-20 tokens, constrained by Bitcoin’s network limitations.
How to Buy ORDI (ORDI) with TRY?
For Turkish investors looking to purchase ORDI, Binance TR is a suitable platform. Offering over 100 cryptocurrencies for trading, Binance TR allows swift transactions. To buy ORDI with TRY, follow these steps:
How to Open an Account on Binance TR?
Creating an account on Binance TR is straightforward. Visit trbinance.com and proceed from the “Create Account” step. Enter basic information such as email, phone number, name, date of birth, nationality, and identity number. Complete email/SMS verification to confirm the details, followed by identity verification (KYC).
What is Binance TR?
Launched in 2020, Binance TR is Binance’s platform tailored for the Turkish market. It uses Binance’s technology, security, and liquidity through Binance Cloud. Users can deposit and withdraw Turkish lira (TRY) easily and trade various cryptocurrencies with TRY pairs via Binance TR. It offers market-leading liquidity, a robust matching engine, advanced security, custody solutions, and risk controls.
Key Insights for Users
Here are some valuable takeaways for investors:
- ORDI provides a new use case for Bitcoin’s Blockchain by integrating BRC-20 standards.
- Its development is backed by Bitcoin’s Taproot update, enhancing data complexity handling.
- Despite limited smart contract capabilities, ORDI opens novel pathways for decentralized applications on Bitcoin.
- Potential challenges include network data load management and transaction fee increases.
- Investing in ORDI involves risks due to price volatility from speculative trading.
Conclusion
ORDI’s integration of the BRC-20 standard on Bitcoin’s Blockchain represents an innovative stride, although it faces challenges related to network limitations and fee structures. For Turkish investors, Binance TR offers a streamlined platform to buy and trade ORDI using local currency, making it accessible for a broader audience.