Beginner Guide
A beginner's guide to Bitcoin & Ordinals
👀 At a Glance
What is Bitcoin? The first and most influential decentralized digital currency.
What are Ordinals? NFTs on Bitcoin, also called "inscriptions". Unique digital collectibles attached to an atomic unit of BTC (called a "satoshi" or "sat"). Sending a sat transfers ownership of any associated ordinals to the recipient.
Setting up a wallet (Xverse): Download the Xverse wallet, write down your secret “seed phrase,” and never share it.
Buying Bitcoin: Get Bitcoin on a trusted exchange, then send it to your Xverse wallet.
Buying an Ordinal: Connect your Xverse wallet to a reputable marketplace, pick an Ordinal NFT, and purchase.
Stay safe online: Never share your seed phrase. Only visit official sites. Only respond to DM's from 100% safe contacts. Disconnect your wallet when you’re done with an app.
Take crypto security seriously: Use a hardware wallet for greater protection against threats.
For more details, read on...
A Beginner’s Guide to Bitcoin, Wallets, and Buying Your First Ordinal
1. Understanding Bitcoin and Ordinals
What is Bitcoin?
Bitcoin is a digital form of money that you can send anywhere in the world, anytime. It is decentralized, meaning it is not centrally controlled by banks or governments. People value Bitcoin for its security, transparency, and freedom from middlemen.
It is the first, most trusted, and most influential digital currency.
What is an Ordinal?
Ordinals, also known as "inscriptions", are unique digital collectibles stored and traded on Bitcoin. If you own an Ordinal, you own a one-of-a-kind digital item that can’t be copied or destroyed.
Ordinal content (typically art, code, or text data) is "inscribed" directly into the Bitcoin blockchain, making that content permanent and co-located with the token representing its ownership.
2. Getting started with a Bitcoin Wallet
What’s a Bitcoin Wallet?
A Bitcoin wallet stores your funds and lets you send and receive Bitcoin.
The leading wallet supporting Bitcoin Ordinals at present is Xverse. A “non-custodial” wallet like Xverse gives you full control—only you hold the keys, also known as a “seed phrase.”
It is critically important that you take care when creating your wallet, and securely store your seed phrase and password, else risk losing access to your wallet.
Setting up Xverse:
Install Xverse: Visit the official Xverse site to get the browser extension or mobile app.
Create a new wallet: Follow the prompts to set up your wallet.
Write down your seed phrase: This is your master key. Store it safely offline. Never save it on your phone, computer, or the cloud. Do not share it with anyone.
Set a strong password: Use a unique password you haven’t used anywhere else.
Best practices for wallet security:
Guard your seed phrase: If someone gets this, they get your Bitcoin. Keep it hidden and offline.
Use official sources: Download the wallet only from the official website.
Stay private: Don’t talk about how much crypto you have with strangers.
3. Buying Bitcoin and Ordinals
💰 Getting Bitcoin:
Choose a reputable exchange: Sign up and buy Bitcoin using your bank account or credit card.
Transfer Bitcoin to Xverse: Copy your Xverse wallet address and send the Bitcoin from the exchange.
🤔 Choosing an ordinal marketplace:
Stick to trusted platforms: Use well-known, reputable NFT marketplaces. Avoid random recommendations from strangers, and only use official links. Always verify the URL.
Trio - Secondary market
Connect Your Xverse wallet: Click “Connect Wallet” on the marketplace and follow the simple steps in your Xverse extension or app.
🛒 Buying Your Ordinal:
Initiate purchase: Click “Buy” and confirm the transaction when Xverse prompts you. Always verify that all details are correct, and that the recipient address shown in the transaction matches the expected recipient address.
Check Your wallet: After a short wait (typically between 5 and 30 minutes, and sometimes as long as an hour), you will see the Ordinal in your Xverse collection.
4. Staying safe online
Double-check URLs: Always make sure you’re visiting the correct, official website.
Beware of scams: Never share your seed phrase or private keys. Legitimate sites will never ask for them.
Disconnect after use: Once done shopping or browsing, disconnect your wallet to reduce exposure.
5. Increasing security with a hardware wallet
What is a hardware wallet?
A hardware wallet is a small device that stores your Bitcoin offline. Even if your computer is compromised, your Bitcoin should remain safe.
Why use one?
If you have significant amounts of Bitcoin or valuable NFTs, a hardware wallet adds a strong extra layer of protection.
How to get started:
Buy from the official manufacturer (e.g., Ledger or Trezor): Don’t buy used devices.
Transfer funds for long-term storage: Once set up, move some or all of your Bitcoin to this device for safekeeping.
6. Summary and tips
Bitcoin: A global digital money you control.
Ordinals: Unique digital collectibles built on Bitcoin.
Xverse wallet: Your secure, user-friendly portal to Bitcoin and Ordinals.
Seed phrase: Your master key—never share it.
Buy Bitcoin, then buy the Ordinal: First get Bitcoin on a trusted exchange, then purchase your ordinal on a reputable marketplace.
Stay safe: Watch out for scams, verify links, and keep your seed phrase offline.
Upgrade security: Consider a hardware wallet for added peace of mind.
By following these steps and best practices, you’ll navigate the world of Bitcoin and Ordinal NFTs with confidence and security.
Stay informed, be careful, and have fun exploring the exploring the exciting world of crypto and digital ownership.
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