2023-6-5 09:17 |
Rare satoshis could be the next big crypto craze following the BTC-20 ordinals inscriptions hype and memecoin minting madness this year.
In the world of crypto and Bitcoin, uniqueness and rarity are highly sought-after properties. Not everyone can afford a whole coin at this point, which is why special satoshis may be the next big thing.
With Ordinal theory, we can classify and number satoshis in terms of rarity and uniqueness.
Hunting for Rare SatoshisOn June 5, Ordinals influencer and developer “Leonidas” revealed that centralized exchanges hold large amounts of Bitcoin. As a result, they will also have access to these rare satoshis.
“One by one, CEXs and mining pools will wake up and realize that they control vast swaths of the rare sat market. This movement has only just begun.”
Ord.io revealed that the Binance cold wallet address holds 1.28% of all BTC, equating to 24.8 trillion satoshis. Of that total, three are considered “rare,” and 12,394 are “uncommon.”
If you want to read more about Bitcoin Ordinals and how they are dividing Bitcoiners, you can check out our guide here!
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“[You] need to start hunting Rare Sats now before Binance gets their act together (if they didn’t already). Exchanges and Miners will absolutely monopolize Rare Sats once they catch up.”
Bitcoin Ordinals protocol creator Casey Rodarmor also proposed a method of identifying special satoshis. It uses natural, pre-programmed events in Bitcoin evolution and states that the “first” satoshi of those events gets a name and rarity status.
The categories include Common, Uncommon, Rare, Epic, Legendary, and Mythic in an index now called the “Rodarmor Rarity Index.”
A block’s first satoshi is classified as “uncommon.” Moreover, the first satoshi of every difficulty adjustment, approximately 2,016 blocks, is considered “rare.” One in 1.26 trillion satoshis is rare.
Rare satoshis infographic. Source: OrdinalHubAn epic satoshi is the first one after each halving epoch, and the legendary one is the first of each ‘cycle’ every six halvings, according to Rodarmor. The mythic Satoshi is the unspendable genesis sat that was created by Satoshi Nakamoto himself.
There are other value measures as well, such as satoshis used in the first Bitcoin pizza transactions.
Trevor.btc said that the hunt for rare sats was already on:
“Professional Sat Hunters are panning for Rare Sats by sending large amounts of BTC back and forth to exchanges then checking if the BTC contains and rare sats.”
Bitcoin Ordinals Protocol UpgradedOn June 4, the Bitcoin Ordinals protocol upgraded to version 0.6.0. The upgrade allows indexing some types of previously invalid or “cursed inscriptions.”
Over 71,000 ‘cursed’ inscriptions contain a negative ordinal number. The protocol didn’t recognize and classify these previously.
The post Will ‘Rare Satoshis’ Be the Next Big Crypto Craze? appeared first on BeInCrypto.
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