NFT 2023 | Ordinals NFT | Bitcoin Ordinals Explained
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Welcome to our NFT 2023 Video!
Bitcoin ordinals refer to the numerical values assigned to individual transactions within the Bitcoin blockchain. Each transaction on the Bitcoin network is assigned a unique numerical value, which is referred to as a transaction ID (TXID). These TXIDs are represented as long strings of alphanumeric characters and are used to identify and track individual Bitcoin transactions.
In addition to TXIDs, each block in the Bitcoin blockchain is also assigned a unique numerical value, which is referred to as a block height. Block height refers to the number of blocks that have been added to the blockchain since the genesis block, which was the first block created when Bitcoin was launched in 2009. As new blocks are added to the blockchain, the block height increases, and the ordinal value of each transaction within the blockchain is determined based on its position relative to the genesis block.
The use of ordinal values in the Bitcoin blockchain is important because it helps to ensure the integrity and immutability of the network. Because each block in the blockchain contains a reference to the previous block, any attempt to alter a transaction within a block would require recalculating the hash of that block and all subsequent blocks. This makes it extremely difficult for anyone to modify the blockchain without being detected.
Bitcoin ordinals are also used to determine transaction confirmations, which refer to the number of blocks that have been added to the blockchain since the block containing the transaction was mined. The more confirmations a transaction has, the more secure and irreversible it becomes. This is because each confirmation increases the computational work required to modify the transaction, making it increasingly difficult for attackers to alter the blockchain.
In summary, Bitcoin ordinals are the numerical values assigned to individual transactions within the Bitcoin blockchain. These values are based on the block height and position relative to the genesis block, and are used to ensure the integrity and immutability of the network. They also play an important role in determining transaction confirmations and the overall security of the Bitcoin blockchain.
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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⏰Timestamps⏰
00:00 ordinals nft Introduction.
00:17 ordinals nft summary.
04:10 ordinals nft project outro.
