Table of Contents
什么是Ordinals？
Bitcoin Ordinals is a protocol created by Casey Rodarmor in January 2023 that enables NFT-like digital artifacts directly on the Bitcoin blockchain. Ordinal theory assigns a unique number to each individual satoshi (the smallest unit of Bitcoin), allowing them to be tracked, transferred, and inscribed with data.
Key Innovation
Ordinals leverage Bitcoin's Taproot upgrade (November 2021) to inscribe arbitrary data - images, text, HTML, audio, video - directly into the witness data of Bitcoin transactions. Each inscription is permanently stored on the most secure blockchain in the world.
Unlike traditional NFTs on Ethereum which store metadata off-chain (on IPFS or centralized servers), Bitcoin Ordinals are fully on-chain. The data lives directly in Bitcoin's blockchain, making them truly immutable and permanent.
序数理论
每个聪根据挖矿顺序获得唯一序列号。聪可以根据比特币事件具有不同的稀有度等级。
链上数据
100% on-chain storage. Your inscription lives on Bitcoin forever - no IPFS links, no external servers, just pure 区块链 data.
Bitcoin 安全
由最强大的工作量证明网络保护。无独立链，无桥接风险——只有比特币。
铭文如何运作
An inscription is created by embedding data into the witness section of a Bitcoin transaction using Taproot script-path spend scripts. The process creates a permanent, immutable record on Bitcoin's blockchain.
Inscription Simulator
See how an Ordinal inscription is created
Select File Type
Add Content
Satoshi Assignment
Review & Inscribe
Choose the type of content to inscribe onto a Bitcoin satoshi:
Inscription Process
提交交易
First, a commit transaction creates a Taproot output containing a script with the inscription data. This doesn't reveal the content yet.
揭示交易
A reveal transaction spends the commit output, executing the Taproot script and permanently inscribing the data onto the target satoshi.
内容存储
The inscribed content (image, text, HTML, etc.) is stored in the witness data with a content type tag. Max size is ~4MB per block.
聪追踪
一旦铭刻，数据将永久绑定到特定的聪。当该聪在地址间转移时，铭文随之移动。Ordinal 索引器追踪哪个聪持有哪个铭文。
聪的稀有度等级
Common
Any sat (not first of block)
Uncommon
First sat of each block
Rare
First sat of difficulty adjustment
Epic
First sat of each halving
Legendary
First sat of each cycle
Mythic
The genesis sat (only 1 exists)
BRC-20 Tokens
BRC-20 is an experimental token standard on Bitcoin created by the pseudonymous developer 'domo' in March 2023. It uses Ordinals inscriptions to deploy, mint, and transfer fungible tokens on Bitcoin using JSON data.
BRC-20 JSON 操作
Deploy
{
"p": "brc-20",
"op": "deploy",
"tick": "ordi",
"max": "21000000",
"lim": "1000"
}Mint
{
"p": "brc-20",
"op": "mint",
"tick": "ordi",
"amt": "1000"
}Transfer
{
"p": "brc-20",
"op": "transfer",
"tick": "ordi",
"amt": "500"
}BRC-20 代币 have no 智能合约 functionality. Each operation (deploy, mint, transfer) requires a separate Bitcoin 交易 with a JSON inscription. This creates significant UTXO bloat and is one reason Casey Rodarmor later created the Runes 协议 as a more efficient alternative.
Top BRC-20 代币
- ORDIFirst BRC-20 ever
- SATSNamed after satoshis
- RATSCommunity-driven
- MUBIMultibit bridge
BRC-20 局限性
- No smart contract functionality
- Creates massive UTXO bloat
- Requires off-chain indexer for balance tracking
- High transaction cost per operation
什么是Runes？
Runes is a fungible token protocol for Bitcoin created by Casey Rodarmor (the same creator of Ordinals) and launched on April 20, 2024 - the exact block of Bitcoin's 4th halving. Runes uses Bitcoin's UTXO model directly, making it far more efficient than BRC-20.
Runes 为何与众不同
Unlike BRC-20 which uses JSON inscriptions (creating junk UTXOs), Runes uses the OP_RETURN output and the UTXO model directly. Token balances are stored in UTXOs themselves, meaning transfers are native Bitcoin transactions. This is far more efficient, reduces blockchain bloat, and aligns with Bitcoin's existing architecture.
基于 UTXO
代币 balances live in UTXOs. When you spend a UTXO, you can split or merge Runes 代币 just like Bitcoin. No off-chain indexer needed for basic operations.
无垃圾 UTXO
Runes uses OP_RETURN for 协议 data, which is prunable. Invalid or malformed Rune 交易 result in a "burn" rather than creating spam UTXOs.
铸刻与铸造
"Etching" creates a new Rune with parameters (name, supply, divisibility). "Minting" distributes 代币. Open or closed minting modes are supported.
减半 Launch
Launched at block 840,000 (Bitcoin 减半). The first Runes etched at the 减半 block became highly collectible, and fees spiked to over $78 per 交易.
Runes vs BRC-20对比
Both Runes and BRC-20 enable fungible tokens on Bitcoin, but they take fundamentally different approaches with significant trade-offs.
| Metric | R Runes | B BRC-20 |
|---|---|---|
Token Model | UTXO-based | Inscription-based (JSON) |
Efficiency | High (native UTXO) | Low (JSON overhead) |
Spam Reduction | Minimal UTXO bloat | Creates junk UTXOs |
Indexing | Simple UTXO tracking | Requires off-chain indexer |
Smart Contracts | No (Bitcoin native) | No (Bitcoin native) |
Ecosystem Maturity | Growing (2024+) | Established (2023+) |
总结
Runes is technically superior and better aligned with Bitcoin's UTXO model. However, BRC-20 has first-mover advantage and an established ecosystem. Many BRC-20 tokens (like ORDI) are listed on major exchanges. Both will likely coexist, with Runes capturing new projects and BRC-20 maintaining its legacy tokens.
热门Ordinals合集
The Bitcoin Ordinals ecosystem has produced several blue-chip collections that have achieved significant trading volume and cultural impact.
Bitcoin Puppets
10,000 items | Culture-defining collection
One of the most iconic Ordinals collections. Known for its distinctive puppet art style and strong community. Floor prices have reached multiple BTC.
NodeMonkes
10,000 items | Pixel art monkeys
A pixel art collection of monkeys that became one of the most traded Ordinals collections. Consistently in the top 3 by volume.
Quantum Cats
3,333 items | By Taproot Wizards team
Created by the Taproot Wizards team (Udi Wertheimer). Features evolving cat art that changes based on Bitcoin protocol upgrades. Innovative concept.
Bitmap
800K+ items | Virtual metaverse land
Each Bitmap represents a Bitcoin block. The largest Ordinals collection by count - a metaverse concept where each block is a parcel of digital land.
Ordinal Maxi Biz (OMB)
Pioneers of Ordinals culture
One of the earliest and most culturally significant Ordinals collections. OMB holders are considered OG Ordinals collectors. The community heavily influenced the direction of the ecosystem.
热门Runes代币
Since launching at the Bitcoin halving in April 2024, several Runes tokens have gained significant market caps and community followings.
DOG*GO*TO*THE*MOON
Rune #3 | Community airdrop to Runestone holders
The largest Runes token by market cap. Airdropped to Runestone holders, it became the flagship token of the Runes ecosystem and is listed on major exchanges.
RSIC*GENESIS*RUNE
RSIC (Rune Specific Inscription Circuit)
RSIC was one of the first pre-Runes projects, airdropping inscriptions that would later generate Runes tokens. A key project in the Runes meta.
PUPS*WORLD*PEACE
Originally a BRC-20, migrated to Runes
PUPS was originally a BRC-20 token that successfully migrated to the Runes protocol. It demonstrated the path for BRC-20 to Runes migration.
WZRD
Linked to Bitcoin Wizards community
Connected to the broader Bitcoin Wizards and Taproot Wizards ecosystem. Part of the wizard-themed Runes narrative.
Runes 市场概览
The Runes market saw explosive activity at launch, with over 14,000 Runes etched in the first week. While initial hype has normalized, the 生态系统 continues to grow with new projects launching regularly. Total Runes 交易量 has exceeded hundreds of millions in BTC terms.
如何铭刻
Creating your own Bitcoin inscription is straightforward with the right tools. Here's a step-by-step guide.
获取Bitcoin Ordinals钱包
Download Xverse or Unisat wallet. These wallets support Ordinals and can display your inscriptions. Create a new wallet or import existing.
为钱包充值
Send BTC to your Ordinals wallet. You'll need enough for the inscription fee (varies by file size and network congestion).
选择铭刻内容
Select what to inscribe: image (up to ~400KB recommended), text, HTML, or other supported content types.
通过平台铭刻
Use OrdinalsBot, Gamma.io, or Unisat's inscription service. Set your fee rate and confirm the transaction.
以20%手续费折扣购买 BTC 用于 Ordinals
Sign up on Binance with code TRADEOFF20 and get a lifetime 20% discount. Buy BTC and start inscribing.
Binance 代码: TRADEOFF20 | OKX: TRADEOFF20 | Bybit: J61ZYG
钱包与交易市场
The Bitcoin Ordinals ecosystem has developed a rich set of wallets and marketplaces tailored for inscriptions and Runes tokens.
Supported Wallets
Xverse
Most popular Ordinals wallet. Supports inscriptions, BRC-20, Runes, and Stacks.
Unisat
Built-in inscription tool. BRC-20 trading, marketplace, and indexer all-in-one.
Leather (Hiro)
Formerly Hiro Wallet. Supports Ordinals, Stacks, and Bitcoin DeFi.
Marketplaces
Magic Eden (Bitcoin)
Leading multi-chain marketplace. Full Ordinals and Runes support.
OKX Ordinals Marketplace
Built into OKX exchange. Trade Ordinals and BRC-20 directly.
OrdinalsBot
Inscription-as-a-service. Easiest way to create inscriptions with no technical knowledge.
安全提示
Always use a dedicated Ordinals wallet (Xverse, Unisat) rather than a regular Bitcoin wallet. Ordinals wallets protect your inscribed satoshis from being accidentally spent as transaction fees. Regular wallets don't distinguish between inscribed and regular satoshis.
对Bitcoin的影响
Ordinals and Runes have had a profound impact on the Bitcoin ecosystem, generating both excitement and controversy.
Bitcoin Fee Impact Timeline
Average fee per transaction (USD) during major Ordinals/Runes events
Peak fee: During the Runes launch on Bitcoin halving day (April 20, 2024), average fees spiked to over $78 per transaction as users raced to etch the first Runes.
积极影响
- Miner revenue boost: Inscription fees added $200M+ to miner income, strengthening Bitcoin security post-halving
- Fee market evolution: Created a sustainable fee market that will be crucial as block rewards decrease
- New users: Attracted NFT collectors, token traders, and developers to the Bitcoin ecosystem
- Innovation culture: Revived Bitcoin development creativity and brought new energy to the community
争议与讨论
- Block space competition: Inscriptions compete with financial transactions, temporarily driving up fees for regular users
- Blockchain bloat: Large inscriptions permanently increase Bitcoin's blockchain size, especially BRC-20 UTXOs
- Culture war: "Laser eyes" Bitcoin maximalists vs. art/token culture. Debate on what Bitcoin "should" be used for
- Spam filtering debate: Some node operators called for filtering inscription transactions, raising censorship concerns
展望未来
The long-term impact of Ordinals and Runes on Bitcoin remains to be seen. What's clear is that they've created a sustainable fee market, attracted new users, and proven that Bitcoin can evolve beyond "just money." As the ecosystem matures, expect better tooling, more efficient protocols, and deeper integration with Bitcoin's Layer 2 solutions like Lightning Network.
Key Takeaways
Ordinals 为聪分配唯一编号，实现链上铭文（比特币 NFT）
铭文将数据永久存储在 Taproot 见证字段中 - 100% 在比特币上
BRC-20 uses JSON inscriptions for fungible 代币; ORDI was the first ($1B+ 市值)
Runes (launched April 2024 减半) is a more efficient UTXO-based 代币 协议
Use Xverse or Unisat 钱包; trade on Magic Eden, OKX, or OrdinalsBot
Ordinals 为矿工创造了超过 $2 亿的收入，建立了可持续的比特币手续费市场