Where And How to Buy Ordinals: A Step-by-Step Guide

Buying Bitcoin Ordinals is easier than it may seem, even for beginners. 

In this detailed guide, we’ll take you through everything you need to know, starting from what Ordinals are and which marketplaces you can consider, to how to initiate and complete a purchase of your first Ordinal inscription.

TL;DR

• Ordinals are unique digital assets on Bitcoin, created by adding data onto individual satoshis.

• To buy Ordinals, you’ll need a wallet, enough BTC to cover the purchase plus transaction fees, and an Ordinals marketplace.

• Among the best marketplaces are Magic Eden, OKX NFT Marketplace, Gamma, Ordinals Wallet, and Unisat.

What Are Bitcoin Ordinals?

Bitcoin Ordinals are unique Bitcoin Layer 1 assets created by ‘inscribing’ data onto individual satoshis. 

You can inscribe Ordinals with a range of different types of data, including text, images, video, and more. This process creates completely unique sats, which has turned Ordinals into a new kind of on-chain NFT only found on the Bitcoin blockchain. 

What You’ll Need to Buy Bitcoin Ordinals

Buying Bitcoin Ordinals is easy if you know how and where to start. Here are some must-haves before you can begin buying:

• Ordinals wallet: You’ll need a place to store your Ordinals, so choose a secure wallet that’s compatible with this asset type.

• BTC for the purchase & fees: Along with the BTC you need to buy the Ordinal itself, make sure you have enough to cover any transaction fees as well.

• An Ordinals marketplace: Though there are plenty of marketplaces where you can trade Ordinals, some are better than others. In the next section, we’ll cover a few of the best-known ones.

Where to Buy Bitcoin Ordinals: Top Marketplaces

There are two main ways to buy Ordinals: on dedicated marketplaces or over-the-counter.

Ordinals Marketplaces

Ordinals marketplaces are a great way to find many different Ordinals. Sellers put up their Ordinals for sale, and buyers pick from a wide array of choices, making this a good way to browse and see what you like.

Magic Eden 

Magic Eden is one of the best-known Ordinals marketplaces. Besides Ordinals, you can trade other Bitcoin assets here, find a calendar of NFT drops from multiple chains, browse new collections, and much more.

OKX NFT Marketplace

The OKX NFT marketplace is another popular Ordinals marketplace. You can filter by network (when you click on Bitcoin, you’ll see Ordinals this way), then check out the biggest movers, the number of items in a collection, and the number of owners, etc.

Gamma

Gamma is an open marketplace specifically for Ordinals and Bitcoin NFTs, showcasing top drops, and where you can find prints (digital editions of a real-world artwork), top traded collections, and work from talented NFT artists across the ecosystem. Additionally, Gamma supports a fiat-to-crypto onramp so you can buy Ordinals with fiat as well.

Ordinals Wallet

Its name aside, the Ordinals Wallet doubles as a marketplace (but can be used as a wallet only, as well). It gives a detailed overview of currently popular Ordinals, inscriptions that are currently under 100k, and a huge number of different collections.

Unisat

Unisat is another marketplace with a growing number of supported Ordinals, but other Bitcoin-native assets too. You can list collections by 24-hour volume, the number of listed NFTs along with the number of total items in a collection and similar.

Over-the-Counter (OTC) and Peer-to-Peer

For potential buyers who know exactly what they’re looking for, there’s the possibility of finding an owner of that Ordinal and buying it directly from them, which makes it a peer-to-peer transaction. 

A lot of times, people will be using Discord servers for OTC trades.

Though this approach is great for finding very niche assets, it can be risky as Discords, Telegram channels, and similar spaces can be rife with scams. For this reason, users need to carry out extensive research, be very careful who they’re trading with, and never spend more than they’re willing to lose.

How to Buy Bitcoin Ordinals, Step-by-Step 

Buying Bitcoin Ordinals is simple when you know how to start. We’ll take you through the process with all the necessary details.

Research and Select an Ordinal Inscription

Before jumping into buying an Ordinal, you first need to understand what makes some of them more expensive or attractive than others. Rarity is a major aspect: some attributes or combinations within a certain collection will be rarer and therefore more expensive than others.

Additionally, some collections cost more as they’re better known, have bigger communities, receive support from major people in the industry, etc. Finding a good cost-to-value ratio is key to making the best purchase possible.

Finally, you’ll need to find a marketplace that works for you. 

You’ll need to figure out how to use filters and search functions as well. Usually, clicking on a filter will let you sort the list into ascending and descending order, but often, you can set your own parameters and find only the listings fitting your criteria.

Connect Your Wallet to the Marketplace

Then, you’ll need to find an appropriate marketplace and connect your wallet to it (you can find a list of the best Ordinals wallets here). 

For this example, we’ll be using the Magic Eden marketplace along with the Xverse wallet. 

Click on the ‘Log In’ button in the top right corner of the screen. Choose from a list of supported wallets and follow the steps shown to connect. You’ll need to authorize the connection through the wallet extension as well.

Once it’s connected, you can start collecting.

Initiate the Purchase

If you’ve followed Step 1, you already know which asset you’re buying. 

When you click on it, you’ll see the asking price. You can either click on ‘Buy Now’ to pay the exact amount the seller wants, or ‘Make Offer’ and suggest a different amount to them. 

If you decide to make an offer, there’s no guarantee that the seller will accept.

Ordinals marketplaces rely on Partially Signed Bitcoin Transactions (PSBTs) to execute transactions quickly and securely. This is a method where the seller partially signs a transaction, and once the buyer who wants to pay that amount signs their part, the transaction is broadcast with no need for the seller to do anything else.

When you’ve checked all the transaction-related information and you’re happy with the details, click to confirm the purchase.

Confirm the Transaction in Your Wallet

When you’ve initiated the transaction in the marketplace, you’ll be prompted to confirm it in your wallet as well. This is important for security reasons: to guarantee that no malicious actors are using your connected wallet without actually having access to it.

Once that’s done, all that’s left to do is wait for the confirmation on the Bitcoin blockchain. This can take between 10 minutes and an hour, depending on network status, so patience is key. 

Verify Your Ordinal

After your newly acquired Ordinal has landed in your wallet, check to make sure everything looks as it should. Finally, for an extra layer of security, use block explorers to verify the inscription. 

And that’s it! Congratulations, you’re now the proud owner of a Bitcoin Ordinals inscription!

Borrow Bitcoin Against Top Ordinals Collections on Liquidium.wtf

Now that you own Ordinals, you can put them to good use by putting them up as collateral when borrowing BTC on the Liquidium.wtf platform. 

Find your Ordinal, then lock it up to borrow BTC on this secure, trustless, peer-to-peer platform. Once you repay the loan, your Ordinals will be released back to you.

Connect your wallet to LiquidiumWTF and use your Ordinals as collateral to borrow BTC today.

Disclaimer: This article does not constitute financial advice, and we strongly recommend conducting your own research and consulting with a professional financial advisor before making any investment decisions. We are not liable for any potential losses incurred from applying the strategies discussed. Proceed with caution and at your own risk.

FAQs

How do I buy Bitcoin Ordinals?

You can buy Bitcoin Ordinals by finding a good marketplace, connecting your wallet, and then finding the chosen asset to initiate the purchase. Make sure you’ve triple-checked all the data and that you have enough BTC to cover both the cost of the asset and the transaction fees.

Which wallet supports Ordinals?

Several wallets now support Bitcoin Ordinals, each offering different features depending on what you need. Among the most popular options are Xverse, Magic Eden Wallet, Unisat, OKX, Phantom, and Leather. 

Can I sell ordinals after purchase?

Yes, once the Ordinals have landed in your wallet, they’re yours and you’re free to sell them. But if you need BTC quickly, you can put them up as collateral on LiquidiumWTF when borrowing BTC as well, then receive them back when you repay your loan.

How to earn BTC yield from Ordinals?

Ordinals themselves aren’t very often used to earn yield. However, if you have BTC lying around, you can look into lending it out using LiquidiumWTF and opting to receive Ordinals as collateral. In case the loan defaults, you’ll receive the Ordinals from the borrower in return.

Can I use Ordinals as collateral for BTC loans?

Yes! LiquidiumWTF is a leading BTC lending platform that uses Ordinals, among other assets, as collateral. It’s pretty easy: in the list of supported assets, find the Ordinals you have and then initiate a loan by placing them up as collateral.