Earlier this year, the mastermind behind Inscriptions, Casey Rodarmor, launched the groundbreaking innovation. With this protocol, users can now receive and transfer singular satoshis, each of which could house exceptional multi-dimensional data. This data can include videos, images, and even audio. This revolutionary technology enables the mining of NFTs on the bitcoin blockchain by storing the complete content of each NFT on-chain.
However, considering the whole concept of Inscriptions is a new idea, many, especially minters, are expected to have many questions. This write-up aims to answer some of those vital questions.
Dealing with Inscriptions
To venture into the world of inscriptions, you'll need two vital tools: A Bitcoin full node and a wallet. Fortunately, Bitcoin Core offers a complete package featuring a wallet and a full node. However, the Bitcoin Core wallet is unable to create inscriptions or execute sat control. This is where ord, the ordinal utility, comes in.
While ord doesn't have its wallet, it seamlessly integrates with Bitcoin Core wallets through its wallet subcommands, enabling you to create inscriptions and manage your sats easily.
Receiving inscriptions without a Bitcoin full node
Since every Inscription is linked to a single satoshi, it can be stored at any address. However, you should know that only the ord client presently offers comprehensive ordinal management. Therefore, generating UTXOs from the same address as your Inscription can put your precious asset at risk of being lost.
How Important is a Taproot Address?
You don't necessarily need a Taproot address to receive Inscriptions, as any Bitcoin address will do. However, you may lose your valuable Inscription if you send out any transactions without utilizing ord.
Also, understand that the cost of an Inscription is determined by the current market and the size of the file you're inscribing. Although recently, the average price of an Inscription is around 50,000 sats.
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