Q: What is the Difference Between your Bitcoin and Ordinal Address?

What is an Ordinal/Inscription The terms Inscription and Ordinal are often used synonymously, but they aren't the same. Ordinal refers to a numbering scheme assigned to individual satoshis based on the order in which they were mined (created). This system allows for the tracking and transferring of individual satoshis. An inscription is created when data is inscribed and then associated with one of these individual satoshis. Just like each US Dollar is divisible by 100 cents, each Bitcoin is divisible by 100 million satoshis. Imagine you scratch your name, a smiley face, or any other piece of data onto a penny. You have just inscribed data onto that penny. The Difference In Addresses There is a Bitcoin spending and receiving address for general network transactions. Then you have an Ordinal address for storing your inscribed satoshis. All Ordinal addresses utilize taproot and will always begin with ‘bc1’. <img src="https://storage.crisp.chat/users/helpdesk/website/cda72ec77e24a000/addresses_xxpahl.png" alt="Difference Between Addresses" /> Why have different addresses Using our penny example, if you were to go buy a box of cereal and hand over the change in your wallet to the cashier, you wouldn’t want to hand over your “inscribed” smiley face penny! So that penny must be kept separate from your other coins that you are planning to spend. Just like an individual penny with your smiley face scratched onto it, you don't want to spend the satoshis with data inscribed o

Q: What is On-Chain Provenance and Parent-Child Tokens?

Introduction The concept of provenance, crucial in the art world for determining an item's origin and authenticity, has been reimagined for inscriptions. In the digital world, especially within the Bitcoin ecosystem, provenance ensures the authenticity and relationship of inscriptions to one another. What is On-Chain Provenance? On-chain provenance in the context of inscriptions allows for the historical tracking of digital assets directly on the blockchain. This system verifies the creator of an inscription and the lineage of their creations. The Challenge of Provenance in Bitcoin Bitcoin's structure lacks the account and smart contract functionalities that facilitate easy provenance tracking in other blockchains. Traditional methods, like examining the address of an NFT's issuer, don't apply. Instead, the inscription community leans on a more innovative approach—using the inscriptions themselves to establish provenance. Genetic Provenance and Parent-Child Tokens Provenance through Parent-Child tokens creates a "genetic" linkage between inscriptions, where root inscriptions (representing the creator or a collection) act as parents to subsequent "child" inscriptions. This relationship is established through the inclusion of the parent inscription in the child's creation transaction, visible on block explorers and allowing for easy navigation through an artist's body of work. Benefits and Structure This genetic system allows for: <ul> <li>__Authenticity V</li> </ul>

Question 1

Best Practices Guide

Accepted Answer

We are excited to share this guide with you. It's been crafted with care to help you navigate the fascinating world of Bitcoin and Ordinals. Think of this guide as a friendly hand to hold as you embark on this journey, providing you with the knowledge you need to stay safe and enjoy your experience in the Bitcoin/Ordinals ecosystem.

Understanding the Risks

Venturing into the Bitcoin Ordinals space is exciting, but let's pause to acknowledge a few risks, like the infamous 'rug pull.' Imagine purchasing a unique Ordinal, only to see its value plummet if the creator unexpectedly withdraws. It's a jarring experience, like the ground vanishing beneath you. So be sure to use caution before purchasing anything you are not familiar with.

Beware of 'pump and dump' schemes too, this is a situation where the value of an Ordinal is artificially inflated, then swiftly sold off, leaving it to crash. And let’s not forget phishing attacks, where scammers might trick you into revealing sensitive information about yourself or your wallet.

In this world of digital anonymity, offers that sound too good to be true probably are. Always approach with caution and a critical eye.

The Importance of Doing Your Own Research (DYOR)

In the Crypto space, Doing Your Own Research (DYOR) isn't just helpful, it's your main defense against scams and is what is going to keep you safe. It helps you spot red flags, like unknown creators or unrealistic promises, which are common in scams. Unde

Question 2

What is the Difference Between your Bitcoin and Ordinal Address?

Accepted Answer

What is an Ordinal/Inscription

The terms Inscription and Ordinal are often used synonymously, but they aren't the same. Ordinal refers to a numbering scheme assigned to individual satoshis based on the order in which they were mined (created). This system allows for the tracking and transferring of individual satoshis. An inscription is created when data is inscribed and then associated with one of these individual satoshis.

Just like each US Dollar is divisible by 100 cents, each Bitcoin is divisible by 100 million satoshis. Imagine you scratch your name, a smiley face, or any other piece of data onto a penny. You have just inscribed data onto that penny.

The Difference In Addresses

There is a Bitcoin spending and receiving address for general network transactions. Then you have an Ordinal address for storing your inscribed satoshis. All Ordinal addresses utilize taproot and will always begin with ‘bc1’.

Difference Between Addresses

Why have different addresses

Using our penny example, if you were to go buy a box of cereal and hand over the change in your wallet to the cashier, you wouldn’t want to hand over your “inscribed” smiley face penny! So that penny must be kept separate from your other coins that you are planning to spend. Just like an individual penny with your smiley face scratched onto it, you don't want to spend the satoshis with data inscribed o

Question 3

What is On-Chain Provenance and Parent-Child Tokens?

Accepted Answer

Introduction

The concept of provenance, crucial in the art world for determining an item's origin and authenticity, has been reimagined for inscriptions. In the digital world, especially within the Bitcoin ecosystem, provenance ensures the authenticity and relationship of inscriptions to one another.

What is On-Chain Provenance?

On-chain provenance in the context of inscriptions allows for the historical tracking of digital assets directly on the blockchain. This system verifies the creator of an inscription and the lineage of their creations.

The Challenge of Provenance in Bitcoin

Bitcoin's structure lacks the account and smart contract functionalities that facilitate easy provenance tracking in other blockchains. Traditional methods, like examining the address of an NFT's issuer, don't apply. Instead, the inscription community leans on a more innovative approach—using the inscriptions themselves to establish provenance.

Genetic Provenance and Parent-Child Tokens

Provenance through Parent-Child tokens creates a "genetic" linkage between inscriptions, where root inscriptions (representing the creator or a collection) act as parents to subsequent "child" inscriptions. This relationship is established through the inclusion of the parent inscription in the child's creation transaction, visible on block explorers and allowing for easy navigation through an artist's body of work.

Benefits and Structure

This genetic system allows for:

__Authenticity V

Question 4

How is The Total Cost of an Inscription Determined?

Accepted Answer

There are three costs associated with the final price of each inscription.

A fixed cost per inscription created which is predetermined by the collection Creator.
A handling fee which covers postage (usually 1,000 Sats that is sent back to the Buyer with their inscription) and a variable fee.
A network fee which covers the cost of creating the inscription on the Bitcoin blockchain. This is paid to Bitcoin miners.

How network fees are determined on Bitcoin

Fees on the Bitcoin network can vary depending on the current demand for block space, or network congestion. Individual users submit transactions to the network where they wait to be validated and included in a block. Bitcoin miners validate those transactions and include them on the blockchain. Bitcoin miners are paid these fees for the service they provide.

Depending on how many transactions are being submitted at the same time the fees may fluctuate. Each wallet will provide an estimated network fee for each transaction.

Miners will reorganize transactions going into a new block based on the fees paid to increase their profitability. This means that the higher the fee (determined by sats/vbyte) the quicker the transaction will be put into a block.

Display of final cost

You can view the individual and final costs associated with your inscription purchase via the mint-link. All of this information can be found in the “Purchase Info:” section.

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Question 5

What is Inscribe.io's Fee Model?

Accepted Answer

Inscribe.io operates on a clear and concise fee structure designed to support creators and buyers. Here's how it works:

Transaction Fees:

Inscribe.io takes a 7.5% commission on the price set for each digital asset (inscription).
Inscribe.io charges a handling fee of 0.0001 Bitcoin per sale to recoup the Bitcoin sent to the Buyer containing their inscription.
If 7.5% of the asset's price is less than $5, the handling fee is increased to ensure the total fee (7.5% + handling fee) is at least $5. This minimum charge applies to every transaction to cover operational costs. The Buyer pays for all of the above fees at the time of purchase.

Creator Fees for Provenance Tokens:

Creators can provide their own provenance tokens, or have Inscribe.io create them. Inscribe.io charges a fee of $19.95 worth of Bitcoin during the point at which provenance tokens are created or deposited.
Inscribe.io creates an artist provenance token (for first-time creators) and a collection provenance token, which serves as a parent to all ordinals in that collection.

Key Points:

Minimum $5 fee (in Bitcoin) per sale, including handling fees if necessary.
$19.95 in Bitcoin for Creators wanting provenance tokens created by Inscribe.io.
Handling and commission fees ensure Inscribe.io maintains operational viability and are paid by Buyers.

This fee model ensures fairness and transparency for all users, supporting the platform's growth and enhancing the value of our tooling.

Question 6

Where Can I Submit a Bug?

Accepted Answer

Introduction

Encountering bugs can be a frustrating experience, but reporting them plays a huge role in helping us identify and fix issues faster. Here’s how you can submit bug reports effectively.

Where to Submit Bugs

Support Center: The primary tool for bug submission is our Support Center, accessible through our website. Look for the chat bot in the bottom right and get in contact with a team member to submit a report.

What to Include in Your Bug Report

To help us address the issue efficiently, please include the following information in your report:

Description of the Bug: A clear and concise explanation of what happened.
Steps to Reproduce: List the steps that lead up to the bug. If we can replicate it, we can fix it faster.
Screenshots or Videos: Visual evidence can be incredibly helpful in understanding the issue.
Device and Software Version: Specify the device, operating system, and version of the app or software where the bug occurred.
Date and Time: When did you encounter the bug? This information can help us correlate the issue with any recent updates or changes.

What Happens Next?

Once submitted, your report will be reviewed by our technical team. While you may not receive a personal response to every report, rest assured that every submission is taken seriously and contributes to our ongoing efforts to improve.

Conclusion

Your feedback is invaluable to us. By submitting bug reports, you're not only h

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