Will “Rare Cong” be the next crypto craze?

Is "Rare Cong" going to be the next big thing in crypto?

Source: Martin Young, BeInCrypto

Summary

• Satoshi may hold high value

• Hunters have started looking for these elusive satoshis

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• Binance holds 12,000 rare satoshis

Following this year’s BTC-20 sequence inscription hype and the memecoin minting craze, rare satoshis may be the next big thing in cryptocurrency.

In the world of cryptocurrency and bitcoin, uniqueness and rarity are highly sought after qualities. Not everyone can afford an entire bitcoin at present, which is why rare satoshis may be the next hot trend.

Through ordinal theory, we can classify and number bitcoin satoshis based on rarity and uniqueness.

Looking for rare satoshis

On June 5, Ordinals influencer and developer ‘Leonidas’ revealed that centralized exchanges hold vast amounts of bitcoin. As such, they too can use these rare satoshis.

“One by one, centralized exchanges and mining pools will awaken and realize they control the rare satoshi market. This movement is just getting started.”

Ord.io revealed that Binance’s cold wallet addresses hold 1.28% of all bitcoins, equivalent to 2.48 trillion bitcoin satoshis. Of these, three are considered ‘rare’ while 12,394 are considered ‘uncommon’.

Additionally, bitcoin investor ‘Trevor.btc’ commented:

“You need to start hunting for rare bitcoin satoshis immediately, before Binance takes action (if they haven’t already). Once they catch on, exchanges and miners will absolutely monopolize rare satoshis.”

Casey Rodarmor, creator of the Bitcoin Ordinals protocol, also proposed a method for identifying special satoshis. It leverages natural, pre-programmed events in bitcoin’s evolution and notes that the ‘first’ bitcoin satoshi in these events will gain a name and rare status.

These categories include Common, Uncommon, Rare, Epic, Legendary, and Mythic, now referred to as the “Rodarmor Rarity Index.”

The first bitcoin satoshi of a block is classified as “Uncommon.” Additionally, every first bitcoin satoshi of each difficulty adjustment, roughly 2,016 blocks, is considered “Rare.” Of the 12.6 billion bitcoin satoshis in existence, only one is Rare.

Rare satoshis infographic. Source: OrdinalHub

According to Rodarmor, Epic bitcoin satoshis are the first bitcoin satoshis after each halving cycle, while Legendary bitcoin satoshis are the first bitcoin satoshis in every “cycle” of six halving cycles. Mythic bitcoin satoshis were created by Satoshi himself as unspendable genesis bitcoin satoshis.

There are other methods of measuring value, such as the bitcoin satoshis used in the first bitcoin pizza transaction.

Trevor.btc says the hunt for rare satoshis has already begun:

“Professional bitcoin satoshi hunters are sending large amounts of bitcoin back and forth to exchanges and checking for rare satoshis.”

BTC Ordinals Protocol Upgrade

On June 4th, the Bitcoin Ordinals protocol upgraded to version 0.6.0. This upgrade allows for indexing of some previously invalid or “cursed” inscriptions. Over 71,000 “cursed” inscriptions contain negative numbers. The previous protocol could not recognize and categorize these inscriptions.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!