Rare Satoshi has emerged as a digital collectibles trend and has gained significant traction in the past few months.
Rare Sats are similar to other digital assets like NFT (Non-Fungible Tokens). However, what sets these digital assets apart is their origin, dating back to the inception of the Bitcoin network in 2009.
The underlying idea revolves around assigning a unique identifier to each satoshi unit, which was previously used in various transactions.
So, what is Rare Satoshi, how does it work, and what makes it special compared to other NFTs? Let’s find out below!
What Is a Satoshi Unit?
Satoshi is the smallest denomination of Bitcoin, named after its creator, Satoshi Nakamoto. One Bitcoin equals 100 million satoshis, which means each satoshi is valued at 0.00000001 BTC.
To put it simply, when you break down a 100,000 USD note into smaller units, like 100 USD, you’d need 1,000 of these smaller units to reach the same value.
This concept is also applied to Bitcoin, where dividing it into smaller units facilitates microtransactions, such as buying food or coffee.
What Is Rare Satoshi?
Rare Satoshi is a novel concept in digital collectibles within the Bitcoin network, akin to NFT.
The fundamental mechanism involves representing unique fractions, such as the satoshis used in the pizza purchase transaction, with distinct identities to distinguish them from regular units.
The core mechanism of Rare Sats allows for the unique identification of each unit related to significant events in Bitcoin’s development. This will allow collectors or their people to own unique fractions that serve as authentic historical evidence of those events.
For example, satoshis used in the first transaction between Hal Finney and Satoshi Nakamoto hold greater and unique value as authentic historical evidence than other fractions.
What Makes Rare Satoshi Unique?
Rare Satoshi introduces a unique concept that combines NFT mechanics with direct integration into the main Bitcoin network. The core idea is to leverage existing crypto assets without the need for additional minting.
Each Rare Sats fraction holds its value based on the community’s needs and significant events. Some of these types serve as essential foundations for the current circulating assets.
Rare Satoshi represents an innovative blend of digital collectibles, NFTs, and the Bitcoin network, preserving and commemorating the history of Bitcoin through its smallest units.
How Does Rare Satoshi Work?
Understanding how Rare Satoshi works is simple; it follows the same concept as Non-Fungible Tokens (NFTs).
The main difference lies in the fact that Rare Sats involve pre-existing units, unlike other NFT assets that are minted by users after creation.
Each unique satoshi unit has specific characteristics in its digital identity. For instance, bitcoin transactions often involve smaller fractions, specifically satoshis, each with its unique identity.
Through the Ord.io platform, which utilizes the Ordinal Protocol, everyone can easily check their wallet addresses to determine whether the bitcoin fractions they possess are part of the Rare Satoshi NFT.
Types of Rare Satoshi
Special satoshi fractions that are seen as rare use the basic idea of Rare Satoshi, called “Satributes”, This makes one kind of satoshi unit different from another.
Some important types of Rare Sats digital collectibles include:
Common
The first type of Rare Satoshi is “Common.” These digital assets are frequently encountered in various satoshi fractions and generally hold lower value compared to other types. The total supply of Common satoshis is 2.1 quadrillion.
Uncommon
Next is the “Uncommon” type, which is slightly different from Common as it represents satoshi fractions found in the first block of the Bitcoin network. Uncommon satoshis are rarer and have a total supply of 6,929,999.
Rare
“Rare” is another type of Rare Sats, distinguished by its unique value. These satoshis are typically found in the first block after a mining difficulty change. It is estimated that there are around 3,437 of these in circulation.
Epic
Epic satoshis are particularly valuable and rare within the Rare Satoshi category. They are found in satoshi units mined during a halving event, with a total circulating supply of approximately 32 collectibles.
Legendary
“Legendary” satoshis are exceptionally rare as they are found during both a halving event and a simultaneous difficulty adjustment. Only five digital collectibles of this type will ever be minted on the Bitcoin network.
Mythic
Lastly, “Mythic” is the most valuable and rarest Rare Satoshi type, with only one digital collectible in existence on the entire Bitcoin network. These are the first satoshi fractions created and distributed on the public Bitcoin network.
Conclusion
Rare Satoshi offers a unique opportunity to collect and own special pieces within the world of Bitcoin, similar to collecting rare coins or stamps.
What makes these digital collections special is that they have a unique mark showing their involvement in important moments in history.
This mark makes each small part of Bitcoin more valuable, and when you put them all together, it becomes a tribute to Bitcoin’s interesting history.
Rare Sats is a new idea about making existing things more appealing and unique. It’s like collecting and preserving important moments in the journey, so people can have a real piece of Bitcoin history.
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