Discover more from The Weekly Stack
The Weekly Stack: Protecting your assets 🔐
Welcome to Gamma's weekly newsletter, where we share all the latest news and alpha around Bitcoin NFTs. Share and subscribe so you never miss an issue!
Best practices for protecting your assets 🔐
With the rise of Ordinal inscriptions (or Bitcoin NFTs), it’s important to familiarize yourself with how to secure these new digital assets. Here are some basic best practices when it comes to securely storing your Ordinal inscriptions.
Protecting your seed phrase
First and foremost, as with any digital wallet holding your cryptocurrency, it’s important to keep your seed phrase safe and secure. This 12-24 word seed phrase that represents your private keys gives you access to all your wallet holdings.
Remember, your seed phrase is the master key to your wallet and hence should be treated as your most valuable digital asset. It must be stored securely and never shared with anyone — including Gamma or anyone claiming to be a support representative.
Segregate your wallets
One core practice when it comes to Ordinals specifically, is to segregate your inscriptions and your bitcoin into separate wallets. Distinctly, keep your Ordinal inscriptions away from your main bitcoin holdings. This simple but powerful practice decreases the risk of asset exposure and potential loss. If one wallet encounters a security issue, this segregation can prevent your ordinals (or your bitcoin assets) from falling into jeopardy.
What happens if my seed phrase is compromised?
In the rare case that your seed phrase or private key is potentially compromised due to user error, a bug from a wallet provider, or other possible scenarios, it’s important to transfer your assets to a new wallet. This approach stems from a security concern that, despite any updates or patches to your wallet, you should treat any and all previously exposed seed phrases as fundamentally compromised. As always, it’s better to be safe than sorry.
How do I choose a safe wallet?
There are several wallet providers out there who are capable of storing your Ordinal inscriptions. When it comes to choosing a wallet provider, make sure to do your research before entrusting it with your valuable assets. For starters, we recommend going with wallet providers who are open sourced and have thoroughly vetted and tested code. Additionally, look for wallet providers that communicate transparently and frequently.
Resources & education ✏️
Hop into a Discord server or Twitter, and you will notice a very specific phenomenon driving online identity: The emergence of profile picture Ordinal and NFT collections. PFP NFTs serve as a conduit for self-expression, allowing individuals to shape their online identities.
As you navigate through the digital sphere, these PFPs can help you blend in or stand out. They offer an escape from societal norms and preconceptions tied to real-world identity, like gender, ethnicity, and age. A PFP can be anything from a ribbiting frog, to a squawking parrot, or an alien from another galaxy and beyond. Each unique PFP representing a freedom of expression beyond physical world limits. Through ownership of a profile picture ordinal or NFT, people are free to portray themselves in multiple different ways within the digital realm — and, potentially make some cryptocurrency along the way.
Continue exploring why people may choose to use PFP NFTs to represent their digital personas in our latest blog post below 👇
In order to inscribe and keep Ordinals, you will need a Bitcoin Ordinal wallet with a taproot wallet address. That wallet will need "coin control" capabilities, in order to avoid spending your Ordinal NFT satoshis on transaction fees.
It's a good idea to use a new and unused ordinals address to receive your inscription. This way, you will know for sure that the ordinal containing your inscription will be the only satoshi associated with that address, because Ordinals are sent using bitcoin transactions. This will help to ensure your wallet is "forward-compatible" with new developments for managing ordinal inscriptions.
The Web3 and NFT space is a terrific world full of opportunity, fun, and community. While it’s important to make friends and build your community, it’s just as important to be cautious and remember to verify, not trust. Make sure you’ve taken the necessary precautions above to ensure your safety and security.
Refresh your security 101 and review basic concepts like phishing, passwords, hardware wallets, and more in our blog post below 👇
Featured collections 🎨
CoinQueens is set to revolutionize the NFT space by utilizing the power of artificial intelligence to transform 61 Ethereum NFTs into exquisite Bitcoin Queens. These Ethereum NFTs were generously pledged to the collection and inscriptions begin at ~300,000 mark demonstrating their historical value to Bitcoin.
Each CoinQueen is intricately designed to reflect the essence of these remarkable projects, highlighting their contributions to the industry. The women led communities represented are: 1989 Sisters, Blazing Woman, Boss Beauties, Crypto Tech Women, Crypto Chicks, Eyes of Fashion, Fierce Models, Flower Girls, Girlies, Lost Girls, Mavion, Mutant Ape Yacht Club, Meta Angels, Miss O Cool Girls, Not Your Bro, Queer Friends, Stardust Generation, Women & Weapons, Women Tribe, World of Women, WoWG, You by BFF
The CoinQueens Ordinal auction will begin June 8th for ~24hrs on Gamma. Utilizing Gamma's innovative descending auction format, the CoinQueens Ordinals will find their new collectors in an exciting and dynamic manner, ensuring a fair and engaging experience for collectors and enthusiasts alike. The auction price will start at .05 BTC with a lowest price of .03 BTC.
Thanks for tuning in, we’ll see you next week!