🔶Fees, speed & security

Fees

Trading Ordinals on TeleOrdinal has 2 fees:

1. Network fee: This fee covers the cost of transferring Ordinals on the Bitcoin network, which is necessary to complete the trading process. This fee is paid when the buying process is completed, so it is not taken before the purchase occurs. In the case of auction trading, this fee is paid by the Ordinal seller. In the case of buy-now trading, this fee is paid by the buyer.

2. Protocol fee: This fee is taken by the TeleOrdinal protocol and is stored in the TeleOrdinal treasury for future product development. Currently, this fee is 0 to encourage users to trade on TeleOrdinal.

Note that for listing Ordinals for auction, sellers need to cover the network fee of the Polygon network, which is less than a few cents. Also, when making offers on Ordinals, buyers also need to pay the network fee of the chain they are offering from, which depends on the network and its congestion.

Speed

Let’s see the speed of trading Ordinals from both the buyer and seller perspectives in both auction and buy-now trading:

• Auction trading: After the seller accepts a bid, she sends the Ordinal to the buyer. Thus, the buyer will receive the Ordinal within minutes of the acceptance of his offer. The seller will receive the funds after the transfer transaction receives 4 confirmations on the Bitcoin network, which usually takes around 40 minutes. Therefore, the buyer obtains the Ordinal in less than a minute, while the seller receives funds in approximately 40 minutes.

• Buy-now trading: After the buyer pays the requested amount to the seller, he will receive the Ordinal in his wallet in less than a minute. The seller also receives the funds (in the form of BTC) within a minute after the buyer's payment. So, in this scenario, both the buyer and seller receive funds and Ordinal in less than a minute.

Security

Here we explain why it is 100% safe to trade Ordinals on TeleOrdinal. The main reason is that as a seller, the Ordinal doesn’t leave your wallet unless you accept an offer and sell your Ordinal. Also, as a buyer, your funds remain in the smart contract until someone accepts your offer and sends you the Ordinal.

• Safety in auction listing: To list an Ordinal for auction, you only submit your Ordinal info to the TeleOrdinal smart contract. So your Ordinal remains in your Bitcoin wallet and is under your full control. Even if there is an issue with the smart contract, your Ordinal would be completely safe.

• Safety in buy-now listing: To list an Ordinal for buy-now, you submit a partially signed Bitcoin transaction on TeleOrdinal. This transaction can be completed and broadcast to the Bitcoin network if a buyer pays your requested amount for the Ordinal. Otherwise, the transaction remains incomplete and does not affect your Ordinal.

• Safety in making offers: When you make an offer for an Ordinal, your funds are transferred to the smart contract. Thus, your funds don't go under the control of any third party, eliminating third-party risk. You can cancel your offer at any time to withdraw your funds from the contract. Your funds will only be sent to the seller if she sends you the Ordinal and proves it to the contract.