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How Are Bitcoin NFTs POSSIBLE? Ordinals ExplainedUnits of the bitcoin currency are not watermarked within a transaction (in other words they don't have little serial numbers). For example. Each Bitcoin is simply a unique identifier on the blockchain, and all Bitcoins are fungible, meaning that any Bitcoin is interchangeable with any other Bitcoin. Bitcoin's whitepaper describes its currency as a chain of digital signatures. This is like banknotes that have serial numbers you can consider as signatures.