The Best Way to Prepare a Wallet for a Mint
This article includes complex information on Bitcoin's transaction model.
The UTXO System
Bitcoin utilizes a transaction model called UTxO. This stands for Unspent Transaction Outputs. In short, whenever you send Bitcoin you are spending UTxO(s) in your wallet and creating UTxOs in the destination wallet.
For example, if you have a UTxO of 1 Bitcoin in your wallet and want to send it to your two friends, Bob and Sally, you could create a transaction that spends the 1 Bitcoin UTxO and creates two new UTxOs of 0.5 Bitcoin in Bob and Sally’s wallet.
A wallet's balance is determined by the combined total of all the UTxOs in it.
Based on the fact that each transaction requires a UTxO to be spent, to send concurrent transactions the wallet must contain multiple UTxOs available to spend.
Preparing your wallet
To prepare a wallet to mint, you must have a UTxO available to send a transaction. If you want to mint three inscriptions you must have at least three UTxOs available to spend. If you want to ensure you’re ready for mint day here is a good guide to follow:
1. Have 2 wallets ready to go. This is easy to accomplish with many wallets “account” system that allows you to create multiple wallets under 1 recovery phrase.
2. Have all of your Bitcoin ready for minting in wallet A. This would include asset cost, handling fees, and network fees (learn more) times the number of mints you want to complete.
3. Create 1 UTxO in wallet B per each inscription you want to mint. Do this by sending Bitcoin from wallet A to wallet B
The UTXO System
Bitcoin utilizes a transaction model called UTxO. This stands for Unspent Transaction Outputs. In short, whenever you send Bitcoin you are spending UTxO(s) in your wallet and creating UTxOs in the destination wallet.
For example, if you have a UTxO of 1 Bitcoin in your wallet and want to send it to your two friends, Bob and Sally, you could create a transaction that spends the 1 Bitcoin UTxO and creates two new UTxOs of 0.5 Bitcoin in Bob and Sally’s wallet.
A wallet's balance is determined by the combined total of all the UTxOs in it.
Based on the fact that each transaction requires a UTxO to be spent, to send concurrent transactions the wallet must contain multiple UTxOs available to spend.
Preparing your wallet
To prepare a wallet to mint, you must have a UTxO available to send a transaction. If you want to mint three inscriptions you must have at least three UTxOs available to spend. If you want to ensure you’re ready for mint day here is a good guide to follow:
1. Have 2 wallets ready to go. This is easy to accomplish with many wallets “account” system that allows you to create multiple wallets under 1 recovery phrase.
2. Have all of your Bitcoin ready for minting in wallet A. This would include asset cost, handling fees, and network fees (learn more) times the number of mints you want to complete.
3. Create 1 UTxO in wallet B per each inscription you want to mint. Do this by sending Bitcoin from wallet A to wallet B
Updated on: 08/03/2024
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