Step into a universe where cutting-edge blockchain technology meets art and creativity. Magic Eden's Bitcoin (BTC) auctions offer not just an avenue to acquire unique digital assets, but an experience that's both exhilarating and user-friendly. Whether you're a seasoned bidder or just starting out, our comprehensive guide ensures you're well-equipped for your next bidding adventure.
Connecting your wallet
First and foremost, connect your wallet to Magic Eden Bitcoin. Begin your journey using wallets such as Unisat, Xverse, or Hiro.
Navigate to the Bitcoin auction page
Direct yourself to the Bitcoin Auction you've set your sights on.
Understanding the auction wallet
Magic Eden provides users with a unique auction wallet to deposit bid funds. This ensures a seamless bidding process. What makes this wallet stand out is its multisig contract with an expiration feature. This means you won't need to place your trust anywhere; the system is designed for optimal security and user experience. Once your deposit funds confirm, you're ready to dive into the world of bidding!
Transferring funds
On the Auction page, the Auction Wallet section will be your dashboard for fund management. Locate the box displaying your Auction Wallet's address and balance. Two buttons, “Deposit” and “Withdraw”, allow interactions.
Initiating deposits
To fund your bids, click on “Deposit” and input the amount of Bitcoin you would like moved to the Auction Wallet. You need to do this before you can participate in an auction on Magic Eden Bitcoin.
The "Deposit Funds" modal will also display the maximum amount you can transfer, excluding transaction fees, the UTXO required to initialize the wallet, and any unconfirmed transactions you might currently have. You have the option to select “Max Deposit” to easily transfer this amount.
Important note:
Transferring funds to your Auction Wallet involves a Bitcoin transaction. Transaction times fluctuate based on network congestion. Always transfer funds well in advance if you plan to participate in the auction—preferably at least two hours beforehand.
Awaiting confirmation
After depositing, your funds will show as "Pending" while awaiting confirmation. After two confirmations have been processed your funds will move from "Pending" to available within the auction wallet.
Temporary limitation on direct deposits
Currently, direct deposits from your BTC wallet to the ME bidding wallet are not supported. If you've attempted this and can't see your funds, don't worry—they're not lost.
Workaround to make your balance visible:
Deposit a small amount: Utilize the deposit button on ME to add a small amount of BTC to your bidding wallet.
Share your BTC bidding wallet address: Send us your BTC bidding wallet address.
Notify us: Give us a heads-up after completing the deposit. Open a support ticket here.
We understand this may be inconvenient, but rest assured, we're actively working on supporting direct deposits in the near future.
Bid ready
With confirmed funds in your Auction Wallet, you're all set. At the top of the auction page, it will keep you updated on the current top bid and how much time is remaining.
Get bidding
To bid, enter your desired amount in the provided space and hit “Place Bid”. Your bid will instantly populate in the activity section, showcasing all bids and the prevailing bid.
One of the groundbreaking features of Magic Eden on Bitcoin is the unbroadcasted PSBT system. When you place a bid, you're essentially signing an unbroadcasted PSBT. This means you won't be charged any gas fees when you bid. Only the top bidder's PSBT gets broadcasted once the auction concludes. This streamlines the entire process and makes it cost-effective for all participants.
Receiving the digital artifact
If you hold the highest bid when the auction concludes, you've won! Winners don’t have to wait or take extra steps. Upon auction conclusion, the top bidder's PSBT will be broadcasted, and they will automatically receive their prized digital artifact directly into their main wallet. It’s that simple and efficient.
Withdrawing from the bidding wallet
You can retrieve funds back to your connected wallet anytime. Click “Withdraw” and follow the same procedure as funding the wallet. Remember, this transaction will also take time.
When specifying a withdrawal sum, our UI will ensure it accounts for associated transaction fees. It also takes into account the UTXO which is a transaction fee for initializing the wallet.
Here are some expert tips from Magic Eden to ensure your Bitcoin auctions run seamlessly and successfully.
Opt for larger bid deposits
Instead of making numerous small deposits, it's beneficial to deposit a higher amount all at once. By doing this, should you win the auction, you'll reduce the gas fees associated with multiple transactions. This approach is not only cost-efficient but also simplifies the bidding process.
Note:
It's recommended to deposit a minimum of 50k sats from the outset. Smaller deposits can lead to fees taking up a considerable part of your intended bid.
Anticipate network delays
As mentioned above, given the varying transaction speeds of the Bitcoin network, it's crucial to deposit your funds ahead of time. This proactive measure ensures that your funds are available when you need them and minimizes the risk of missing out due to unexpected network delays.
One top bid at a time
Keep in mind that you're allowed to be the highest bidder on only one auction at any given time. If you have your eyes set on multiple auctions that overlap, you might miss out. A workaround for this is to set up separate wallet addresses. By having multiple wallets, you can participate and potentially win in multiple auctions simultaneously.
Managing your auction balance
After an auction concludes, you have two primary choices regarding the balance in your account. You can either:
Hold the balance: This might be beneficial if you plan to participate in future auctions, providing you with readily available funds.
Withdraw the balance: If you prefer to have your funds returned to you after every auction, this option is for you. Remember, the decision is entirely up to you based on your preference and bidding strategy.
By following these recommendations, you'll enhance your bidding experience and ensure a smoother transaction process.
Are you an artist eager to have your digital masterpieces auctioned on Magic Eden Bitcoin? We welcome creators from all backgrounds to join our vibrant community. Reach out to our team to explore how you can be part of something exciting!
As the world of Digital Artifacts continues to evolve, we're thrilled to have you alongside us, blazing trails and redefining norms. Here's to countless successful bids and to the boundless horizons of digital art!
If you have any further questions or need support, do not hesitate to contact our support team. Happy bidding!
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