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Ensuring Safe Transactions in Bitcoin NFT Marketplaces: The Power of PSBT
Ensuring Safe Transactions in Bitcoin NFT Marketplaces: The Power of PSBT
How PSBT affects transaction safety on Magic Eden.
Browny avatar
Written by Browny
Updated over a week ago

Are my transactions safe?

It's essential to ensure that ordinals Partially Signed Bitcoin Transactions (PSBT) transactions are safe, secure, and easily accessible for everyone. One of the key components in achieving this is through the security management of the PSBT signatures. In this article, we'll explain how PSBT works, why it's safe to use, and how it enables instant price changes and instant cancellations, even for users with limited knowledge of Bitcoin.

Will you have access to my wallet or private keys?

At MagicEden, we do not have access to your wallet or private keys. Our platform interacts directly with your Bitcoin wallets, allowing them to instruct you on how to sign PSBT.

Will my partial signature be exposed to the public?

As a seller, your partial signatures for your listings are never exposed to the public. We have open-sourced and published msigner (, a signing tool for PSBT. There is no need to reveal the partial signature to public users or even the buyer of the NFT. This ensures the highest level of security for your transactions and personal information. Any transfer or listing change will completely delete and remove the old seller listing signatures.

What encryption and security measures do you have in place?

To further guarantee the safety of your partial signature, it is encrypted using the NaCl (Networking and Cryptography Library) encryption system, found at Additionally, AWS Key Management Service (KMS) is employed to manage cryptographic keys and maintain security. This combination ensures that your signature is protected by the highest standard of encryption management.

What is the role of the buyer?

When purchasing an NFT, the buyer is responsible for signing the full transaction with all inputs and outputs presented. This ensures that the buyer has full knowledge of the transaction details and contributes to the overall security of the transaction process.

Where can I find the open-source details?

For more details, check out this thread:

When will I be able to invalidate my old listings?

We are actively working on an ordinals batch-transfer tool that can be used to run on-chain invalidation of the previous listings. It’s designed to be used as a gas-efficient transfer tool, and you can use it to transfer your ordinals (as UTXOs) to your wallet to invalidate all your previous off-chain listings at once. Stay tuned for the update for this.

What's so good about PSBT?

In summary, the use of PSBT in Bitcoin NFT marketplaces offers a secure and efficient method for executing transactions. By protecting the seller's partial signature and employing high-quality encryption, PSBT ensures that users can safely engage in the buying and selling of NFTs. Additionally, the open-source nature of the process allows for transparency and continuous improvement, making PSBT an ideal solution for users of all experience levels.

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