Due to the use of UTXOs (unspent transaction outputs) on Bitcoin (BTC), Collection offers work slightly differently from other popular blockchains such as Solana (SOL). This article will explain these differences so you can confidently make offers on your favorite Ordinals collections.
How do bid processes differ between Solana and Bitcoin?
On Solana, users are able to directly use their entire wallet balance (minus some SOL for fees) to make a bid - fairly straightforward.
Whereas on Bitcoin, the UTXOs in your wallet are used to create collection offers.
Each individual offer you make on a collection utilizes one UTXO, and the highest offer price you can set has to be equivalent or less than the size of the UTXO used.
What does this mean for me?
The same UTXO can be used to make offers on multiple collections.
For example, if i only have one large UTXO of 0.5 BTC, I can use that same UTXO to make a collection offer on Bitcoin Puppets, as well as OMB.
Note:
Only one collection offer can be made per collection at any time.
However, this also means that once a collection offer from any collection is accepted, all live collection offers are invalidated and will need to be placed again.
I see 'Insufficient Funds', but I have enough BTC in my balance.
If you encounter the above error, even though you have sufficient BTC in your payment wallet, it probably means that you do not have enough confirmed and spendable UTXOs.
A simple remedy would be to perform a BTC self-transfer from and to your payment wallet. This would create a UTXO equivalent to the size of the transfer amount.
After that transaction confirms, you will be able to continue making collection offers.
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