❓Frecuently Asked Questions
In this section, we address some of the most frequently asked questions by users of the FireMints platform.
1. What types of addresses are compatible with FireMints?
FireMints is compatible with Native Segwit addresses, which provide the best experience by reducing transaction fees and improving compatibility. While Legacy addresses are supported, they are not recommended due to higher fees and potential issues when interacting with non-Legacy wallets.
Note: Counterparty do not currently support Taproot addresses. Make sure to use Segwit-compatible addresses for smooth transactions on the platform.
2. What types of wallets are compatible with FireMints?
FireMints supports several wallets, including OKX, Unisat, Leather, and Universe. These wallets are compatible with Segwit addresses and are optimized for use on the platform. For the best results, use wallets that support Native Segwit, as they reduce fees and enhance overall performance.
3. What happens if I have Ordinals, Runes, or other assets in the same address?
If your address holds Ordinals, Runes, or other assets in the same UTXOs, it is not recommended to use it on FireMints. Mixing different types of assets in the same address can cause transaction problems. To avoid complications, keep assets like Ordinals and Runes in a separate wallet from the one used for Counterparty tokens on FireMints.
4. What fees does the platform charge?
FireMints charges the following fees for its services:
Minting Fee: 3000 sats (approximately $2 USD).
Buy Fee: 2% of the sale value charged to the buyer, with a minimum fee of 10,000 sats.
Listing Fee: There are no fees for listing assets for sale on the platform.
These fees are charged in Bitcoin and deducted from your transaction when minting or buying an asset.
5. How long does it take for a bind, unbind, or purchase to be confirmed?
The confirmation time for binding, unbinding, or purchasing assets depends on Bitcoin’s block times. Typically, Bitcoin blocks are mined approximately every 10 minutes, so most transactions will be confirmed within that time frame. However, network congestion can sometimes cause delays.
6. How many transactions are required to buy an asset?
Only one transaction is needed to complete a purchase. After you select an asset to buy and confirm the transaction in your wallet, the purchase will be processed and confirmed after a Bitcoin block is mined.
7. How many transactions are required to sell an asset?
To sell an asset, at least one transactions and two signatures (just one transaction with btc fees) is required:
Binding Transaction & listing params: Before listing an asset, you must bind the tokens to a UTXO, which requires a transaction on the Bitcoin network.
Sale signature (PSBT): Once the asset is listed, the actual sale will generate another transaction when a buyer completes the purchase. When signing the PSBT (Partially Signed Bitcoin Transaction) for a sale, the user will see a pop-up in their wallet displaying the details of the transaction. This includes what they will receive upon successful completion of the transaction, such as the amount of Bitcoin or tokens.
8. Can I list my Counterparty assets like Rare Pepes, XCP, or Spell of Genesis?
Yes, FireMints fully supports Counterparty assets, including well-known collections like Rare Pepes, XCP, and Spell of Genesis. You can list these assets for sale and use Atomic Swaps to trade them securely with other users.
9. What are the advantages and disadvantages of Atomic Swaps compared to dispensers?
Advantages of Atomic Swaps:
Trustless: Atomic Swaps do not require any intermediary or third party to manage the trade. The transaction is conducted directly between users, making it more secure and decentralized.
Transparency: Since Atomic Swaps are fully on-chain, you can verify all aspects of the trade on the Bitcoin blockchain.
Full ownership: You always retain control of your assets and private keys, reducing the risks associated with custodial services.
Disadvantages of Atomic Swaps:
Firemints abstract the user for this complexity.
Complexity: Atomic Swaps require a deeper understanding of UTXOs and blockchain technology, which can make them less user-friendly for beginners.
Advantages of Dispensers:
Single Listing for Multiple Purchases: A key advantage of dispensers is that an asset can be listed once and purchased multiple times by different users, simplifying the selling process for the asset holder.
Disadvantages of Dispensers:
Scam Risk from Front-Running: Dispensers are vulnerable to front-running attacks by malicious agents, who can monitor transactions and outbid or intercept them before the original transaction is completed, posing a significant risk to users.
- Frontrunning Risk in Dispensers: In dispenser-based transactions, frontrunning can occur when another user submits a transaction with higher fees, securing the asset before the original buyer's transaction is processed. As a result, the original buyer’s transaction may still go through, sending funds to the seller but without receiving the asset, as it has already been sold. In such cases, the buyer is left with the challenge of locating the seller (assuming they are not malicious) to negotiate a refund, which can be difficult and unreliable. This risk adds significant uncertainty to dispenser transactions.
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