This guide will show you how to use Python to create a Bitcoin wallet, check its balance, and perform feeless, instant transfers within the Mixin Network. You'll also learn how to withdraw Bitcoin to an external wallet or exchange.
Prerequisites for This Tutorial
Before you start, ensure you have a basic understanding of Python and cryptocurrency concepts. You will need the Mixin Network Python SDK installed in your development environment.
This tutorial focuses on practical implementation. It assumes you are familiar with setting up a Python project and installing necessary packages.
Creating a Bitcoin Wallet with Mixin Network
To interact with the Bitcoin blockchain via Mixin Network, you first need a Mixin Network account. This account acts as your gateway to managing Bitcoin and other supported cryptocurrencies programmatically.
Step 1: Generate a New Mixin Network User
Your application must create a user on the Mixin Network. The following Python code demonstrates how to create a new user account. This process generates a local RSA key pair and registers the account on the network.
userInfo = mixinApiBotInstance.createUser(session_key.decode(),"Tom Bot")Upon successful creation, the API returns crucial account information. You must securely store this data, as it is required for all future authenticated requests.
userInfo.get("data").get("pin_token"),
userInfo.get("data").get("session_id"),
userInfo.get("data").get("user_id"),The response contains all the necessary credentials for your new user.
Step 2: Initialize a Bitcoin Wallet
A new Mixin account doesn't automatically have a Bitcoin wallet. You initialize it by fetching the asset information for Bitcoin. This first API call effectively creates the wallet.
The getAsset method is used to retrieve the wallet's details, including its public address.
btcInfo = mixinApiNewUserInstance.getAsset(asset_id)
print("Account %s's Bitcoin wallet address is %s" %(userid, btcInfo.get("data").get("public_key")))The returned data provides the wallet's public key (your deposit address), logo, current balance, and other relevant blockchain information.
Checking Your Bitcoin Balance
Reading your wallet's balance is a straightforward operation once the wallet is initialized. You use the same getAsset method, which now returns the current balance.
btcInfo = mixinApiNewUserInstance.getAsset(asset_id)
print("Account %s's balance is %s" %(userid, btcInfo.get("data").get("balance")))This call fetches the latest state of your wallet from the Mixin Network, displaying the total available Bitcoin balance.
Executing Feeless and Instant Transfers
A significant advantage of the Mixin Network is its ability to facilitate feeless, near-instant transactions between users on its network. This is because these transactions occur off-chain, settled internally by Mixin.
How Instant, Feeless Transfers Work
Transfers within the Mixin Network are not broadcast to the Bitcoin blockchain. Instead, they are internal ledger updates. This eliminates miner fees and waiting for block confirmations, allowing for instant settlement and zero transaction fees.
Step 1: Ensure Your Account PIN is Set
To perform any transaction, including transfers, your account must have a PIN code set. For a new user, you need to update the PIN first.
pinInfo = mixinApiNewUserInstance.updatePin(PIN,"")
print(pinInfo)Step 2: Transfer Bitcoin to Another Mixin User
Use the transferTo method to send Bitcoin to another user's Mixin account. You will need the recipient's user ID, the asset ID for Bitcoin, and the amount to send.
btcInfo = mixinApiBotInstance.transferTo(MASTER_UUID, BTC_ASSET_ID, AMOUNT, "")
print(btcInfo)The transaction is processed immediately. You can verify the new balance by calling the getAsset method again to confirm the transfer was successful. 👉 Explore more strategies for managing crypto transactions
Withdrawing Bitcoin to an External Wallet
To move your Bitcoin out of the Mixin Network to a private wallet or an external exchange, you need to initiate a withdrawal on-chain.
Understanding Withdrawal Fees
Unlike internal transfers, withdrawing Bitcoin to an external address requires an on-chain transaction. You must pay the standard Bitcoin network fee, which is deducted from the amount you are withdrawing. The Mixin Network API provides the current fee amount when you create a withdrawal address.
Step 1: Create a Withdrawal Address
First, you need to tell Mixin Network which external address you want to withdraw to by calling the createAddress API. This call registers your external wallet and returns an address_id needed for the withdrawal request.
BTC_WALLET_ADDR = "14T129GTbXXPGXXvZzVaNLRFPeHXD1C25C"
btcInfo = mixinApiBotInstance.createAddress(BTC_ASSET_ID, BTC_WALLET_ADDR,"BTC","","")
print(btcInfo)The response includes the address_id and the fee (in BTC) that will be charged for the withdrawal transaction.
Step 2: Initiate the Withdrawal
Using the address_id from the previous step, you can now request the withdrawal. The specified AMOUNT should be greater than the sum of the fee and the dust limit.
mixinApiBotInstance.withdrawals(btcInfo.get("data").get("address_id"), AMOUNT, "")This submits your transaction to the Bitcoin network. You can track its progress using a blockchain explorer by searching for your external wallet address.
Supported Cryptocurrencies on Mixin Network
Mixin Network supports a wide array of major cryptocurrencies beyond Bitcoin, including Ethereum, EOS, and many others. The process for creating wallets and transferring these assets is identical to the Bitcoin example.
Each cryptocurrency has a unique asset_id within the Mixin Network. For example, the asset_id for EOS is 6cfe566e-4aad-470b-8c9a-2fd35b49c68d.
Note that for EOS and similar assets, depositing requires both an account_name and an account_tag (memo), unlike Bitcoin which only requires a public address.
Frequently Asked Questions
What is the Mixin Network?
Mixin Network is a decentralized ledger that provides off-chain solutions for digital assets. It enables fast, feeless transactions for supported cryptocurrencies by handling them on a second layer, only settling on the main blockchain for deposits and withdrawals.
Are internal Mixin transfers really free?
Yes. Transfers between two users on the Mixin Network incur no transaction fees and are confirmed instantly because they are internal accounting entries on Mixin's ledger, not on-chain transactions.
How do I find my Bitcoin wallet address on Mixin?
After creating your Mixin user account, you retrieve your Bitcoin wallet address by calling the getAsset method with Bitcoin's asset_id. Your deposit address is found in the public_key field of the response.
What is the minimum amount for a withdrawal?
The minimum withdrawal amount is determined by the network's dust value and the transaction fee. You can retrieve these values for Bitcoin by creating an address or reading an existing one via the getAddress API call.
How long does a withdrawal to an external address take?
Withdrawal times depend on the congestion of the Bitcoin network and the fee paid. Mixin Network broadcasts the transaction, and its confirmation time is subject to Bitcoin block times and miner priority. You can track it on any Bitcoin blockchain explorer.
Is my private key stored by Mixin Network?
No. The Mixin Network uses a sophisticated system of multi-party computation (MPC) to manage private keys. Your individual private key is never fully assembled or visible to you or Mixin, providing a high level of security. Transactions are authorized using your RSA private key and PIN.