Automated Bitcoin forwarding to another Bitcoin address

Technical implementation

Forwarding is implemented on the basis of BTC Transmuter. We will configure and set up some External Services for this. These External Services are combined with Trigger and Action statements and are combined as one Recipe.

We will create a Recipe for our requirements and thus start creating a new Recipe.

We give our Recipe a unique name and choose for our example: “Send BTC to Exchange” and the description: “Automated forwarding to another Bitcoin address”.

In the first step we need to set the trigger. We receive a variety of triggers, which are provided to us by BTCPay Transmuter.

Once Bitcoin funds are on a particular Bitcoin wallet, those funds are supposed to be forwarded to another Bitcoin address.

That is why we choose the “Balance Check” variant as the trigger.

This trigger is to monitor the balance of the wallet. Now the question arises, which Bitcoin wallet should be monitored. This is recorded in the following step.

This now requires an External Service, which is created at this point. With the help of NBXplorer, it is possible to detect the changes of a particular Bitcoin wallet. Since we have not yet created a monitoring service based on NBXplorer as an External Service, we are now creating one

We give this wallet a unique name and choose as type: “NBXplorerWallet External Services”.

Then we need to tell the monitoring service which wallet to monitor. This is the internal BTCPay wallet, which belongs to the Supporter Shop, located on our demo BTCPay server.

For this we need to pair the NBXplorerWallet External Service with the Supporter Shop.

Click Save, then the page appears again with the link.

Now we click on the link to authorize the pairing process.

Select the appropriate store and click Approve.

After that we go back to the BTCPay Transmuter page and there to the Recipes menu item. There our Recipe should be listed with the name: “Send BTC to Exchange”:

We would use the Wallet Generator option if we wanted to create a new wallet. We don’t need a new wallet as we want to use the internal BTCPay wallet which is linked to our supporter store.

It should not go unmentioned at this point that you could create your own wallet at this point and the relevant relevant information would be provided in this form.

As mentioned above, we want to use the already existing BTCPay wallet and need the corresponding information.

We can find them on the BTCPay server in the Wallets menu item. There we select the appropriate BTCPay store and find the Wallet Settings:

In the Settings section, in the Derivation Scheme field, we find the so-called Public Key (xpub).

It is important that this XPub key is extended with the Address Type information. This was set when the store was created. We have chosen the address type P2SH-P2WPKH and now we have to add -[p2sh] to our XPUB key.

We copy this information into the Derivation Strategy field

In order for something to be paid out from this wallet, the private key is required. This private key can be a mnemonic seed (12 or 24 words), a passphrase, or a private key. One variant is required. So not all fields have to be filled in. One of the three fields is sufficient.

ATTENTION!!!

ATTENTION!!! Therefore, handle the private key very conscientiously. Be clear about what you are doing right now. Do not store this private key on the Coincharge demo server. At most to try it out. Use your own BTCPay server and never leave a large amount of Bitcoin there that you can’t afford to lose.

In our case, the Bitcoin will stay on this wallet for no more than a millisecond. Nevertheless, one should be aware of the risk.

We click Save and then get the following view.

Now we need to set the trigger and the action.

We go to Recipes to our Recipe and there to Edit.

Auf der folgenden Seite bearbeiten wir den Trigger und klicken auf Add.