Buying XCP and User Created Tokens from a Dispenser
Last updated
Last updated
It is possible to buy XCP (and all user created XCP tokens) by using the Dispensers function in Freewallet.
With the release of counterparty-core 10.4 and later versions, only Counterparty compatible wallets can initiate a Dispense. Make sure to only use the most recent Freewallet version (or Horizon wallet as shown on the Counterparty website) to initiate Dispenses.
This means you can also manually trigger these dispensers by sending BTC to a Dispenser address from Freewallet. With the Dispensers market tab, Freewallet will organize and show you the Dispenser details in an easily viewable manner.
For a quick overview, feel free to check out this informational video by RobotLoveCoffee on how to buy a Counterparty token that is listed in an open dispenser:
For specifically buying XCP from a dispenser, first navigate to the 'Dispensers' tab in the top of Freewallet and then click on 'XCP' to view the XCP Dispenser markets
If you are looking to view Dispenser markets for tokens other than XCP, you can add any token to be a custom tab (called a Dispenser Watchlist) by clicking the gear icon on the right and selecting "Add Dispenser Watchlist"
To add a Token you would like to view the Dispensers of, simply click the gear icon in the top right and select “Add Dispenser Watchlist.
To remove any custom Dispenser Watchlist, simply right click the watchlist and select 'Remove Watchlist'
For now, let us view the process for buying XCP. Navigate to the Dispenser list for XCP as stated before. Take note here you can organize this list by Escrowed, Give Amount, Give Remaining, BTC Price and Status by simply clicking on the text to sort by those details. The BTC Price sorting button is the most commonly used button here as it will show you the cheapest Dispensers
Keep in mind there is complete freedom for a seller to Dispense not just 1 whole token in a dispenser, but also fractions of tokens (such as XCP). It is up to you the user, to read the information correctly and understand how many tokens will Dispenser when sending BTC to these dispensers. Below is a good example:
When organizing the Dispensers for XCP in Freewallet by 'BTC price' as shown with the blue arrow, the cheapest dispensers actually are dispensing only fractions of an XCP per dispense (as shown in the red box). If you are looking to dispense 1 single XCP per BTC price (as shown in the blue box), make sure you are reading the information shown with a very keen eye before making any purchases.
This can be confusing so it is important you verify all of this information before making a purchase.
Make sure if you are buying assets from a dispenser you use a Counterparty compatible wallet so you can easily access this token as most third-party BTC wallets do not support showing Counterparty asset information like Freewallet does
It is very important to pick either the "High" priority fee, or to pick an even higher custom fee to match the current Bitcoin mempool fees at the time you wish to buy from a dispenser.
Review the What BTC fee should I use? section to understand what the Bitcoin fee environment might be at the time of purchase.
If you use a low fee your transaction will be “stuck” in the unconfirmed tab and may be dispensed instead by someone paying a higher fee to confirm before your transaction confirms.
To dispense XCP from this dispenser you can simply click the “Buy Now” button in Freewallet and the popup above will automatically fill the details according to the Dispenser Price you chose
Make sure to verify the details yet again as this action is irreversible
After you successfully send your Dispenser Buy, you will be shown this pop up in which you can View Your transaction and track the status of it on Tokenscan. This can take a few minutes to show up on Tokenscan, so it is best to be patient.
After you send your Dispenser Buy it will show up on Tokenscan in the “Unconfirmed” Tab at the bottom the of the Dispenser page. You can view more details of this transaction on the bottom right by clicking “View.”
This function still works without using the “Buy Now” feature in Freewallet, though as mentioned before, it is very recommended to send from a Counterparty supported wallet as well as either a Legacy or Segwit style Bitcoin address. Simply send the correct amount of BTC to the correct Source address as shown on the Tokenscan dispenser page to dispense the correct amount of XCP (or any token) you would like to buy.
This will automatically dispense the Token you bought to the address you sent the BTC from:
Note this information above that is shown on Tokenscan. As you can see this dispenser (at the time of the screenshot) is still open with 19 XCP remaining to give. To view this page simply click on the address of the dispenser in Freewallet and it will open the Dispenser details on Tokenscan.
You can also see the history of Dispenses as one day ago a user Dispensed 6 XCP paying a total of 0.00089994 BTC to do so.
It is imperative you also check the “Unconfirmed” tab and make sure nobody has already put in a BTC order to purchase the remaining XCP in this dispenser.
Please take note, if you see a dispenser and review it on Tokenscan and see this warning above, DO NOT send BTC to this dispenser as it is either closed or out of funds to dispense.
You can also check out this video by RARE PEPES DOT COM for a good overview on how the process works and how to read Tokenscan.io information correctly:
For even more useful information, take a look at this informative video for help with buying XCP from a dispenser, though take note this video covers using rarepepewallet.com but the process is so similar with Freewallet, that it is good information to look over:
This feature is still in discussion and many Community Members have voiced their opinions on making this feature better in the future. Please check out the Counterparty Forums and the Counterparty CIP Github for more information on this discussion.
