Setting up a Dispenser

You can set up a Dispenser to dispense Counterparty Tokens (including XCP) on any address you own.

It is absolutely recommended you use an address that you do not normally send BTC to, as this may trigger an unwanted dispense.

For example:

  • If you set up a Dispenser for 0.001 BTC for a Token on your Address #1

  • Then send BTC this address (0.001 BTC or more), the token will be dispensed automatically.

  • This will dispense the Counterparty token in the dispenser to whatever address the BTC was sent from. If you sent Bitcoin from an exchange this can turn into losing an asset quickly!

For a nice and quick video overview of this process, check out this informative video by RobotLoveCoffee to get a feel for how the whole process is done when using Freewallet.

Take note that the process shown in the video above, is showing the second way to set up a dispenser below, which is "setting up a dispenser on a separate address."

There are a few ways to set up a dispenser:

  • 1 - The 'old fashioned way' would be to pick an address you control and manually send the Token(s) you would like to dispense along with some BTC to cover the BTC fee’s associated with creating the dispenser to a brand new address (that is not your main used address). In this example, the "Source" and "Dispenser" outputs would be the same as shown in the screenshots below.

  • 2 - Simply creating a Dispenser on your main "Address #1" (or whatever main address you use) and making sure you understand to not accidently send BTC to this address and 'accidently dispense' the token by refilling the address with Bitcoin. In this example, the "Source" and "Dispenser" outputs would be the same as shown in the screenshots below.

  • 3 - Creating a brand new address in Freewallet (that has Bitcoin history on it yet) and creating the dispenser on that new address without having to send Bitcoin or the Token(s) to it. This is the most common (and cheapest) way to set up a new Dispenser. In this example, the "Source" and "Dispenser" outputs would be different addresses as shown in the screenshots below. - Take Note only 1 single dispenser can be made on a new address using this method. Any more dispensers you wish to create will have to use the "1" method explained above.

You can read up on Viewing, Creating and Importing Addresses section if you have questions on how to access addresses on your account other than the default “Address #1” as well as how to quickly add new addresses to your wallet for this purpose.

To create a dispenser, first navigate to the Actions tab in the upper right hand of Freewallet and select "Create Dispenser".

You can also find this option by right-clicking any asset you own in the left panel of Freewallet and selecting "Create TOKEN Dispenser"

Next, the Create Dispenser pop-up will show and give you a few inputs and options for your Dispenser.

Note the Source and Dispenser are the same address as this will be the address the buyer must send BTC to trigger the Token dispense. This was explained earlier in the "1st" dispenser setup scenario.

  • The Source is the address that holds the Token you would like to dispense.

  • The Dispenser is the address that will trigger the Token dispenser when a set amount of BTC is sent to it.

  • The Token Name is the Token you would like to Dispense.

  • The Available input is how many of the Token(s) are on your address.

  • The Escrow amount is how many total tokens you would like to escrow into the Dispenser (they will not be able to be accessed when the Dispenser is open).

  • The Give Amount is how many (out of the total Escrow amount) you would like to Give (or dispense) when the correct amount of BTC is sent to the address.

  • The BTC Amount is the total amount of BTC needed to be received to the address to initiate the dispense as per Give Amount you inputed.

For example:

If I wanted to dispense 1 BIGGIEPEPE at 0.1 BTC each and wanted to put 5 total BIGGIEPEPE’s cards up for Escrow the inputs would read:

Token Name: BIGGIEPEPE Escrow: 5 Give Amount: 1 BTC Amount: 0.1 BTC

In this example somebody could send 0.5 BTC and dispense all 5 BIGGIEPEPE tokens at once, or somebody could just send 0.1 BTC and get 1 BIGGIEPEPE in return automatically dispensed to the address they sent from.

  • The Oracle selection was created recently and will denote the BTC amount in USD and the BTC price will fluctuate depending on the USD spot price at that time.

  • You can simply enter a USD amount in the USD Amound input area and the price of this Dispenser will fluctuate in regards to Bitcoin amount, but remain the same USD amount.

When you change the Oracle to “BTC-USD – US Dollar (USD)” the BTC Amount input automatically changes to be Denoted in USD. You also have the choice of a few Fiat options for the Oracle:

  • The last step is to select your Fee you wish to use when creating the Dispenser. If you have questions about this, check out the What BTC fee Should I Use? section.

The most common way to set up a dispenser is to set up a dispenser on a "new" or "separate" address. This is the process where the Source address is different than the Dispenser address.

  • You must first create a brand new address in Freewallet and use that address for the "Dispenser" input to create a Dispenser in this manner.

  • You can use either Legacy or Segwit addresses to do so.

  • If you need more information about how to view or create addresses, review the Viewing, Creating and Importing Adresses section of this User Manual.

The process here is the same as stated before, except you will be inputing the specific address you would like to set up a dispenser on in the "Dispenser" field below

As you can see the process is almost identical to the one described above except this second way of doing it saves a couple extra fee's you would have to do if you went about it manually.

To close an open dispenser on an address you have access to, refer to the Closing a Dispenser section of this User Manual.

Unlike Counterparty DEx and BTCpay orders, Dispensers have no expiration date and will remain live until either the token is sold out or the seller closes the dispenser.

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