11 Mar

How is BTCPoint secured against double-spends in SELL operations?

To answer that question the best is to explain the SELL process:

Sell operations safe

Extra safety for SELL operations

  1. The user want to SELL bitcoin
  2. The bitcoin machine provides a fresh new public address for the transfer
  3. The user sends the bitcoins to that address
  4. Bitcoin network detects the transfer sent and issues a ticket with a confirmation code
  5. The user waits for some minutes while the transaction is confirmed (the ATM can be used by other people)
  6. After some confirmations the user scans the “ticket with the confirmation code” in the QR reader.
  7. The ATM validates the confirmation and gives money out if everything is valid.

Optionally the operator can activate the extra security option. In the step 4 the machine can be configured so that a PIN code is inserted. This PIN code is then required later on in step 6. This is made in case a camera would record the ticket received.

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BtcPoint +34931645921 C/de Novell 68, Local. 08014 Barcelona Spain.