With BTCPoint the operator can chose to work in 2 buying modes. The first mode is to FIX the price.
190 different bank note types accepted (USD, EUR, JPY, GBP, etc…)
- 1. In the start screen the user is prompted to options BUY or SELL bitcoins.
- 2. When the user press BUY the Bitcoin Price for BUY is displayed. This price can be calculated in several ways chosen by the operator.
- The BUY price is fixed by the operator
- The BUY price is obtained through a public gateway and added a fixed margin. A gateway can be an exchange or a pricing service (Bitstamp, BTCE, Kraken, Coinbase).
- The BUY price is obtained through a private exchange/service.
- 3. When the user clicks BUY the price is fixed and the user has a timeout to finish the operation. Typically 3 minutes. If the user does not conclude the operation in this timeout the cash is returned. The timeout can be configured.
- 4. The user selects the amount of FIAT that want to turn into BTC
- 5. The user introduces the bank notes to the terminal
- 6. The operation is executed and the bitcoins are sent either to a fresh paperwallet or to a QR scanned address.
The second mode is live price. In the step 2. the price is not fixed. The price is updated live. The price is gotten from the exchange at the last moment before printing the paper wallet or sending the bitcoins to the provided address. This operation is less risky for the operator but it does not show to the client exactly how many bitcoins is it going to receive until the last moment.