Tag Archives: operations

31 Mar

Sell bitcoins demonstration (Screen cast)

Sell bitcoins step by step

This is the main page
Screens Base

We select to Sell Bitcoins, the selling price is shown on the screen. The price is updated every X seconds (configured by the operator).
Screens - Sell 1

The quantity selector, it calculates the corresponding bitcoin price live.
Screens - Sell 2

The selected FIAT amount and its equivalent bitcoin price.
Screens - Sell 3

The freshly generated bitcoin address to make the payment to.
Screens - Sell 4

From the mobile device the QR is scanned. The QR already includes the price so the mobile user don’t has to write it.
Screens - Sell 5

The system detects that the transfer has been done and prints a “Redeem coupon”. If the transfer has not been done a coupon can be printed anyway and send the bitcoins later. The user is asked a PIN for safety (in the case that the coupon is recorded/lost).
Screens - Sell 6

The redeem coupon is printed
Screens - Sell 7

The seller click on “Redeem” button on the bottom right
Screens - Sell 8

The seller inserts the PIN
Screens - Sell 9

The blockchain is checked to find the necessary confirmations (default to 3 but configurable)
Screens - Sell 10

The transaction is confirmed and the ATM spawns the bank notes
Screens - Sell 11

Bank notes
Insert 20 EUR

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.

11 Mar

How to buy bitcoins from FIAT?

With BTCPoint the operator can chose to work in 2 buying modes. The first mode is to FIX the price.

Withdraw FIAT from BTC

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.

 

 

 

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