1 How does a CounterParty dispenser work?
A virtual vending machine is opened through a transaction on the Bitcoin network indicating the token for sale, the amount available and the price per unit. This operation can be carried out by anyone through a wallet compatible with the CounterParty tool. Once opened, also anyone can interact with the dispenser through a block explorer compatible or a CounterParty and Bitcoin wallet. To use it, the buyer sends the necessary bitcoins (BTC) to that address to immediately receive the purchased tokens at the same address from which they sent the funds.
Explorer and wallet for CounterParty
The most famous CounterParty and Bitcoin explorer is called xchain.io, and it is run by the same developers of the protocol. There are also galleries for specific token projects: pepe.wtf is one of these for the RarePepe. The most used and constantly updated wallet is freewallet.io (not to be confused with other freewallets). Maintained, too, by the CounterParty developers. Beyond the cost of the digital object, those who acquire them must pay the Bitcoin network commission for each purchase transaction they make. It is worth noting that it is possible to purchase multiple units of a digital item in a single transaction, as long as there is availability and the amount sent covers the cost of all the NFTs that are wanted. Sellers only need to pay the Bitcoin network fee when they open or close the virtual vending machine; deliveries of digital products, until their existence is exhausted, They do not generate costs for the seller.
In short, the dispensers are simple to operate and, therefore, easy to create and use.
2 How to create a dispenser?
To create a dispenser, the seller only needs to have a token on the Bitcoin network (created with CounterParty) to then configure the machine virtual vending machine, so that it delivers the amount of NFT you want at the price you want. In detail: Having downloaded and initialized with the keywords the wallet compatible with CounterParty and Bitcoin, in this case FreeWallet.io, you must create a token or NFT, if you do not have one. Assuming that you already have the token to put in sale, you must go to the menu and choose the “Create Dispenser” option. In this section you must choose:
a. The digital object or token to put up for sale.
b. The number of units that the machine will contain (escrow).
c. How many units will the machine dispense per payment (give amount).
d. The price of each unit or of each sale, in case of dispensing more than 1 unit (BTC amount or USD amount if the oracle is used). Finally, the rate that you want to pay to the Bitcoin network (fee) is chosen and the transaction is sent. Once confirmed, the dispenser can be viewed under the transaction URL or link in the correct browser.
In this screen all the details of the dispenser to be opened are configured, it is important to review each field carefully. Source: Freewallet.io
3 How to use a virtual vending machine?
To use a dispenser, the buyer must enter the direct link of the virtual vending machine to buy the required tokens of the amount that is available. It is also possible to visit a CounterParty browser or gallery to get the desired digital item and access its dispenser. A step by step: Have a Bitcoin wallet, preferably compatible with CounterParty, to be able to view the token or NFT once acquired. Obtain the token that you want to acquire and check its open dispensers. Among them, look for the one with an acceptable price. Enter the dispenser and review the data carefully, especially the number of units to be delivered (give quantity), the quantity still available (give remaining) and the price. Once checked, if everything seems OK, send the exact amount required in BTC to the address that appears, both in the source (source) and in the QR on the right side. Wait for the transaction to be confirmed, and check that the NFT has been received. In case of using a wallet not compatible with CounterParty, check in the block explorer that the transaction contains the “OP_RETURN” metadata.
The dispenser shown delivers 1 unit for each shipment of the price shown, and at the time of the photo it still had 10% available. DO NOT SEND MONEY. Source: Xchain.io
