Book of Kek
  • The Book of Kek
  • Resources & Links
  • How to Contribute to the Book of Kek
  • Pepe News Outlet đź“°
    • Pepe News Outlet Rules
  • Chapter 1 - Historical Lore
    • The Creator: Matt Furie
    • The Creation: Pepe the Frog
      • Birth of Pepe the Frog
      • Birth of The Meme
        • Memes as cultural drivers
      • 4chan & the Sad Frog
      • Pepe the alt-right Frog
      • Reclaiming Pepe
      • "Feels Good Man" - Pepe documentary
      • Famous normie Pepe posts
      • Types of Pepes
  • Chapter 2 - The Rare Pepe Project
    • Pepe's Blockchain Beginnings
    • The Rare Pepe Blockchain Project
      • The Rare Pepe Directory
      • Rare Pepe Valuation
      • Rare Pepe Scientists
      • Most Famous Rare Pepe Artists
      • Unique Rare Pepe Sets
      • Famous Rare Pepe Cards
      • Series & Card Specific Lore
        • Series 1
        • Series 2
        • Series 3
        • Series 4
        • Series 5
        • Series 6
        • Series 7
        • Series 8
        • Series 9
        • Series 10
        • Series 12
        • Series 13
        • Series 15
        • Series 16
        • Series 17
        • Series 18
        • Series 19
        • Series 20
        • Series 21
        • Series 22
        • Series 23
        • Series 24
        • Series 25
        • Series 26
        • Series 27
        • Series 28
        • Series 29
        • Series 30
        • Series 31
        • Series 32
        • Series 33
        • Series 34
        • Series 35
        • Series 36
      • Official Rare Pepe Sub Assets
      • Artists & Collectors Interviews
        • Collector Interview: TokenAngels
      • Famous Rare Pepe auctions
      • “The Rarest Book” by Eleonora Brizi
    • Fake Rares & Commons
      • Fake Rare Artists
      • Fake Rares Submission Rules
      • Fake Rares Card Specific Lore
      • Fake Commons
        • Fake Commons Submission Rules
  • Dank Rares
    • Dank Rares Submission Rules
  • Historical Counterparty Projects
    • Penisium Project
  • Chapter 3 - Blockchain, Counterparty, How to
    • Introduction to Bitcoin NFTs
    • Counterparty - What is it?
      • The Counterparty DEX
      • Why use Counterparty?
    • What is PEPECASH?
    • Best Pepe Wallets
    • Creator Onboarding to XCP
      • 1. Create a Counterparty (XCP) wallet
      • 2. Buy XCP from a dispenser
      • 3. Create Named Token
      • 4. Upload Art to EasyAsset
      • 5. Update Token Description
      • 6. Increase Supply
      • 7. Lock Supply
      • 8. Submit To Directories
    • How to Buy Rares, Fakes & Danks
      • How to Buy Rare Pepes
    • Dispensers: What are they? How to use them?
    • Scarce.city
    • Emblem Vault
      • How to create an Emblem Vault
      • Vaulting Rare Pepes in ERC-1155 Tokens
  • Chapter 4 - latest developments
    • Pepe.wtf
    • PepePawnShop
      • How It Works
    • Pepe Inc.
    • Notable Pepes
      • How It Works
        • The Collector's Journey
        • The Artist's Journey
      • FAQ
      • The Notable Ones - Interviews
        • PEPENARDO
        • DANGIUZ
        • CARSONATED
    • PegzDAO, Chain/Saw & RarePepe.fun
    • Rare Apepes
    • Pepes in Paris 2023
      • Fest Rares Cards
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  1. Chapter 3 - Blockchain, Counterparty, How to

Dispensers: What are they? How to use them?

A dispenser is basically a vending machine: someone locks an arbitrary amount of an asset and enables everyone who sends the right amount of bitcoin to get ownership of the asset.

You see what you want to buy, choose the deal you prefer, and then proceed to make the purchase.

Dispensers are a basic form of smart contracts. But their automated nature also comes with a tradeoff: there’s always a risk that the dispenser gets emptied before your transaction confirms. So if you set a low transaction fee and therefore wait a couple of days until the first confirmation, you expose yourself to the risk of dealing with a closed or emptied dispenser.

There is no way for the Bitcoin transaction to get unsent and there is no mechanism in place to return your money if the entire supply of Counterparty tokens gets sold out before you got your hands on your desired digital asset.

This is why you should ideally pay for a higher transaction fee, as a way to make sure that you’re among the ones who get the fair deal.

You should also try to only buy from dispensers created by addresses you recognize – if you know the owner and rely on their reputation, you’re more likely to get your bitcoins back if the trade doesn’t take place.

Note: Never send BTC from an exchange. Only send BTC to a dispenser from a BTC wallet that you have access to the private key, preferably a counterparty wallet of some sort.

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Last updated 3 years ago