SELL transactions require precision and timing. Customers will occasionally miss the timeout window, or accidentally send an imprecise amount. There are a number of ways that CAS can handle this, each has its drawbacks. This article discusses the various approaches.
How a SELL works:
A SELL transaction is initiated when a customer approaches your BATM and specifies the amount. A ticket is then printed with the exact amount of coin required, and it includes the timeout period. If the customer fails to meet the requirements exactly, then the transaction will be considered a failure.
Typical redemption ticket showing the precise amount and expiration time.
In the ticket displayed above, the expiration offer expires from the time of time of the transaction (07:36:45 PM) plus the “Sell Offer Expiration” time you set in your SELL settings:
The customer must now send that amount within 30 minutes, AND it must also satisfy the minimum number of confirmations set in “Withdrawal Confirmations”:
In this example, the customer must submit the 0.011045 BTC within about 20 minutes.
If the precise amount doesn’t confirm once within the set 30 minutes, the SELL is a FAILURE.
If an incorrect amount is sent, the SELL is a FAILURE.
Scam artists will occasionally attempt to defraud BATM Operators by various means involving a SELL. Don’t fall victim to high pressure tactics - we have implemented safeguards for your protection, but we can’t protect you from yourself. Always wait for SELL transactions to confirm.
The MINIMUM number of confirmations allowed is (1) one.
Normally, any amount that fails is sent to your “Invalid Payments Address”. Under extraordinary circumstances, the coin may get “stuck” on your server.
Fees are charged by miners to add your transaction to the blockchain.
If a SELL transaction is sent to you with a low fee, it may sit in the “mempool” until demand drops sufficiently. This can take weeks (or longer). The transaction will sit there until a miner accepts it.
We recommend that you use a SELL Hot Wallet with a “no forward” option. Forwarding is a legacy component and now deprecated (and expensive). If you use a wallet with forwarding, the min/max fees that you set in Crypto Settings: SELL will then apply, and you’ll be charged 2 mining transaction fees.
The customer sends coin to a temporary wallet (in CAS).
The SELL is approved/completed, and
The coin is sent (forwarded) to your Exchange/Hot Wallet.
The customer sends the coin to your Exchange/Hot Wallet directly,