FAQ. Your questions, our answers.
General Questions about Bitcoin
At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services. The transaction gets its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system.
You only need a wallet address (preferably for which you control the private key). We recommend choosing a wallet application reviewed by trusted sources. If you don't have data, you can request a paper wallet, and then import it to your online wallet when you get an internet connection.
No, you can buy fractions of a Bitcoin. The minimum purchase is $10.
Not at the moment, you can buy or sell cryptocurrencies as much as you'd like.
We charge a percentage on the market price, based on our supply and the current volatility of the market.
Our machines always have $20 bills, but can sometimes carry $50 or $100 bills. The currency is always in Canadian dollars.
We hope to add more currencies to our machines in the next few months, including Ethereum, Litecoin, Monero, Dash, and Ripple.
Unfortunately, we can only accept cash. Some of our machines are conveniently located near an ATM if you wish to withdraw cash, please refer to our Locations for more information.
Yes, you can request a paper wallet, and then import it to your online wallet when you get an internet connection.
It all depends on the Bitcoin network, the fastest time was around a minute or two, and the longest was a couple of hours. To make sure that your transaction gets confirmed quickly, add some pennies to the miner fee. Make sure you modify the miner fee in your send settings **Do not send us more Bitcoin or else the transaction will have to be manually validated.**
Sometimes it takes longer for the blockchain network to confirm a transaction. Unfortunately, we are not in control of how quickly that is done. (Rest assured your Bitcoins are safe.)
As long as everything was done properly, there is no chance of you losing your Bitcoin. **Do not send your Bitcoin to a random address or unknown person, there is no way to reverse the transaction.**
Please wait for a network confirmation before trying to withdraw your money. The ATM will send you a text to advise you that your withdrawal is ready.
Make sure you use the same phone number as when you started the transaction. If that doesn't work, please contact us and we will help you fix the issue. **Make sure that you always send the exact amount requested by the ATM.**
Technical Concerns and Issues
Just like a normal wallet stores physical bills and cards, a Bitcoin wallet holds money in the form of private keys, with added encryption protecting it from unauthorized access. A strong password and vigilance will keep the wallet safe from unwelcome hands. The owner has full control over the Bitcoin wallet, as it is not shared or distributed like the blockchain.
A QR code is a matrix barcode The QR code is the address to your personal wallet.
Some apps change your QR code every hour/day/week. If you worry about security, we suggest installing Google Authenticator.
We recommend the Blockchain app, available for Android and iOS.