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Bitcoin FAQ
There are no limits to how much BTC you can buy or sell on the machine. For larger transactions, we will need to clear you and raise your limit. This can be accomplished directly at the machine during your purchase.
Unfortunately, if you lose the private key embedded on your receipt, there is no way to retrieve the funds. Bitcoin is an extremely secure method of storing value, but with that security comes responsibility. If the key is lost, it can never be recovered. We do not keep copies. PLEASE make a backup or store your key digitally. See our Wallets page for more information.
Bitcoin is the first truly digital asset that can’t be replicated. Only 21 million coins will ever be created – so unlike the US Dollar, where the Federal Reserve can print trillions per month and devalue the currency, Bitcoin is truly limited. Similar to gold – it’s impossible for humans to create it out of thin air. View the Education page for more information.
Transactions are broadcast immediately. To see Bitcoin in your wallet usually, it takes only a few minutes, depending on how busy the Bitcoin network is. There are rare occasions where this may take longer. Refreshing your wallet may be needed. Websites, especially, may not recognize a payment until the transaction confirms (10-30 minutes later, usually) even though they have technically received the bitcoin. You can verify if your transaction has been sent by checking your address on a block explorer like BlockCypher.
More and more vendors each day are accepting Bitcoin as a payment method. You can easily search for companies online that accept payment. However, most people however buy Bitcoin as an asset (similar to digital gold).
As with any asset, there is no guarantee that Bitcoin will continue to generate the investment returns it has in the past. However, corporations, hedge funds and big Wall Street banks are just now starting to invest in this asset class and they have hundreds of billions of dollars at their disposal. With a limited supply, there is a chance for significant appreciation.
Depending the amount you intend to buy, different requirements must be fulfilled. For $0-500 of purchases, nothing is needed. For purchases of $500-$1000, you will be required to verify via SMS message to your phone. Transactions larger than $1,000 will require a photo of your state-issued ID taken by the kiosk camera.
The ATM will print out paper wallets for immediate use, but having a mobile or digital wallet of your own is highly recommended.
No. A Bitcoin is divisible into 100 million pieces (called Satoshi after the inventor of Bitcoin). You can purchase as little as $1 if you wish – you will just have a small share of a Bitcoin. Unlike shares of stock, you can own a fraction and continue to add to your holdings as you wish to invest more.
A Bitcoin is 100% digital. There is no ‘coin’ you can hold in your hand (although people sell some collectible trinkets on eBay and elsewhere. Bitcoin is like a digital bank account and anyone that holds the private key to that account has complete control. Similar to how online banking allows you to send money to others by digital accounting (they don’t actually send an envelope of $100s to your credit card company every time you pay online), Bitcoin allows for the instant transfer of value anywhere at any time. Bitcoin doesn’t close on weekends or charge extra fees to send money overseas. Your transfer is instant anywhere on the globe, 24/7.
Compliance
Know Your Customer
Simple and easy AML/KYC compliance implementation
Our Bitcoin ATM kiosks are compliant with AML/KYC compliance regulations. We made sure to take the hassle away.
Depending on the amount you transact you may need to provide different information.
AML/KYC Compliance Limits
For transactions under $500 nothing additional is required.
For transactions between $500 – $1000 you will need a phone capable of receiving SMS text for verification.
For transactions over $1,000 you will need government-issued ID that can be scanned at the machine.
For transactions over $10,000 additional information’s is needed
Being Compliant is Easy!
Never split one large order into smaller transactions to avoid our compliance requirements. This may delay your transaction.