Frequently Asked Questions

What is Bitcoin?

Bitcoin is a decentralized form of digital currency, created, and held electronically. Bitcoins aren’t printed, like dollars or Euros. They’re produced by people. and increasingly businesses, running computers all around the world using software that solves mathematical problems. Learn more by reading this blog post: “What is Bitcoin? Here’s an Explanation in Plain English”.

What is the Blockchain?

The Blockchain is a public ledger that Bitcoin essentially travels on. All transactions that are verified are added to the Blockchain, allowing anyone to look up information on a specific wallet address or transaction.

What are Bitcoin mainly used for?

Bitcoins used as a unit of value and a payment system. You can purchase Bitcoin and use the Bitcoin network to send money to anyone. You can also hold onto Bitcoin like an investment and make capital gains/losses off the price change.

What do I need to purchase Bitcoin from one of your Bitcoin ATMs?

All that is needed to purchase bitcoin from one of our bitcoin ATMs is a bitcoin wallet and cash. Depending on the amount of bitcoin you are purchasing you may be required to scan your ID.

Why haven’t I received my Bitcoin yet?

When you purchase bitcoin from one of our bitcoin ATMs, the bitcoin has to be sent to you on the Bitcoin network called the blockchain. Depending on the wallet you are using the wallet may require 3-6 confirmations before the bitcoin is actually deposited in your wallet and spendable. Each confirmation typically takes 10 minutes. This means it can take up to an hour or more for your bitcoin to be deposited in your wallet after purchasing bitcoin from one of our ATMs.

What’s a Bitcoin wallet and which one should I use?

The only way to send and receive Bitcoin is through a Bitcoin wallet. A Bitcoin wallet is a digital storage space that allows you to hold or spend your Bitcoin. Every wallet has a unique wallet address that is specific to your wallet. We recommend using AirBitz, which can be found online at AirBitz.co or on the App Store.

Why should I buy Bitcoin?

Bitcoin has been going up in price ever since it was created. Only 21 million Bitcoin will be created so there is a finite number of them. This scarcity will drive up demand as well as the technology behind Bitcoin will also help drive the price upwards. If you plan on using Bitcoin as a way to send money to family, friends, or relatives, you’ll actually pay less to send a transaction compared to Western Union or MoneyGram. Not to mention, you can do it in the comfort of your home and send as much money as you’d like!.

Hosting a Bitcoin ATM in your business can be a steady source of passive income. Click here to see if your location meets our qualifications.