Q. What the flip is bitcoin (BTC)?
A. Bitcoin is a digital peer-to-peer cryptocurrency. Think of it like digital gold. Bitcoins are transferred between people's virtual wallets through a distributed ledger known as the blockchain. The blockchain keeps a record of all bitcoins in existence and all broadcasted transactions. Other people known as "miners" verify these transactions to make sure the same bitcoins can't get spent twice.
Q. Why does CoinATMRadar.com show a different rate than you advertise?
A. CoinATMRadar bases the rate shown for all ATMs off of BitcoinAverage.com, which is essentially an index of many exchanges across the globe. Due to friction of moving fiat funds (specifically USD) in and out of a lot of these foreign exchanges, BTC/USD spot prices may vary. Also, some exchanges within the BitcoinAverage index are based on USDT, a token "pegged" to the dollar, but not always at parity with it. We peg our rate to Coinbase Pro, since it is the largest exchange in the US by volume, and most accurately portrays the current price of bitcoin here in the States.
Q. Can I use a hardware wallet such as a Ledger, Trezor, or Keepkey with your ATMs?
A. Yes, you can! However, unless you have the Ledger Blue (touchscreen model), you'll have to bring a QR code to the ATM. The easiest way of doing this is taking a clear picture of your deposit address QR from your computer with your phone, and scanning that at the ATM.
Q. I have an address in text format on my phone. Can I enter it manually into your ATM?
A. Our ATMs do not support manual entry of addresses. The easiest way around this is to visit your favorite block explorer, such as https://blockchain.info, and paste your address into it. The website will generate a QR code for your address that you can then scan at the ATM. For Litecoin, check out https://live.blockcypher.com/ltc/, and for Ethereum, https://etherscan.io.
Q. Do I need to register to buy crypto from your ATMs? If so, what information do you need?
A. Registration is necessary depending on how much crypto you're looking to buy or sell. For amounts up to $900 USD, you'll have to input your cell phone number and verify it through a text message that will contain a numeric code. You will also need to type your first and last name on the ATM's screen. For amounts between $901 and $3000 USD, registration is required. The machine will ask you to put your state-issued ID up to the camera, and then to take a selfie in front of the camera. Once registered, you will not have to register again.
Q. How long does the registration approval process take?
A. Typically 5-10 minutes, though sometimes it can take a little longer. You will receive a text message as soon as your registration has been approved. You can always shoot us a text or give us a call at (773) 800-0106 if your registration is taking a while to approve.
Q. Is there a minimum amount of bitcoin that I need to buy from your ATMs?
A. Yes, the minimum for bitcoin is $10 (USD) and the minimum for all others is $5. If you begin by inserting smaller bills into the ATM, the terminal will reject them.
Q. Do you buy and sell other cryptocurrencies besides bitcoin?
A. We sell Ethereum, Litecoin, Tron, Komodo, and Dash at all ATMs, and also buy Litecoin & DASH (cash out) at our two-way ATMs. We can trade virtually any cryptocurrency via wire transfer.
Q. What are your fees?
A. The average fee charged at all of our bitcoin ATMs is 6.99% above Coinbase spot price for buys, and 3.99% below for sells. We also charge $0.99 to cover the miner fee. We also process wire transfers for 3.99% over market price for crypto buys, and 1.99% under market price for crypto sells. For Tron (TRX), Komodo (KMD), and Dash (DASH), the base price is calculated using CoinMarketCap. We offer the most competitive fees in the whole nation!
Q. I don't have a wallet. Where do I get one?
A. Typically, the most common types of wallets that are used are hot wallets. There are various free hot wallet applications you can download onto your smartphone. Some of the most popular ones that CoinFlip recommends are BRD (bitcoin, Ethereum, and various ERC20 tokens), LoafWallet (Litecoin), Dash Wallet, and Tron Wallet (mainnet compatible). You can also send funds directly to exchanges such as Binance, Bittrex, or Poloniex from the ATM.
Q. I've never used a bitcoin ATM before. How do I use your machines?
A. It's actually quite simple.
To buy crypto, select the currency you'd like to purchase on the screen, and then press "BUY". The terminal will ask you the quantity of crypto (in USD) you'd like to purchase. From there, scan your wallet QR code (public key) using the ATM's scanner, and insert bills until you've reached the exact amount of crypto you want to purchase. Then hit the "Buy Bitcoin" or "Buy Altcoins" button on the bottom right of the screen and you're all done! The transaction will immediately broadcast to its respective network and you'll see the crypto en route to your wallet.
To sell crypto, press the BTC, LTC, or DASH button on the screen, and then press "SELL". The terminal will ask you how much cash you'd like to withdraw. From there, select how much cash you want using the $20 and $100 increment buttons ($50s may be available at select terminals). After that, the machine will print a redeemable voucher with a public key QR code on it, and will also tell you how much crypto you'll need to send to that address. Once you broadcast the transaction, you'll need to wait for 1 network confirmation before you can actually withdraw your cash. When it confirms, go back to the terminal and select the "Redeem Ticket" button, and scan your voucher. After a few seconds, your cash will be dispensed!
Q. Wait, I need more than $3,000 in one day. Can I get a higher limit?
A. If you need an even higher limit, we do offer a daily limit of $7,500; however, we require additional identity verification which will require your SSN and answering a short security questionnaire used to validate your identity. Please contact us at (773) 800-0106 if you'd like to raise your purchase limits further.
Q. How often do the limits reset?
A. Limits reset at midnight at the ATM's local time.
Q. I plan on purchasing a lot of crypto frequently. Can I get a better rate?
A. While we do offer some of the lowest base fees in the country, we do offer additional discounts to customers purchasing in excess of $10,000 a month. Please contact us at (773) 800-0106 to work out a custom fee if your monthly volume exceeds that amount.
Q. How many different ways can I buy and sell cryptocurrency with CoinFlip?
A. At the moment, our ATMs only accept cash, but we also accept wire transfers and schedule in-person appointments. We are also actively working on accepting ACH payments and debit/credit cards.