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.
A. The rate charged at all of our terminals is 6.9% above GDAX (Coinbase) spot price for buys, and 3.5% below for sells. For Tron (TRX), the base price is calculated from Binance's TRXBTC spot, multiplied by BTCUSDT spot price. We offer some of the most competitive rates in the whole nation!
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 GDAX, since it is the largest exchange in the US by volume, and most accurately portrays the current price of bitcoin here in the States.
It's actually quite simple.
To buy crypto, press the "Buy Bitcoin" or "Buy Altcoins" (followed by ETH or LTC) button on the screen. The terminal will ask you the quantity of crypto (in USD) you'd like to purchase. From there, scan your wallet’s QR code (public key) using the ATM’s camera, 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 the network and you'll see the BTC en route to your wallet.
To sell crypto, press either the BTC or LTC button on the screen, 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. 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!
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 we recommend are Breadwallet (bitcoin), Loafwallet (litecoin), and Eidoo (ethereum & tron). You can also send funds directly to exchanges such as Binance, Bittrex, or Poloniex directly from the terminal to load your account if you're trading.
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.
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.
Registration is only necessary depending on how much bitcoin you're looking to buy. For amounts up to $700 USD, you'll only have to input your cell phone number and verify it through a text message that will contain a numeric code. For amounts between $700 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.
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 limits further.
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.
Limits reset at midnight at the ATM's local time, so depending on what your registration tier is, you can purchase up to $700, $3,000, or $7,500, per day, respectively. However, there is an hour wait period, so if you purchase at 11:45pm, you won't be able to purchase again till 12:45am.
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.
While we do offer some of the lowest base rates 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 rate if your monthly volume exceeds that amount.
We sell ethereum, litecoin, and tron at all ATMs, and also buy litecoin (cash out) at our two-way ATMs.
At the moment, our ATMs only accept cash. We also accept wire transfers, and are actively working on accepting ACH payments.