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 7% above GDAX (Coinbase) spot price for buys, and 3.5% below for sells. We offer the most competitive rates in all of Illinois!
CoinATMRadar bases the rate shown for our terminals on 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. 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 BTC, press the "Buy Bitcoin" button on the screen. The terminal will ask you the quantity of bitcoin (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 BTC you want to purchase. Then hit the "Buy Bitcoin" 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 BTC, press the "Sell Bitcoin" button on the screen. 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 BTC 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 (Android, iPhone, or Windows Phone). Some of the most popular ones that we recommend are Blockchain.info (Android, iOS), Mycelium (Android), and Copay (Android, iOS, Windows Phone). You can also purchase physical hardware wallets such as Trezor or Ledger.
Registration is only necessary depending on how much bitcoin you're looking to buy. For amounts up to $500 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 $500 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.
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 every 24 hours, so depending on what your registration tier is, you can purchase up to $500 or $3000 per day, respectively.
Yes, the minimum is $5 (USD). If you begin by inserting singles into the machine, the terminal will reject them.
Due to the AML/KYC compliance protocol that we are required to follow by law, in order to purchase more than $3000, you must provide your social security number, source of funds, and purpose of funds, in addition to being confirmed on an identity verification website called Blockscore.com. Doing so will give you a daily limit of $7500. If you’d like to purchase more, please arrange an in-person meeting with one of our agents by calling or texting (773) 800-0106.
We definitely provide better rates for our regular customers. Please contact us directly in order to discuss a custom fee.
We sell and buy ethereum and litecoin as well at all of our locations.
At the moment, our ATMs only accept cash. We also accept wire transfers, and are actively working on accepting ACH payments and credit cards.