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.
A: The rate for BTC at our ATMs is 6.99% above the Tradeblock XBX index spot price for buys, and 3.99% below for sells. In some locations, our fees may be even lower due to fewer operational expenses. Our standard flat fee to cover the mining cost is $0.99, but in times of high demand, we may raise this fee in order to ensure timely processing of your transaction. For all altcoins, the base price is calculated using CoinMarketCap. We offer the most competitive fees in the whole nation!
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 the XBX Tradeblock market price, since it is the most trusted index of exchanges among institutional cryptocurrency traders. The XBX Tradeblock Price Index most accurately portrays the current price of bitcoin here in the States.
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.
A: Our ATMs do not support manual entry of addresses. The easiest way around this is to visit your favorite block explorer, such as 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 blockcypher.com, and for Ethereum/Chainlink, etherscan.io.
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 first/last name. 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. CoinFlip also offers a $12,000 limit to customers who undergo the company's enhanced verification procedures. For more information, please call us at (773) 800-0106.
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.
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.
A: We sell Litecoin, Ethereum, Tron, Komodo, Dash, Binance Coin, Chainlink, and Stellar at all ATMs, and also buy Litecoin (cash out) at our two-way ATMs. We can also trade all of these cryptocurrencies via wire transfer, and we offer even more crypto options via our debit/credit card option.
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. CoinFlip recommends BRD (for Bitcoin, Ethereum, and ERC20 tokens), LiteWallet (for Litecoin), Dash Wallet (for DASH), and Tron Wallet (mainnet compatible). You can also send funds directly to exchanges such as Binance, Bittrex, or Poloniex from the ATM.
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 or LTC 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!
A: If you need an even higher limit, we do offer a daily limit of $12,000; 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 online or at (773) 800-0106. if you'd like to raise your purchase limits further.
A: Limits reset at midnight at the ATM's local time.
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.
A: Try restarting your wallet application. DO NOT delete and reinstall the application unless you have backed it up by writing down the list of recovery phrases. You can also verify your purchase by typing your crypto address on a block explorer: