Frequenty Ask Question (FAQ)
Before Buying Bitcoins
What is Bitcoin (BTC)?
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.
What is a BItcoin Wallet?
Just like the one you carry in your pocket, a bitcoin wallet is used to store money. Instead of paper currency, a bitcoin wallet stores a collection of bitcoin private keys. Typically they are password protected to prevent unauthorized access. It is controlled only by its owner, and we recommend setting a strong password.
Below are list of Popular Mobile Wallets:
Do you provide refunds?
As we explain above, bitcoin trades are irreversible. For this reason, refunds are not allowed.
Never make a transaction for someone else, without knowing who they are, or what it is for. You could be unknowingly aiding criminal activity, and opening up yourself to criminal prosecution.
Also consider that, if you do not know this person, and you were promised payment, there’s no guarantee you’ll get paid. And there’s nothing you could possibly do about it, if they’re anonymous.
CryptoLocalATM operates a Bitcoin payment service. Like other network providers, CryptoLocalATM is not responsible for your actions on the network.
Furthermore, do not send Bitcoin to anyone threatening you for a ransom, or stating that you owe money to the government They are scammers. Hang up, and call the police if anyone like this contacts you.
Buying Bitcoins from ATMs
Can I buy a fraction of a Bitcoin, or do I have to buy a whole one?
Absolutely! While purchasing whole amounts is more common, the bitcoin system allows fractions up to 8 digits after the decimal point. So the smallest unit is 0.00000001, which is also known as a “Satoshi.”
I have mistaken the target wallet can I be reimbursed?
No, sending bitcoins or altcoins is irreversible and non-refundable by nature, so please be extra careful.
What currencies do you accept?
We accept only EURO notes at all locations.
We only accept EURO notes, for now.
What denominations do you accept?
We accept EURO bank notes in the following denominations:
- 5 EUR
- 10 EUR
- 20 EUR
- 50 EUR
- 100 EUR
- 200 EUR
- 500 EUR
What is the minimum / maximum I can buy?
The minimum you can buy is 20 EUR, the smallest denomination that you can insert. The maximum is 1995,00 EUR, per day for users.
Do you charge a fee?
Our bitcoin price is among the most competitive out there. It is based on the market rate, in addition to an exchange fee, much like how a currency exchange sells you fiat money. Typically commissions range from 6% to 8% in purchase with a fixed cost of 4 euros (fee miners) and from 3% to 5% for sale.
Selling Bitcoins from ATMs
Can I get my Bitcoins back after I’ve sent them?
No, and that’s part of their design. Sending bitcoin is a bit like sending a text message; once you’ve sent it, there’s no way to reverse the process. If you’ve sent bitcoins, the “Transaction ID” is proof of the transfer.
I sent my bitcoins to the wrong address (QR code), can I get a refund?
All Bitcoin transactions are irreversible, regardless of where they were done. Only the person to whom you sent them can send them back to you. Therefore, it is impossible for CryptoLocalATM to provide you with any kind of refund.
Bitcoin can detect typos, and will prevent you from sending money to an invalid address by mistake. However, you should always confirm that you have the correct QR code/wallet address before scanning it into the machine.
Also, do not send bitcoins to anyone threatening you for a ransom, or who claims you owe money to the government. They are scammers. Hang up the phone, and call the police if anyone like this contacts you.
After Buying Bitcoins
My transitions reported to third parties?
No, all of your transactions are private, and we don’t disclose your information.
Do you provide a receipt?
A digital receipt will be displayed after a successful transaction. Please take a photo of the screen, or input your phone number or email address to have it sent to you.
If you scan the QR code in the receipt with a QR reader app, it will forward you to a record of your transaction, on the Blockchain.
Will you ever sell my information?
Never. We guarantee your privacy unless compelled by law.
What should I do if my Bitcoins haven't shown up?
Our terminals are fast and reliable, but if you ever experience problems go through the following steps:
1) First, look to see if your transaction has been broadcast to the bitcoin network. It helps to check multiple blockchain explorers, we recommend:
2) If there’s no record of your transaction, contact your wallet provider immediately. Some wallets/websites require a certain amount of confirmations before your wallet balance updates. You should see the unconfirmed transaction immediately upon completing your trade at one of our terminals.
3) If you still can’t locate your transaction, reach out to us via email: email@example.com with the phone number, cash amount, time, and location of your trade. Our customer service team will be happy to help.