BudgetCoinz Frequently Ask Questions (FAQ)
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.
Similar to a traditional wallet you may carry in your pocket, a bitcoin wallet is used to store money. The difference is that instead of storing a collection of bills and cards, a bitcoin wallet stores a collection of bitcoin private keys. Typically a wallet is encrypted with a password or otherwise protected from unauthorized access.
Unlike the Bitcoin network, a Bitcoin wallet is controlled only by its owner (it’s not distributed and shared like the blockchain). It’s important to keep your bitcoin wallet safe by either setting a strong password or otherwise keeping it out of reach of malicious individuals.
- Select BUY on the screen
- Select the amount interval
- Agree to the privacy notice message
- Enter your mobile phone number (validates and protects funds) to receive passcode
- Enter the passcode onto the screen
- Enter destination address – If you have a wallet already, scan the QR by placing your device or paper wallet on the scanner. If this is your first time and do not have a wallet, you may click “Don’t have a wallet?” and additional options will be presented. Your additional options are:
- Download mobile app to receive and send funds (one time set-up)
- Create and print a paper wallet
- Insert desired cash amount into the machine and select “Buy Bitcoins”
- You’re done! You’ll receive a transaction completed message on the screen.
All buy transactions happen immediately. Sell transactions may take up to 30 minutes depending on how busy the network is.
$0 – $550 per day requires phone number (SMS) verification
$551 – $3,000 requires phone number (SMS) and government issued ID (drivers license)
$3,001+ requires phone number (text), government issued ID, and SSN # (social security number)