BudgetCoinz Frequently Ask Questions (FAQ)

What Is Bitcoin?

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?

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.

How Do I Buy Bitcoin Using A BudgetCoinz ATM?

An outlined view to purchase bitcoins is below. For detailed step by step instructions, visit the LEARN page.
  1. Select BUY on the screen
  2. Select the amount interval
  3. Agree to the privacy notice message
  4. Enter your mobile phone number (validates and protects funds) to receive passcode
  5. Enter the passcode onto the screen
  6. 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:
    1. Download mobile app to receive and send funds (one time set-up)
    2. Create and print a paper wallet
  7. Insert desired cash amount into the machine and select “Buy Bitcoins”
  8. You’re done! You’ll receive a transaction completed message on the screen.

What Coins Do You Offer?

We currently offer Bitcoin (BTC) and Litecoin (LTC). We will be adding more altcoins soon!

How Long Does It Take To Transfer Bitcoin?

All buy transactions happen immediately. Sell transactions may take up to 30 minutes depending on how busy the network is.

What Are Your Buy And Sell Limits?

$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)

Can I Host A Bitcoin ATM At My Business?

Yes! Absolutely. See the “host a Bitcoin ATM” page for more info.