FAQ
What is Bitcoin?
Bitcoin is a form of digital currency. This means that if you have bitcoins you can use them as cash instead of handing bills and physical coins to the merchant. Currently, bitcoins are primarily used for online purchases and transfers as they are more liquid than physical currency (with lower transaction costs). There are thousands of online retailers that accept bitcoins with the number growing daily. Bitcoin is “The Internet of Money.”
How to buy bitcoins at a Coinsource Bitcoin ATM?
Step 1: Verify your cell phone number by typing it in and inputting the SMS code.
Step 2: Choose destination of where you would like the bitcoins to be sent. You can choose to scan a QR code (recommended), print a paper wallet, or manually enter your wallet address. Our machines can work with any bitcoin wallet, however if you don’t have one, you can download the Coinsource Bitcoin Wallet from the App Store or Google Play Store.
Step 3: Insert cash.
Step 4: Hit “Finish” and choose to receive a paper or email receipt.
How to exchange bitcoins for cash at a Coinsource Bitcoin ATM?
Step 1: Verify your cell phone number by typing it in and inputting the SMS code.
Step 2: Choose the amount of cash you would like to receive.
Step 3: Using your mobile bitcoin wallet, scan the QR code on the machine to send the exact amount of bitcoins required for your transaction (make sure you send your bitcoins with a miner's fee).
Step 4: Receive a receipt with a redemption code (don’t lose this code).
Step 5: You will need to wait about 10 minutes for your bitcoins to get confirmed on the blockchain. Once confirmed you will receive an SMS letting you know that your cash are ready for pickup.
Step 6: Go back to the machine, hit “Redeem” and use you redemption code to get cash.
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 to get bitcoins off of a paper wallet?
Step 1: You must download a mobile wallet app which has the ability to sweep bitcoins from a paper wallet. If you don’t have one, Coinsource Bitcoin Wallet is available for iPhone and Android phones.
Step 2: Once you have the Coinsource Wallet downloaded, simply create a wallet account.
Step 3: Tap the 'Scan' tab located at the bottom of the screen. This will open up your camera. Scan the private key QR code on your paper wallet (the bottom QR code).
Step 4: The coins will automatically move to your Coinsource wallet and will show up as pending. They will take about 10 minutes to get confirmed. If it’s taking longer to confirm, try closing out of the app and opening it back up again.
Why aren’t my bitcoins showing up?
All Coinsource purchases happen immediately so you should receive the coins right away. 9 times out of 10, if you don’t see the coins in your wallet, it just needs to be refreshed by closing out of the app and opening it back up again. Some wallets will not show the coins until the transaction has been confirmed on the blockchain, which typically takes about 10 minutes, unless the network is running slow due to high transaction volume. If you are concerned about your coins not being sent, please check your transaction on the network by going to www.btc.com and using your wallet address to search for your transaction.
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