FAQs About Bitcoin and Bitcoin ATMs
General Questions About Bitcoin
Bitcoin is a digital currency. Bitcoin allows peer-to-peer transactions without a bank or government authority.
Transactions are verified on an open-source ledger called the blockchain. Computers race to solve cryptographic puzzles (this is why it is called cryptocurrency) - the winning computer gets to record a transaction on the blockchain - this is bitcoin mining.
The blockchain is an open-source document which anyone can view. Bitcoin retains value because only a finite number will ever be mined. Bitcoin can be divided into small units called ‘Satoshi’ - named after Satoshi Nakamoto - the mysterious founder of Bitcoin. Since Bitcoin is transferable, finite and divisible, it is used as a proxy for traditional ‘fiat’ currencies. Learn more here: https://www.kraken.com/learn/what-is-bitcoin-btc/
A wallet allows you to hold and transfer cryptocurrency assets. Each cryptocurrency has a different wallet - you cannot transfer Bitcoin to a Litecoin wallet, for example.
You will need a wallet to complete a transaction at an ATM. While the letters and numbers are your actual wallet, the ATM can only scan the QR code affiliated with your wallet - this can be generated from an app on your phone, a picture of a wallet, or a printout on a piece of paper will suffice. Wallets have public and private keys. The public key allows you to deposit funds in your wallet; the private key allows you (or anyone who has the private key) to withdraw the funds. Don’t share your private key with anyone. Your wallet doesn’t literally hold the coins - it simply gives you access to them and proves ownership of them on the blockchain.
While there are many wallets to choose from, here are a few simple, easy-to-use Bitcoin wallets in different formats that we recommend. Ensure you are only depositing coins in a wallet you control - i.e., you have the private keys. Not your keys, not your coins! Also, make sure you are depositing Bitcoin - if you try to send another cryptocurrency to a Bitcoin wallet, you may lose your funds.
Mobile Wallets
Blockchain: Android and iOS
Mycelium: Android and iOS
Bitcoin: Android
Bitpay: Android, iOS, and Windows
Web Wallets
Blockchain: blockchain.com
Bitcoin: bitcoin.com
Hardware
Ledger Nano S: ledger.com
Trezor: trezor.io
No. You can purchase as little as $5 worth of Bitcoin or Litecoin at a time and a minimum of $50 Ethereum (due to high gas fees - the fees Bitcoin Central pays to send you your coins)
The price of Bitcoin is influenced by supply and demand, market sentiment, news events, regulatory developments, and broader economic trends. Since Bitcoin has a finite supply and is traded globally, its value can change frequently based on how people perceive its utility and potential as a store of value or investment.
More and more businesses are accepting Bitcoin as payment for goods and services. You can now purchase everything from shoes to real estate to plane tickets using Bitcoin. Here is a directory of companies that accept Bitcoin as payment: https://bitpay.com/directory/
Using a Bitcoin Central ATM
A Bitcoin ATM is a physical kiosk that allows users to buy or sell Bitcoin and other cryptocurrencies using cash or debit cards. These ATMs connect to the internet to facilitate cryptocurrency transactions, often requiring a digital wallet to send or receive funds. Some Bitcoin ATMs only support purchases, while others also allow users to sell Bitcoin in exchange for cash.
The first Bitcoin ATM was installed on October 29, 2013, in a coffee shop called Waves Coffee House in Vancouver, Canada.
To buy Bitcoin using a Bitcoin ATM, select the “Buy” option on the machine and enter the amount you’d like to purchase. You’ll then need to provide your digital wallet address, usually by scanning a QR code from your wallet app. After confirming the transaction details, you can insert cash to complete the purchase. The Bitcoin will then be sent directly to your digital wallet.
If the Bitcoin ATM supports selling, select the “Sell” option on the kiosk. The machine will generate a QR code for its wallet address, which you can scan using your digital wallet app. You’ll send the specified amount of Bitcoin to this address. Once the transaction is confirmed on the blockchain—a process that may take a few minutes—the ATM will dispense cash equivalent to the Bitcoin sold, minus any applicable fees.
- Tap the ATM screen to begin.
- Press ‘Buy’.
- Read the Terms and Conditions.
- Tap ‘I agree’ to accept and continue (both the Terms and Conditions and the Warning).
- Select cryptocurrency - Bitcoin, Ethereum or Litecoin.
- Scan wallet QR code (display QR code on your phone screen - hold your phone 3-6 inches away from the glass panel and move the screen slowly until the ATM reads the QR code. (If you do not have a Bitcoin wallet, follow on-screen instructions or download a free crypto wallet from the App Store/Google Play).
- Insert cash into the bill acceptor when it glows blue, one bill at a time.
- Press ‘buy’ to complete the purchase.
- Take a picture of the buy confirmation screen.
- Send receipt via your preferred method. For text, select SMS (must include country code 1 + phone number). Most ATMs have the option to print a paper receipt.
If you receive an error message or something goes wrong - Email Us or Phone: TF: 1-877-439-6456 call or text: 1-250-825-1902.
The time for a Bitcoin transaction to confirm depends on the network’s congestion and the transaction fee paid. Typically, it takes about 10 minutes for a transaction to be included in a block, but during high network activity, it could take longer. Paying a higher transaction fee can help prioritize your transaction for faster confirmation.
No, Bitcoin transactions are irreversible once they are confirmed on the blockchain. This is because the blockchain acts as a permanent public ledger of all transactions. Always double-check the amount and wallet address before completing a transaction to avoid mistakes.
We accept Canadian Dollars (CAD) and US dollars (USD) at all our locations - cash only. If you are purchasing Bitcoin or Litecoin, the first bill inserted must be a $5 bill or larger; if you are purchasing Ethereum, the first bill must be $50 or larger. Subsequent bills can be in smaller denominations.
Transactions are limited to $900 CAD per transaction and $9,000 CAD per wallet address per 24 hours.
Bitcoin Central sells three currencies - Bitcoin, Ethereum and Litecoin at all our locations. We buy Bitcoin, Ethereum and Litecoin (dispensing cash to customers in return for coins transferred to us) in Nelson, BC, at Pacific Northwest Garden Supply, located at 104 Silica Street, Nelson, BC.
No - all ATMs accept cash only - Canadian or US dollars.
The price of cryptocurrencies at our ATMs is based on the spot market rate (as defined by the exchange Kraken) plus an exchange fee, added automatically to the rate you pay at the ATM - similar to a currency exchange. Bitcoin Central does not add needless transaction fees in addition to the commission. We strive to offer our customers the most competitive rate on cryptocurrency purchases in every community we serve.
Selling Bitcoin using our ATMs is simple and straightforward. First, locate one of our nearby machines through our Bitcoin ATM Locator. Once there, select the option to sell Bitcoin and follow the on-screen instructions. You'll need to enter the amount you wish to sell and scan the QR code provided. After the transaction is processed, you’ll receive cash instantly. Our machines are designed to make the process smooth and hassle-free, offering you a secure way to convert your Bitcoin into cash.
You must bring a scannable QR code - either generated by an app on your phone, printed out, or a picture of the QR code on your phone. Hold the code 3-6 inches away from the glass until it is read by the ATM.
A box with black and white boxes which is scannable like a bar code:
No.
Bitcoin transactions are highly secure due to the use of blockchain technology and cryptographic protocols. Once a transaction is recorded on the blockchain, it cannot be altered or deleted. However, it’s important to keep your private keys and wallet information safe, as anyone with access to them can control your funds. Always double-check recipient addresses and use trusted wallets for added security.
Our ATMs are equipped with cameras and fingerprint scanners. However, we do not use fingerprint scanners or collect video footage at our ATMs. The only information we collect from customers is your wallet address. All locations are protected by independent video surveillance to deter crime. All ATMs are alarmed and GPS-tracked.
There have been instances of Bitcoin ATMs being targeted for theft, though such cases are relatively rare compared to traditional ATM robberies. Criminals typically attempt to steal the physical machine or access the cash stored inside.
To find a Bitcoin ATM near you, visit our ATM locator page.