WARNING! DO NOT PURCHASE BITCOIN FOR ANYONE BUT YOURSELF.
1) DO NOT SEND BITCOINS TO FOR EBAY, AMAZON, CRA (Canadian Revenue Service) OR TO BUY A CAR
2) YOU MAY BE A VICTIM OF AN ELABORATE BANK SCAM. READ BELOW FOR DETAILS!
If you have been asked to purchase bitcoin for another individual or company, you may be the victim of an elaborate banking scam. Victims are contacted via email or phone, and are then e-transferred large sums of money to their bank account. They are then asked to withdraw the cash and use it to purchase bitcoin as part of an employment application process. The thieves usually offer a reward of $50-$100 for the victim’s assistance. A few days later the money sent via the e-transfer is linked to a stolen bank account and the transfer is reversed, leaving the victim with a negative balance and no bitcoin. DO NOT PURCHASE BITCOINS FOR ANYONE BUT YOURSELF.
Q: Do I require ID?
A: As of June 1, 2020, you are required to provide Government ID for transactions over $1000. Full requirements for $1000+ will include full name, a contact number, drivers license scan and a picture of your ID. Transactions $999 and below are not subject to ID but are subject to MSB compliance policies. $1000+ transactions will be subject to manual review.
Q: Where can i get a wallet?
A: You can find a bitcoin wallet on the Google Play Store, or on Apple itunes.
Q: I installed my Bitcoin Wallet while standing here at the BTM. I purchased some coins and I don’t see them appearing.
A: Bitcoin Wallets need to sync with the bitcoin network. As long as you are on WiFi or have Data, your wallet will sync. Some cell phones do not allow you to use the internet while you are on the phone.
Q: I purchased bitcoins and I can’t spend them or they are not appearing yet.
A: Each Bitcoin purchase requires the Bitcoin network to confirm / validate the sale. This is a network function and a feature of the Blockchain protocol, not an BTM setting. The confirmation process can be as fast as 10 minutes typically; however we have seen it take as much as 2 hours for a confirmation.
Q: How long before I can use the Bitcoin I bought from the BTM?
A: Bitcoin can be spent as soon as the purchase is confirmed by the Bitcoin network. This can take 2 minutes or up to 2 hours depending. Typically, 10 minutes is the required wait time.
Q: I sent my Bitcoins to the wrong QR code, can I get a refund?
A: Once the BTM has sent coins out, the coins are no longer in our control. We cannot charge back or offer a refund.
Q: Can you keep the store open a bit later for me?
A: The Bitcoin Machine only operates the BTM inside the store. We have no control over the store hours. It is always best to call ahead if you are traveling far.
Q: Why does the cost of Bitcoin change. I see the machines having different prices daily, why is this?
A: The price of bitcoin is up and down, like a roller coaster at times. The machines connect and monitor the price and adjust accordingly.
Q: Can I type a wallet address into the Bitcoin BTM machine?
A: Yes absolutely!
Q: What is the current % fee for using the Bitcoin Machine?
A: The % rate at each machine varies. The % is dictated by supply, demand and the cost of which we purchased Bitcoins. The price of Bitcoin is always displayed at our machines in the top right hand corner during the entire transaction.
Q: What is a QR code?
A: Here is an example of the QR code for scanning from the android wallet, Bitcoin Wallet.
Q: I want to buy this whole machine and put it in my store!
A: We don’t sell the machines. However, we can place one in your store. Things to consider are your hours of operation, location, store type. If you are interested in a BTM please contact us at info@TheBitcoinMachine.com.