There is a rapidly growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, and Reddit. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Yes. You can buy any amount of Bitcoin that you want. All of our ATMs accept all bills and there is no minimum transaction. We encourage anyone who hasn’t ever tried a machine before to first try it with a $1 bill.
Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
In general, when selling Bitcoin your cash will be available after 1 network confirmation (On average 10 minutes, sometimes up to 1 hour). You will receive a text message notifying you when your cash is available for pickup, along with a redemption code. For small amounts, you may receive your cash instantly upon sending the Bitcoin to the specified address within 120 seconds of the QR code appearing on the screen.
Yes, as part of the transaction process a code is sent as a text message to your phone to confirm your phone number. If during the first transaction you set up a PIN, you can simply remember the PIN instead of receiving another text message each time you make a transaction.
Unfortunately, at this time we can only accept cash at the EasyBit Bitcoin ATM Network.
In the future, we hope to also accept ATM/Credit/Debit Cards.
Currently, there are 7,540 brick and mortar locations and over 100,000 online retailers that accept bitcoins for their products and services. These numbers continue to grow and you can keep tabs on who is accepting bitcoins in your neighborhood by visiting coinmap.org (just brick & mortar locations) or for a more comprehensive look at bitcoin-accepting merchants visit spendbitcoins.com.
If you receive two receipts, one of them being your transaction receipt and the other being your Bitcoin “wallet”, you can carry your Bitcoin with you without having to use a cell phone or laptop. To use a paper Bitcoin wallet, download a wallet app (we recommend AirBitz for iPhone/Android) and scan the QR codes.
Scan the top QR code to send Bitcoin from your phone to the paper wallet, or scan the bottom QR code to transfer the Bitcoin on the paper wallet to your phone.
Every wallet, ATM, and Bitcoin accepting site has it’s own exchange rate. The only thing that’s firm is the amount of Bitcoins that are transferred. Note the price that is displayed on the ATM and calculate exactly how much Bitcoin you plan to buy. The same Bitcoin amount can display as different dollar amounts depending on what wallet you use, and will fluctuate each day.
No. All businesses who host a Bitcoin ATM will sign an agreement with alleviates the local business from any liability incurred by the Bitcoin ATM.
Close to none. Other than making a small effort to prevent any intentional damage to our equipment, hosting a Bitcoin ATM is a very hand-off practice and does not require any duties on part of the business owner.
Not a dime! Other than a couple square feet of unused space, access to power and internet; hosting a kiosk does not cost anything and you will receive a payment from us on a monthly basis.