What is Bitcoin?
Bitcoin is a decentralized digital currency developed using complex math. There are a limited number of Bitcoins that will ever be available. This limited number makes them valuable. You can send Bitcoin through the internet to pay people or transfer funds. Because there is no bank or clearinghouse the fees for these transfers are much lower than other methods of moving money.
How do I buy Bitcoin from a Coin Connection BTM (Bitcoin Teller Machine)?
- Press Buy Bitcoin on the touch screen.
- Choose what dollar amount you want to purchase.
$10 – $400 or $401 – $5000
- Enter the number of the mobile phone you have with you and press Continue
- You will receive a code by text message. Enter it and press Continue Transaction
- Now choose how you want to receive your Bitcoin. New Wallet, Scan Wallet, or Enter Wallet Address. We recommend you scan a wallet from a phone app or choose new wallet.
If you choose New Wallet the machine will print you a paper wallet.
THIS IS THE BITCOIN.
IT CANNOT BE RETRIEVED IF THIS PAPER IS LOST.
IF YOU SEND BITCOIN TO THE WRONG ADDRESS IT CANNOT BE REVERSED.
- The bill acceptor below will flash. You can feed cash into the bill acceptor. Remember there are fees which will be charged for the transfer. Add more cash than the amount you need to purchase so the fees are covered.
- Choose Email receipt, Print receipt, or No receipt
What digital wallet do you recommend?
We use and recommend the Edge Wallet. We are not associated with this wallet in any way but we use it ourselves and have for some time. It is well respected, easy to use, and works well.
Why don’t I see the Bitcoin I just purchased in my wallet?
Bitcoin is based on complex math, people called miners operate computers that must encode each transaction into the blockchain. This can take anywhere between 20 minutes and several hours depending on market volume.
Can I send someone money through your machine?
You cannot directly send money to someone through our machine. For your security, our machines are designed to send Bitcoin to your wallet only. BEWARE OF SCAMS! There are several scams being run right now that involve convincing you to send Bitcoin. They will pose as bail bondsmen, car salesmen, and even the IRS in an attempt to get you to send them Bitcoin. Do not fall for it. Legitimate businesses and government agencies will not solicit you to send them Bitcoin.
Can someone steal my Bitcoin?
Unlike a bank, you are responsible for securing your Bitcoin. This means you must protect any paper wallets you create just like they are cash. Use strong passwords on your digital wallets. Do not give your wallet log in information to anyone.
Will my personal information be protected?
Coin Connection takes information security very seriously. We will not sell or share any personal information we collect with anyone. Collecting ID scans and phone numbers allow us to be in compliance with Federal “Know your customer” laws that financial institutions are required to comply with.
If I make a mistake are Bitcoin transactions reversible?
No. All Bitcoin sales are encoded into the blockchain and are final. There is no way to reverse a Bitcoin transaction
Can Bitcoin be taxed?
The IRS already enforces taxes on Bitcoin just like any other property or investment based on appreciation or depreciation at the time it is sold. This means you must keep track of the purchase price and report any changes to that at the time it is sold.
What determines the price of Bitcoin?
Just like anything else Bitcoin is worth the price that people are willing to pay for it. This is tracked by the average of what Bitcoin is selling for on several different marketplaces. Coin Connection bases our pricing on this market price.
Is Bitcoin anonymous?
Bitcoin public wallet addresses are not connected to a name or account holder. They do not contain identifying information. If you look up a Bitcoin address you can see the transactions to and from that address. This is because all transactions are encoded in the blockchain making them publicly verifiable, creating confidence between buyer and seller.
Important Information About Procedures for Conducting Transactions
To help the government fight the funding of terrorism and money laundering activities, federal law may require us to obtain, verify, and record information that identifies each person who conducts a transaction involving the sale or exchange of virtual currencies.
What this means for you
When you conduct a transaction with us, we may ask for your name, address, date of birth, and other information that will allow us to identify you, including your Social Security number. We may also ask to see your driver’s license or other identifying documents.