Cryptobuyer Bitcoin ATM FAQ

  • Bitcoin is a currency like euro or US dollar, used to exchange goods and services. However, unlike other currencies, Bitcoin is an electronic currency that has great features and notable for its efficiency, safety and ease of exchange. Its major difference compared to other currencies, it is a decentralized currency, so it is not controlled by any bank or nation. Bitcoin does not have a central issuer like dollars or euros, the cryptocurrency is produced by people and companies from around the world dedicating great amount of computing power to run the algorithm that generates the currency and verifies the transactions.

  • The easiest way to get a wallet to operate in our Bitcoin ATMs is to use a mobile app for your Android or IOS smartphone, which can be easily obtained in PlayStore or AppleStore. We recommend the wallet BTC.com and/or Jaxx.io (the last one works with multiple currencies, including DASH).
    Once you have installed your mobile app you will have to configure it when you use it for the first time. During this process the app will help you generate a set of twelve (12) short words which you must write down and store in a safe place (physically or digitally). This set of words is essential when you need to regenerate your wallet in case of loss, theft or failure of your smartphone in such a way that you do not lose the funds you have stored. The mobile app will take a few minutes to synchronize with the block chain completely (depending on the speed of your mobile connection or wi-fi).
  • To use the Bitcoin ATM you must have installed and configured a Bitcoin wallet on your smartphone. Once you find yourself in front of ATM Bitcoin you should follow the following steps:
    1.- On your smartphone enter your wallet and open the QR Code corresponding to the wallet address.
    2.- On the Bitcoin ATM’s touch screen press the 'Start' button.
    3.- Place your smartphone with the QR code displayed so the ATM can scan it.
    4.- Input the cash equivalent to the amount of Bitcoin you want to buy at the ATM.
    5.- On the Bitcoin ATM's touch screen press the 'Send Bitcoin' button.
    6.- Check the reception of Bitcoin on your smartphone (it may take a few minutes to show the updated balance in your wallet).

  • Albrook Mall, Elephant's Corridor, Xtreme Mobile, to Carousel. Panama
  • You should know that transactions on the blockchain (Bitcoin network) are not processed immediately. At the moment of purchasing Bitcoin the operation may take a few minutes to be reflected in your wallet. The total time depends on the speed of the Bitcoin network as well as the speed of your mobile plan or wifi (this last affects the synchronization time of your wallet with the blockchain).
  • Our ATMs do not request in any way personal information, you just need to show the address of your wallet (QR code) to the ATM so that the funds are sent. YOUR IDENTITY WILL REMAIN PRIVATE AT ALL TIMES.
  • Your Bitcoin can be spent once the blockchain (Bitcoin network) confirms the purchase transaction you made. This time varies according to the congestion and speed of the blockchain at any given time, but it usually takes about ten (10) to twenty (20) minutes after the purchase.
  • Once ATM Bitcoin sends the funds, they are no longer under our control. In this sense we can not reverse the operation or refunds. You should be very careful when placing your order so that the destination address is correct.
  • The schedule of our ATM Bitcoin is determined by the operating hours of the place where each ATM is located.
  • The Bitcoin price is highly volatile and varies every few minutes. Our ATMs constantly monitor the buying and selling values of Bitcoin's main global markets to determine value at any given time.
  • Unfortunately our ATMs can only obtain the address of your wallet using the QR code of it. The vast majority of Bitcoin smartphone wallet allows you to display your address using QR code.
  • The fee varies depending on parameters such as availability, demand and cost of acquisition of the Bitcoin we use. Usually the fee varies between x% and y%.
  • A QR code is a two-dimensional square bar code that can store the coded data. Usually in a Bitcoin operation QR codes contain information such as wallet address and transaction amount. A QR code looks like this (taken from the BTC.com wallet):

  • Cryptobuyer does not sell ATM Bitcoin, however we can put a ATM in your store for your customers to enjoy the service. The parameters taken into account are, location of your store, work schedule and type of business. If you are interested contact us at: [email protected]