BitcoinNW

FAQ

Frequently Asked Questions

General Questions

What are the minimum and maximum amounts I can trade?
There is currently a buy/sell minimum of $20 USD for each cryptocurrency, and the maximum limit for both buys and sells is $3,000 per day (rolling 24 hr period)

Note: because of the minimum purchase requirements, if you begin the transaction by inserting a bill smaller than $20, the machine will reject it. After inserting a denomination of $20 (or larger), following bills may be any denomination. 

Why did the daily limits change?
To stay within current MSB compliance rules and regulations, we may occasionally need to adjust daily and monthly trade limits in order to stay within licensed guidelines.


Why do I need to register?
In order to operate as a licensed business within the states of Oregon and California, we need to follow specific AML and KYC processes to verify and document customer identities. Customer privacy and information security is our top priority, and we do not actively share or sell this information to 3rd parties.

Why is the machine pricing different than what's posted on my exchange?
As a decentralized digital currency, there is no standard or global price at any given period of time. Because of this, the USD value can vary across different exchanges. 

Our spot price is calculated using Kraken Bitcoin Exchange, which may vary from your exchange's price.

How much is the fee?
All fees are calculated in the crypto price quote that is displayed on the machine.

Oregon machines have a flat $5 fee plus 5% of the transaction amount for both buys and sells.

California machines have a flat $5 fee plus 6% of the transaction amount for both buys and sells.

Will I get a 1099 form from you?
Nope. If you use any of our machines, you are responsible for recording your own transactions and reporting any gains/losses on your own. We're not licensed to offer any legal or tax advice, so direct any questions to your accountant or CPA.


Buy Questions

Why isn't my buy showing up in my wallet?
Purchases made at our machines are transferred within minutes to your destination address. If you don't immediately see it in your wallet, first check the blockchain as your wallet may not post it until it has a certain amount of confirmations.

If it's confirmed on the blockchain but still not showing up in your wallet, confirm that the address matches (*note that we cannot issue refunds if an incorrect address is provided to the machine), or try refreshing your wallet by closing and reopening its app.

If your transaction isn't showing on the blockchain after a considerable amount of time, give us a call at 503.985.8066 so we can look into it for you!

Can I use a paper wallet?
Yup! Our machines will print a paper wallet for BTC purchases, but you can send crypto to any coin-compatible wallet as long as you have a QR code the machine can read.

I don't have a QR code for my address. Can I just type it in at the machine?
Unfortunately not. Because there's so much room for error, our machines don't allow manual entry for addresses.

If you're at the machine and only have an address in text format, the easiest solution is to use a block explorer (like blockchain.info for BTC, live.blockcypher.com for LTC, and etherscan.io for ETH). Simply paste your address into the site's search bar and it will automatically generate a QR code for that address which you can use to scan at the machine.


Sell Questions

Why is there a 45 minute time limit for my sell?
When you initiate a sell at our machines, your transaction is locked in at that specific rate. Because the price of cryptocurrency fluctuates so rapidly, we automatically cancel any open sell tickets if a transfer doesn't hit the blockchain within 45 minutes to protect both parties from outdated rates.

If you're selling coin from an exchange instead of a wallet, be aware that there may be a delay in the transfer if your exchange processes transactions in batches. In this case, your transaction will usually show as PENDING in your exchange and won't yet be posted on the blockchain. You can either cancel the transaction on your end, or give us a call after you see the transaction confirmed on the blockchain so we can manually release the funds to you.

What happens if I send the wrong amount when I sell?
Our machines will only dispense funds if we receive the EXACT amount of coin that's printed on your sell receipt. If we receive the wrong amount, we'll need to send that amount back to you and have you initiate a second sell transaction at the machine. You'll receive an automatic text message if this happens, with instruction on how to request a refund for the incorrect amount sent.

How long does it take to be able to withdraw after I sell?
You can redeem your sell ticket and withdraw the cash after only one confirmation. The size of your miner fee affects how quickly it gets confirmed, so transfers with smaller miner fees can take longer if there are a lot of transactions waiting to be confirmed.

Are there any additional fees on my end when I sell?
Miner fees are always paid by the SENDING party, so you'll need to account for that when you sell. Your wallet or exchange may also charge additional fees when funds are transferred out, so it's best to check their website to be sure.