Question 1

What is Bitcoin (BTC)?

Accepted Answer

Each Bitcoin is basically a computer file that is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. Want to Learn the Basics of Bitcoin and Crypto? Start Here!

Question 2

What is a Bitcoin Wallet?

Accepted Answer

A crypto wallet is a necessary part of holding and transacting crypto coins. In order to send or receive any kind of coin, you’ll need a secure wallet that’s just for cryptocurrency. These specialized wallets:  Exist to keep track of coin ownership  Help generate the public addresses you’ll need to make transactions.  Don’t literally hold your coins like a traditional wallet does; instead, your Bitcoin, Ether, Litecoin, etc. all exist on the blockchain — your crypto wallet simply gives you access to them.

Question 3

What Crypto and Bitcoin Wallets Does Localcoin Recommend?

Accepted Answer

We recommend the following easy-to-use wallets. You'll need to take this wallet (or a printed QR code) with you, to the machine.
Caution: Make sure that the wallet used supports your cryptocurrency. If the wallet is not compatible, you will lose your transaction amount. Mobile Wallets Blockchain
Available for Android and iOS BRD
Available for Android and iOS Bitcoin
Available for Android Bitpay
Available for Android, iOS, and Windows
 Web Wallets Paxful
Visit paxful.com Blockchain
Visit blockchain.com Bitcoin
Visit bitcoin.com Hardware Ledger Nano S
Visit ledger.com Trezor
Visit trezor.io

Question 4

Do I Have to Buy One Whole Bitcoin?

Accepted Answer

No! You can purchase as little as $20 CAD worth of Bitcoins and other cryptocurrencies such as Ether and Litecoin at Localcoin Bitcoin ATMs. You will receive the BTC, ETH and LTC equivalents of the amount of money you input.

Question 5

Where Can I Spend My Bitcoins?

Accepted Answer

There are many companies that accept Bitcoins. These consist of both online and brick-and-mortar stores.  Click Here for a Directory of Companies That Accept Bitcoin

Question 6

How Do I Buy Bitcoins From Localcoin ATMs?

Accepted Answer

Click Here to Watch a Quick Video on How to Buy Bitcoin at Our ATMs Step 1: Get a Bitcoin Wallet: We recommend the following easy-to-use Bitcoin wallets.  You'll need to take this wallet (or a printed QR code) with you, to the machine.  While you don’t need to create different wallets for your different crypto coins, you do need to ensure that your wallet is compatible with the coins you wish to purchase.  If the wallet is not compatible with the chosen cryptocurrency, you will lose your transaction amount. Step 2: Find the Nearest ATM All you need is your wallet’s address, QR code and cash! Step 3: At the Machine  Tap the machine's touchscreen, then read the on-screen prompt. Select cryptocurrency: Bitcoin In your wallet, find your address' QR code Hold it up to the machine's camera; the machine will scan it. This tells the machine where to send your Bitcoin once you've confirmed your purchase. ID verification may be required above specified thresholds  Step 4: Purchasing Your Bitcoins After scanning the QR code, insert your CAD or USD bills. Confirm the amount on the screen to complete your purchase. Please note that there will be a service fee, which varies based on the Bitcoin market. Step 5: Receiving Your Bitcoins Once you've confirmed your purchase, your Bitcoins will be sent to the address you provided*. Transactions are usually instantaneous, but may take anywhere between 10–30 minutes, or even 1–2 hours in rare cases**. * If you are going to send funds to another person, we recommend sending it to your own wallet first—especially if you do not know them personally. ** It is recommended that you wait for at least one confirmation on the blockchain before spending or sending your purchased funds. Learn More About Bitcoin ATMs Here

Question 7

What Currencies Are Accepted by Localcoin ATMs?

Accepted Answer

We accept Canadian Dollar notes at all locations in Canada

Question 8

What Denominations Do Localcoin ATMs Accept?

Accepted Answer

Our Bitcoin ATMs accept CAD in the following denominations: $5, $10, $20, $50, $100

Question 9

What is the Minimum/Maximum Bitcoins I Can Buy?

Accepted Answer

The minimum amount of Bitcoins (and other coins) you can buy from a Localcoin ATM is $20 CAD — the smallest denomination that you can insert. The maximum is $995 per transaction, with a maximum of 5 transactions per day.

Question 10

Do Localcoin ATMs Charge a Fee for Transactions?

Accepted Answer

Our price for Bitcoins, Ether, Litecoin and other cryptocurrencies is based on the market rate, in addition to an exchange fee, much like how a currency exchange sells you fiat money.

Question 11

How Do I Sell My Bitcoins?

Accepted Answer

There are various ways you can sell Bitcoins: Using our Sell Machines  On Various Crypto Exchanges  If you have a large quantity of Bitcoins to sell, please contact us here

Question 12

Do I Need a QR Code or Can I Manually Enter My Crypto Address at a Localcoin ATM?

Accepted Answer

You cannot enter your wallet address manually. Please make sure you have a scannable QR code (printed out or on your smartphone or tablet) before going to any Localcoin Bitcoin ATM  Read More About Crypto Wallets Here

Question 13

Do Localcoin ATMs Accept Credit Cards?

Accepted Answer

No. All Localcoin Bitcoin ATMs are cash-only and can only accept Canadian Dollar bills.

Question 14

Is ID Required at Localcoin ATMs?

Accepted Answer

All users will be required to supply a Canadian phone number and complete a one-time-password (“OTP”) authentication to register on our platform. This is how we will receive receipts after your purchases. Additionally, for your protection, and in accordance with federal laws, you will be requested to complete a “KYC” verification at specified thresholds.  In these cases, you will be required to provide your name, home address, occupation, and provide a government-issued identification (“ID”), such as a driver’s license or passport for authentication against a “selfie” image. All of your personal information is securely stored in accordance with our Privacy Policy.

Question 15

Can I Speak to Someone on the Phone?

Accepted Answer

You can give us a call at 1 (877) 412-2646  Monday to Friday from 10:00AM to 5:00PM EST Saturday 12:00PM to 4:00PM EST

Question 16

Why Aren’t My Bitcoins Showing Up?

Accepted Answer

All localcoin transactions happen immediately, provided you send them to the correct address. If  you have confirmed, with 100% certainty, that you sent them to the correct address. However with Blockchain delays, we expect that the transaction would take anywhere from a few minutes to an hour. Some wallets will not show your Bitcoins until the transaction has been confirmed on the Blockchain. This usually takes about 10 minutes up to 1 hour, depending on the state of the network.

Question 17

Can I Send You a Picture of My Issue?

Accepted Answer

Yes. Sending us a picture/screenshot will better help us understand the issue you are experiencing. You can send the picture to help@localcoinatm.com alongside a detailed description of the issue so that we can solve it as quickly as possible for you.

Question 18

I Sent My Bitcoins to the Wrong Address (QR Code). Can I Get a Refund?

Accepted Answer

All Bitcoin transactions are irreversible, regardless of where they were done. Only the person to whom you sent them can send them back to you. Therefore, it is impossible for Localcoin ATMs to provide you with any kind of refund. Bitcoin can detect typos, and will prevent you from sending money to an invalid address by mistake. However, you should always confirm that you have the correct QR code/wallet address before scanning it into the machine. Additionally, do not send Bitcoins to anyone who claims you owe money to the government. They are scammers. Hang up the phone, and call the police if anyone like this contacts you.

Question 19

My Transaction Failed. What Do I Do?

Accepted Answer

We are aware that your transaction was unable to be processed and sincerely apologize for the inconvenience. Rest assured, your funds are secure with Localcoin as your transaction was recorded by our systems.  Please contact our support team.

Question 20

Can I Purchase a Bitcoin ATM?

Accepted Answer

Our Bitcoin ATMs are not for sale. If you are a store owner and would like to have our Bitcoin ATMs hosted inside your store, please visit our webpage and fill out all the necessary information. A Localcoin representative will then get in contact with you if it is a good fit for both parties. Please contact us here.

Question 21

How Can I Host a Localcoin Bitcoin ATM in My Store?

Accepted Answer

If you are a store owner and would like to have our Bitcoin ATM hosted inside your store, please visit our webpage and fill out all the necessary information. A Localcoin representative will then get in contact with you if it is a good fit for both parties. Please contact us here.

Frequently Asked Questions

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