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 Bitcoin (or part of one) to your digital wallet, and you can send Bitcoin 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 as a traditional wallet does; instead, your Bitcoin exists 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 AUD worth of Bitcoin at Localcoin Bitcoin ATMs. You will receive the BTC equivalents of the amount of money you input.

Question 5

Where Can I Spend My Bitcoin?

Accepted Answer

There are many companies that accept Bitcoin. 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 Bitcoin 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. Get Verified Access the Application Page: Go to the Localcoin website or use the ATM interface to start the application. Review Terms and Policies: Understand and agree to Localcoin's Terms of Service and Privacy Policy before proceeding. Enter Personal Details: Provide your first name, last name, and mobile phone number. ID Verification: Capture clear photos of the front and back of your identification document under good lighting conditions. Take a Selfie: Provide a clear selfie to match the ID. Confirm Occupation: Enter your occupation if required. Address (if necessary): Input your current residential address if your ID doesn't include one. Verification Wait: Wait for the system to process your information, which can take from one minute to 30 minutes based on server load and other factors. SMS Confirmation: Once verified, you'll receive an SMS notification on your provided mobile number, indicating you're ready to use the Localcoin ATM. Step 3: Find the Nearest ATM Head over to the map section Enter your postcode or address Click on the ATM button next to the location Use Google to find your way to the Bitcoin ATM Step 4: At the Machine  ID verification is required at the machine if you haven't pre-verified. 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. Step 5: Purchasing Your Bitcoin After scanning the QR code, insert your AUD 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 6: Receiving Your Bitcoin Once you've confirmed your purchase, your Bitcoin 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

Do I need to verify my identity to buy Bitcoin?

Accepted Answer

Yes, All users must verify their identity with Localcoin before completing any transactions. To get verified, you must: Enter your personal details  Verify your phone number Provide photo ID Disclose occupation and address Wait for verification, and you are good to go!  Follow this link to begin your one-time verification process, you can always pre-verify before visiting a Localcoin ATM to save some time. Verification of your identity when using a Bitcoin ATM is a requisite step to ensure compliance with AUSTRAC regulations.

Question 8

What is required to verify my identity:

Accepted Answer

Requirements for User Identity Verification: Government-issued photo ID such as an Australian Passport or a driver's license A cell phone capable of text messaging and taking photos

Question 9

What Currencies Are Accepted by Localcoin ATMs?

Accepted Answer

We accept Australian Dollar notes at all locations in Australia.

Question 10

What Denominations Do Localcoin ATMs Accept?

Accepted Answer

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

Question 11

What is the Minimum/Maximum Bitcoin I Can Buy?

Accepted Answer

The minimum amount of Bitcoin you can buy from a Localcoin ATM is $20 AUD — the smallest denomination that you can insert. The maximum is $995 per transaction, with a maximum of 5 transactions per day. Learn more on the fees and limits page.

Question 12

Do Localcoin ATMs Charge a Fee for Transactions?

Accepted Answer

Our price for Bitcoin is based on the market rate, in addition to an exchange fee, much like how a currency exchange sells your fiat money.

To learn more, head over to the fees and limits page.

Question 13

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 14

Do Localcoin ATMs Accept Credit Cards?

Accepted Answer

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

Question 15

Is ID Required at Localcoin ATMs?

Accepted Answer

Yes, you will be required to provide your name, home address, occupation, and government-issued identification (“ID”), such as a driver’s license or passport for authentication against a “selfie” image before completing a transaction. All of your personal information is securely stored in accordance with our Privacy Policy.

Question 16

Can I Speak to Someone on the Phone?

Accepted Answer

You can call Localcoin at 1800-953-282 Monday to Friday from 10:00 AM to 5:00 PM Saturday 12:00 PM to 2:00 PM

Question 17

Why Aren’t My Bitcoin 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 Bitcoin 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 18

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.au alongside a detailed description of the issue so that we can solve it as quickly as possible for you.

Question 19

I Sent My Bitcoin 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 Bitcoin 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 20

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 21

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 22

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.

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