Frequently Asked Questions
What is Bitcoin?
Bitcoin is a decentralized form of digital currency that is created and held electronically. Bitcoins are not printed fiat currency, like Dollars or Euros. They are produced by an algorithm at a rate that cannot be changed, on computers running all around the world.
Learn more by reading this CNN article:
What is bitcoin?
What is Bitcoin mainly used for?
Bitcoin can be used as a method of payment. You can purchase Bitcoin and use the Bitcoin network to instantaneously send money to another person or business. You can also hold onto Bitcoin as an investment.
What do I need to purchase Bitcoin from one of your Bitcoin ATMs?
All that is needed to purchase bitcoin from one of our bitcoin ATMs is a phone number that can receive SMS and cash. Depending on the amount of bitcoin you are purchasing you may be required to verify your ID.
Can I send bitcoin to other people?
Yes, Bitcoin can be sent instantly to anyone anywhere in the world. However, because Bitcoin transaction are sent instantly and non reversible, Bitcoin can be used as a tool by scammers. We highly recommend against sending Bitcoin to anyone you don’t know personally. Sending Bitcoin to someone is similar to handing them cash. There is no way to cancel or refund the transaction. If you have any questions at all, please read our section on know scams, or give us a call at 844.668.2286.
BUYING & SELLING BITCOIN
Why haven’t I received my Bitcoin yet?
Bitcoin purchases at Nova Bitcoin ATMs are broadcast immediately so you can verify the transaction is pending within a few seconds. If you don’t see the coins in your wallet, most likely your wallet needs to be refreshed by closing out of the app and opening it back up again.
When you purchase bitcoin from one of our bitcoin ATMs, the bitcoin has to be sent to you on the Bitcoin network called the blockchain. Depending on the Bitcoin wallet you use, some will, and some will not show the coins when they are “unconfirmed”. It typically takes the Bitcoin network around 10 minutes to confirm a transaction, however when the network is congested, it can take several hours, or even days. Rest assured that once a bitcoin transaction has been broadcast by Nova, it will eventually be confirmed. If you are concerned about your coins not being sent, please check your transaction on the network by going to www.btc.com, or any other blockchain explorer, and using your wallet address to search for your transaction.
Why hasn’t my transaction been confirmed?
There are rare instances when the global Bitcoin network becomes so congested that transactions may take hours or even days to be confirmed. No matter what, the blockchain can only confirm around ~15,000 transactions per hour, worldwide. During days when the price of bitcoin changes greatly, there can be hundreds of thousands of transactions per hour. Because there are many more transactions being broadcast than being confirmed, there becomes a backlog of transactions waiting to be confirmed. Unfortunately, when this occurs there is nothing we can do to ‘speed up’ a transaction. Your transaction is safe, it is just waiting for the Bitcoin miners to put it into the blockchain.
I sent my bitcoin to the ATM, where is my cash?
Sending Bitcoin to the ATM is the first step in withdrawing cash, however, your cash will not be available to you until the transaction receives one network confirmation. The average wait time for one confirmation depends on the miner fees sent with the transaction, but is typically around 10 minutes. Keep in mind this this can vary significantly depending on the traffic on the global bitcoin network. If you are in a rush, we recommend sending your transaction “priority” or “expedited”, or contacting support (844.668.2286) before heading to the mall to pre-deposit your bitcoin. Once the transaction is confirmed by the network, the ATM will send you a text message alerting you that your cash is ready to be picked up.