fbpx

Frequently Asked Questions

About Bitcoin

What is the blockchain?

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

Each “block” represents several transactional records, and the “chain” component links them all together. When records are first created, they are confirmed by a distributed network of computers and paired up with the previous entry in the chain, creating a chain of blocks or a blockchain.

What is Bitcoin?

Bitcoin is a kind of digital currency that can be sent from person to person without the need for a trusted third party such like a bank or other financial institution; Bitcoin is the first global, decentralized currency.

What is a digital currency wallet?

Much like a traditional wallet you may carry in your pocket is used to carry paper money and debit cards, a digital currency wallet is used to store your bitcoin.

Unlike some digital currency wallets, Coinme will store your private keys to ensure you will not lose access to your funds.

Is Bitcoin safe?

The Bitcoin network has proven to be secure, functional, and efficient. The technology used to build Bitcoin is mathematically secured, and the open-source community is continually working to inspect, audit, and improve on the network.

There have been Bitcoin-related compromises in the past, but this does not reflect upon the security of the Bitcoin network itself. This is typically the result of poor security or negligence on the part of the exchange or individual transacting with the bitcoins. This is why it is essential to be diligent with your bitcoin transactions and passwords.

What if there are delays receiving my Bitcoin?

We try to have your coin to you within sixty minutes of purchase, however, this is not always attainable. It is not common for there to be substantial delays, however, sometimes it can take a few hours for you to see your funds. If you are waiting for your funds for more than a few hours, please contact us to look into it for you.

Where can I spend Bitcoin?

Many companies like Microsoft, Overstock, Reddit and even Etsy shop owners accept bitcoin. Small businesses aren’t missing out on the action; many small shops have started accepting bitcoin, as well.

Visit this link for a partial list of retailers who accepts Bitcoin.

 

Buying Bitcoin at Coinstar

Where can I buy Bitcoin at a Coinstar kiosk?

Bitcoin purchases are available at participating retailers that have Coinstar kiosks enabled for the Coinme product. You can use paper money only for Bitcoin purchases. Coins cannot be used for Bitcoin transactions. You can locate a kiosk in your area by using the kiosk finder here.

Can I use coins to buy Bitcoin?

You can only use paper money to buy Bitcoin.

I purchased Bitcoin at the kiosk, now what?

You now need to visit Coinme.com/redeem to begin the process. You can also redeem your printed voucher in your Coinme wallet.

Is there a fee?

There is a 4% fee to use this service.

What if I have more cash than I want to spend on Bitcoin? Can I get cash back?

The Coinstar kiosk cannot give change back, so you must load the exact amount to buy your Bitcoin.

If you want to enter a lesser amount than you have, you can break down your larger bills to smaller denomination bills at the cash register before using the Coinstar kiosk.

Will I get a receipt verifying my transaction?

Yes, you will get a voucher that has a redemption code. You will need this code to claim your Bitcoin purchase on coinme.com/redeem.

Is there a minimum amount I need to load to use the service?

No, there is not a minimum amount.

Is there a maximum amount that I am allowed to insert?

Yes, the maximum amount is $2,500 per 24-hour period.

What if the amount I entered at the Coinstar kiosk doesn’t match the amount I see in my Coinme Wallet?

If the amounts you don’t match, please contact Coinme customer service at support@coinme.com

Do I get UpToken for my Bitcoin transactions on Coinstar kiosks?

Coinme is making plans to integrate UpToken in the coming months.

How long will it take to receive my Bitcoin?

Once you initiate redemption by entering your provided redemption code and completing the KYC process, your Bitcoin transaction will be broadcast to your Coinme wallet. Typically, Bitcoin transactions take between 10-30 minutes to confirm and become available to use. If you have not received your Bitcoin within 60 minutes of redemption, please contact customer experience at support@coinme.com

IRA

Once my IRA/LLC account is set up, and I’m connected with a Coinme success agent, what happens next?

Now that you’ve set up your IRA/LLC documents, you are almost ready to invest in digital assets! Your next step will be to complete Coinme’s enrollment application and choose a wallet storage solution so that Coinme can transfer your digital assets to your storage wallet once your transaction is completed. When setting up your exchange account, your success agent will ask you which digital assets you’re interested in and the amount of funds you want to convert into digital assets.

Which digital assets does Coinme allow me to purchase?

Currently, Coinme allows our customers to purchase Bitcoin, Litecoin and Ethereum.

What are Coinme’s exchange fees?

Coinme’s exchange fees vary depending on amount of the transaction and market liquidity required. For specific details please reach out to a Coinme success agent.

Is Coinme considered the custodian of my account?

No. You choose your custodian when you set up your IRA. Coinme is the exchange that allows you to convert your U.S. dollars into digital assets.

Can I fund my LLC wallet with digital assets from my personal wallet?

You are required to deposit only U.S. dollars into your Coinme LLC exchange account to purchase digital assets.  See IRS guidelines here: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactions

Does Coinme provide a wallet service?

Coinme is an exchange service and provides a wallet to convert your U.S. dollars to digital assets. You’ll feel safe and assured with our-easy to-use, insured, wallet solution, but we can also provide many alternative options upon request.

I already have a digital wallet set up.

How come I can’t hold my IRA digital assets in my personal wallet?
See IRS guidelines here for what is allowed and what is considered a prohibitive transaction.  Coinme requires that a separate wallet be set up in the name of your LLC for your IRA investments. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-prohibited-transactions

Why do I have to complete another identity application if I already have my IRA set up?

Setting up your IRA and purchasing digital assets are two separate processes. Because of each company holds your information confidential (See PCI guidelines), we do not share your sensitive information with another company.

Once I purchase my digital assets, who holds the keys?

As the manager of your LLC, it is entirely up to you how you choose to store your digital assets and who holds your keys.

I’ve read online that digital assets may not be safe to invest in…how do I know my money is safe with Coinme?

All investors are advised to perform and facilitate their own investments. Investing in digital assets can be risky because of price volatility, size of the market and there is complexity around how to store your digital assets. Coinme is Licensed and insured with industry leading crypto security measures to ensure safe and timely transaction processing with forensically cleansed digital assets.

Coinme is registered with FinCEN, MSB Registration Number # 31000127783258 and is certified in Washington state as a Money Lender Transmitter, MLT License # 550-MT-90041. Coinme was founded in 2014 and has successfully processed more than 25,000 transactions for clients across more than 50 countries. Coinme was the first licensed Bitcoin ATM company in the country and we are the largest Bitcoin ATM provider in the world with over 2,200 locations. Coinme is proud to have earned a “Compliance-first” reputation in the digital asset industry providing a “human touch” through our Private Client Services.

Once I purchase my digital assets, how long does it take to transfer to my storage wallet?

Once your transaction is completed your digital assets will be transferred immediately and once verified by the blockchain, we will send you an invoice and confirmation of deposit. Coinme strives to deliver same day of service and your success agent will provide you with regular updates through the entire process.

Can I transfer digital assets from my personal wallet to my LLC wallet or transfer digital assets from my LLC wallet to my personal wallet?

Will I have to pay taxes if I trade my digital assets inside my LLC?

For all IRS related questions, please visit: https://www.irs.gov/

Once I purchase my digital assets, can I sell and trade them for other digital assets?

Yes! Your Coinme success agent is a subject matter expert in buying, trading and selling digital assets. While they cannot provide financial advice, they can answer and welcome your “crypto-curious” questions!