FAQ

Please review our Frequently Asked Questions as your answer might already be here. If you need more help, talk to us.

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General Inquiries

What is Bitcoin?

Bitcoin is both a new kind of money and an innovative way to make payments.
Bitcoin is for everyone. Bitcoin is open source and its design is public.
No government controls or owns Bitcoin and everyone can use it.

The following video gives you a good overview of how Bitcoin works:

There are many places and ways to spend bitcoins and the good news is that they are increasing quite rapidly. Some major online retailers and local stores are starting to accept bitcoins. Take a look at the list below to find places and services to spend your bitcoins and pay for things like bills and gift cards. We will be updating this list regularly, so come back often.

Online Services & Retailers
Expedia Easy press Tiger direct
Shopify Newegg Dell
Overstock Canaflora 1800flowers
Steam Showroomprive Wordpress
Git Cards
Coincards Bylls Target
Amazon Nike Gyft
Where can I learn more about the ecosystem?

Even for the most informed technologists, Blockchain Technology is very difficult and often dense subject matter to fully internalize and understand. We gathered some video links here to help you unpack the ideas and better understand the basics and what the most important opportunities are in and around this new technology.

The Rise of Bitcoin
Stopping War
Bitcoin and the History of Money
TEDx, Distributing Power & Trust, Eric Spano
Stefan Molyneux - Money, Power and Politics
Join the Bitcoin Revolution
What are Coinberry's ATMs?

Even though the Bitcoin industry has adopted the term ATM, a Coinberry ATM (also called BTM or Bitcoin Teller Machine) differs from the traditional automated teller machine you'd associate with banks. A bank ATM is associated to your bank account and lets you withdraw your money whereas a BTM lets you buy digital currency (Bitcoin, Ethereum, etc) with cash or sell them in exchange for cash.

What is a Mobile Bitcoin Wallet (app)?

A Bitcoin Wallet gives you ownership of a Bitcoin balance so that you can send and receive bitcoins. Although technically it is nothing more than a mobile app or computer program, it is essentially the personal bank account and ATM card of Bitcoin. Similar to email, all Bitcoin wallets are compatible with each other. Therefore, users can send and receive bitcoins to each other without hindrance

What is a mobile wallet?

With your mobile Bitcoin wallet, you can easily exchange bitcoins and pay for goods and services in physical stores by scanning a QR code or using NFC "tap to pay". There are many different wallets that you can choose to download. We recommend you find the one that works best for you, but here are some options:

IOS
Android
Blackberry
Windows Phone
What is a Bitcoin NFC wallet?

An NFC digital currency wallet is simply an NFC card that allows users to transact with compatible point of sale (POS) terminals as well as Coinberry BTMs, allowing anyone to pay with digital currency or buy/sell digital currency using the NFC card as their wallet. The private and public keys are stored on the NFC card itself allowing NFC wallets to be reloaded with digital currency, essentially, an unlimited number of times. You can get an NFC wallet at any of our ATMs.

How do I get a Bitcoin NFC wallet?

You can get Bitcoin (or any other digital currency) NFC cards or wallets at any of our BTMs. They make for great gifts!

More about NFC technology

Near-field communication (NFC) is a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within 4 cm (1.6 in) of each other. NFC devices are used in contactless payment systems, similar to those used in credit cards and electronic ticket smartcards and allow mobile payment to replace/supplement these systems. Wikipedia

What can I do on your online platform?

Our online platform is simply a virtual ATM. Sign up, fund your account and you can buy/sell Bitcoin and other digital currencies instantly from the comfort of your home!

2

Buying Bitcoin

How do I buy Bitcoin at a Coinberry ATM?
  1. Choose "Buy Bitcoins" option in the menu.
  2. Define amount of transaction to sell.
    Depending on the amount different verification procedures might apply (e.g. no checks, mobile check by SMS, finger print scan, ID doc scan) so you need to check it before using the machine.
  3. Scan your wallet
    Scan your Bitcoin wallet (QR Code) if you already have one or print a brand new paper wallet with the ATM, which then you can scan.
  4. Insert cash
    Once you've inserted cash bills into the machine, information will be updated on the screen;
  5. Click "Buy Bitcoins"
    The equivalent in BTC (Bitcoin) will be sent to the scanned address, that is, your wallet. Congrats!
  6. Receive your Bitcoins!
What currencies and denominations do you accept?

We currently only accept Canadian Dollars at our BTMs and on our online platform. At our BTMs we accept all five denominations of Canadian Dollar bank notes: $5, $10, $20, $50 and $100.

Do I have to buy 1 Bitcoin (BTC)

No. You will receive the amount of bitcoin that is equal to the converted value of the $CAD that you insert in the machine based on the rate of exchange at time of transaction. The minimum you can purchase is $5 CAD in value.

Do you charge a fee

Coinberry is proud to have the most competitive pricing on the market. We do not charge you any hidden transfer or exchange fees. The price you see is exactly the price you pay.

Why aren't my Bitcoins showing up?

You should receive your Bitcoins right away as all Coinberry purchases happen immediately. If the Bitcoins in your wallet app are not showing, it usually just needs to be refreshed by closing the app and opening it back up again. However, some wallets will only display the coins once the transaction has been confirmed on the blockchain, which should take about 10 minutes, unless the network is running slow due to high transaction volume. You can always check your transaction on the network by going to blockchain.info and using your wallet address to search for your transaction.

I sent my Bitcoins to the wrong address!

Unfortunately, if you've sent Bitcoins to the wrong address (QR Code), the transaction cannot be reversed, whether it be through a Coinberry ATM or other means. Bitcoins can only be refunded by the person receiving the funds. It is impossible for us to charge back or provide a refund. Bitcoin can detect typos and won't let you send money to an invalid address by mistake, but you should always confirm that you have the correct QR code before scanning it into the machine.

3

Selling Bitcoin

How do I sell Bitcoin at a Coinberry ATM?
  1. Choose "Sell bitcoins" option in the menu.
  2. Define amount of transaction to sell
    Depending on the amount different verification procedures might apply (e.g. no checks, mobile check by SMS, finger print scan, ID doc scan) so you need to check it before using the machine.
  3. Wait for the printed receipt
    It will contain a bitcoin address where the specific amount of bitcoins are to be sent. Also in the same QR code there is a redeem code add, which will be used later for getting cash from the Coinberry ATM.
  4. Send Bitcoins
    Send your bitcoins to the given address and wait depending on how many confirmations you are required to wait by operator.
  5. Redeem Ticket
    Use the machine again, now choose “Redeem ticket” option to start and scan the same QR code from receipt.
  6. Receive Cash
    You will get cash immediately.
Do I have to sell 1 Bitcoin (BTC)

No. When withdrawing money at our BTMs you may choose an amount in $20 increments (maximum $2500 CAD) and send an equivalent amount in Bitcoin based on the exchange rate at time of sale.

What is the minimum / maximum I can sell

Currently the maximum amount of Bitcoin that can be sold is equivalent in value to $2500 CAD at the exchange rate during sale.

Minimum

At our BTMs the minimum you can sell is 5$ CAD per transaction, the smallest denomination that is dispensed. There is no minimum you can sell on our online platform.

Maximum

At our BTMs and on our online platform the maximum you can sell is dependent on whether you are a registered or verified user. Limits range from $500 - $10,000 / 24 hours.

Do you charge a fee

Coinberry is proud to have the most competitive pricing on the market. We do not charge you any hidden transfer or exchange fees. The price you see is exactly the price you pay.

Do I need a mobile phone to sell my Bitcoin?

Yes. The mobile phone is used to authenticate you as the seller and either send you a redemption code when your transaction is completed and your order is ready for pickup at the BTM or send you a confirmation message if you are selling on our online platform.

Do I have to wait for confirmations

You will receive a redemption code via text message on your mobile phone when there is 1 confirmation and your order is ready (Note: We recommend that you set the fee for your transaction to High priority (we recommend 260 satoshis/byte or 0.0026 bitcoins/kilobyte), and as a minimum at Normal priority, to avoid delays). For more information, read up on how to sell Bitcoin.

Why haven't I received my redemption code?

Your redemption code is sent when there is 1 confirmation on the blockchain. The main cause for your transaction remaining unconfirmed on the blockchain is sending it without (or with a very small) transaction fee (i.e. the Bitcoin Miner's fee). If this is the case, expect it to be ignored for an unknown amount of time until a miner decides to process it and solves the block; this could be several days to several weeks, possibly never. Make sure to use a wallet application that allows you to set a transaction fee or transaction priority.

Currently, the recommended transaction fee is: 260 satoshis/byte (or 0.0026 bitcoins/kilobyte). A second reason you may not be receiving your redemption code is that you haven't sent the full amount of bitcoin requested. You need to make sure that the amount of bitcoin you are sending matches the on-screen invoice exactly as the redemption code is sent automatically once the complete amount is received.