Bitcoin & General FAQ
Bitcoin is the first “cryptocurrency”. Created in 2009, it is still – by far – the most popular and most widely accepted form of cryptocurrency. It’s best to think of bitcoin as “digital cash”. This means that if you have bitcoin you can use them to pay other people or businesses, online or in person, no matter where they are in the world! Just like cash, however, Bitcoin transfers are irreversible, so be very careful who you pay. Currently, Bitcoin is primarily used for price speculation and savings as well as purchases and global value transfers. There are likely thousands of retailers that accept bitcoin. Bitcoin is changing how we use and store value!
See why we’re so excited about Bitcoin! — Introduction to Bitcoin video by Andreas Antonopoulos
A Bitcoin address is a long identifier representing the person or destination that is looking to receive bitcoin (including yourself). Like a street address, the Bitcoin address tells the network where you want your bitcoin to go. Our ATMs need an address to know where to send the bitcoin you purchase.
Bitcoin addresses are generated by Bitcoin wallets and formatted in a particular way. Here are examples of the three currently valid types of Bitcoin addresses (i.e., beginning with 1, 3, or bc1). Do not use these yourself:
QR Code: A visual representation of a Bitcoin address – used to scan an address with a camera or at an ATM
Similar to a traditional wallet you may carry in your pocket, a bitcoin wallet is used to store and manage money. The difference is that instead of storing a collection of bills and cards, a Bitcoin wallet stores a collection of Bitcoin private keys. A private key is used to “unlock” bitcoin at a particular address and authorize its transfer to a new address.
A Bitcoin or crypto wallet is a free, digital app you install on your smartphone / PC or a hardware device built for this purpose. While the Bitcoin network is distributed and verified by computers around the world, a Bitcoin wallet is controlled only by its owner. It’s important to keep your Bitcoin private keys safe by using a recommended wallet app and setting a strong, unique password or PIN.
Always make a backup of your username/password OR your recovery phrase in case you lose or damage your wallet!
Step 1: You must download a mobile wallet app which has the ability to move (or “sweep”) bitcoin from a paper wallet. If you don’t have one, the Edge wallet for mobile phones will work.
Step 2: Once you have the Edge wallet downloaded, open it and tap to create a new account. Write down your username and password onto paper and store that safely away from your phone!
Step 3: Go through the introductory screens. Once you reach the main Wallets screen, tap on the three lines icon at the top right to open the main menu. Tap on Sweep Paper Wallet from that menu. You may need to scroll the menu with your finger to find it.
Step 4: Your camera should open up within the app (approve any camera permissions). Scan the private key QR code on your paper wallet (the bottom QR code).
Step 5: Edge should give you a popup window. Press “Import” to move the bitcoin. The coins should show up almost immediately in your wallet balance as pending. You should now be able to send this bitcoin on to an external address right away or store them in this wallet for later use.
See our How to Use a Paper Wallet guide for more detail and instructions for different types of wallets, including Litecoin and Bitcoin Cash paper wallets.
All bitcoin purchases from an Athena ATM deliver within 20 minutes, so you should receive your coins very quickly. Most of the time, if you don’t see the coins in your wallet, it just needs to be refreshed by closing out of the app and opening it back up again. Websites, on the other hand, will not typically show the coins until the transaction has been confirmed on the Bitcoin network, which can take up to an hour unless the network is running slow due to high transaction volume. If you are concerned about your coins not being sent, please check your transaction on the network by using a block explorer to find your transaction using your address.
Read more on this topic here: How To Find Your Transaction Status
Our exchange fees will vary by ATM. Please see our CoinATMRadar page for current per-coin effective rates. Pricing may change at any time. The “We Sell” price expressed at the ATM is the effective price you would have to pay for one whole coin – just divide the full coin price at one of our ATMs by the current market rate to determine the percentage markup.
Selling bitcoin or other cryptocurrencies and receiving cash at select 2-way ATMs carries its own, much lower fee. See the pricing link above for sell rates per coin and per location.
The bitcoin price will fluctuate continuously against the US dollar or any other world currency because bitcoin is its own asset (not pegged to anything else) and is traded 24/7. See our widget here for the current price for one full bitcoin. You do not have to buy a full bitcoin at the ATM. Bitcoin is highly divisible, and the ATM will send to the address you enter the fraction of a bitcoin you purchased (corresponding to the amount of cash you entered minus our fees). Your receipt will show the precise amount of bitcoin you purchased, and your wallet will calculate and show the current USD (or other fiat currency) equivalent value for you automatically.
It is very important to be aware of common scam types before using any Bitcoin exchange or ATM! Please read our page below:
Unfortunately, Bitcoin transactions are always one-way, like mailing physical cash; they cannot be cancelled, modified, or reversed after you press “Finish” at our ATMs. Scam artists know this, so they try to convince victims with a variety of false information to purchase cryptocurrency (in addition to gift cards and other irreversible payment forms). If you’ve been a victim of a scam, please report it and the Bitcoin addresses you were given to the FBI’s Internet Crime Complaint Center at https://www.ic3.gov. You can also call VictimConnect at 855-484-2846 (Mon-Fri 9:00 am – 5:00 pm) or chat through their website: https://victimconnect.org
If you have sent bitcoin to the wrong address, instead, it is important to think back to where you obtained that address. You will need to contact whomever gave you that address or whatever website provided you with that address in order to possibly obtain a refund. Athena cannot access the bitcoin or other coin once it has left our ATMs. Please be sure to double-check every address shown to you on the ATM screen before inserting any cash.
Athena Bitcoin is looking for locations to host a Bitcoin ATM. Request our Host Application Form to see if your location meets our requirements. Certain geographic conditions apply.
What are the fees? — If you are approved for a placement, there are no fees. All that is needed is for you to supply a small space inside your business near a 120V outlet.
We provide our hosts with a fixed monthly payment which adds a line of passive income to your business. Hosting an Athena Bitcoin ATM will also boost the visibility of your location.
We do not sell or rent kiosks directly to retailers. In some cases, we do find synergy with certain operators in the field service or cash logistics industries. Please complete the contact form and we will contact you to see if you would qualify for this type of partnership
Yes. Customers need to be at least 13 years of age to use any Athena-owned service, including the ATMs.
Step 1: Verify your cell phone number by typing it in and inputting the SMS code.
Step 2: Select Bitcoin as the coin type.
Step 3: Choose a destination of where you would like the bitcoins to be sent. You can choose to scan a QR code (recommended), print a paper wallet, or manually enter your wallet address. Our machines can work with any bitcoin wallet, however, if you don’t have one, you can find suggestions on Our Most Recommended Bitcoin (& Crypto) Wallets page.
Step 4: Insert cash.
Step 5: Hit “Finish” and choose to receive a paper or email receipt.
Also see our full Instructions page for how to buy bitcoin and other assets at our ATMs.
Click here for an interactive map of all our cash-dispensing locations.
Step 1: Tap the Withdraw Cash button on the home screen.
Step 2: Select Bitcoin as the currency type and choose the amount of cash you would like to receive.
Step 3: Using your mobile bitcoin wallet, scan the QR code on the machine to send the exact amount of bitcoins required for your transaction (make sure you send your bitcoins with a high network fee to reduce wait times).
Step 4: Receive a receipt with a redemption code (this will happen even if you sent no coins to the ATM).
Step 5: You will need to wait for your transaction to confirm on the blockchain. The time this takes depends on the fee you paid to send your transaction. Choose a higher fee for faster confirmation. Once confirmed you will receive a text message letting you know that your cash is ready for pickup.
Step 6: Go back to the machine, touch “Redeem”, and use you redemption code to get cash.
Also see our full How to Sell page for instructions on selling bitcoin or other digital currencies at our ATMs.