Coin Cloud FAQs

Frequently Asked Questions by People Like You
By 
Coin Cloud Team
, published on 
February 1, 2022
Coin Cloud FAQs

Frequently Asked Questions (FAQs)

Contents:

  1. Digital Currency Machines (DCMs)YOU ARE HERE
  2. Crypto and Digital Currency
  3. Coin Cloud Crypto Wallet
  4. Security & Compliance
  5. Retail Host Services

1. Digital Currency Machines (DCMs)

What services does Coin Cloud provide?

Coin Cloud offers a complete ecosystem of digital currency services, which provide the fastest and easiest way to buy and sell Bitcoin and other virtual currency, including over 40 altcoins and other digital assets.

Coin Cloud Digital Currency Machines (DCMs), an advanced version of the kiosks commonly referred to as Bitcoin ATMs or BTMs, enable you to buy and sell 40+ digital coins with cash. Coin Cloud DCMs form the only nationwide network of 100% buy-and-sell capable machines allowing cash-out at every location.

Available digital assets include the expected staples, like Bitcoin, Bitcoin Cash, Litecoin and Ethereum. But you can also find popular meme coins like Dogecoin and Shiba Inu Coin, decentralized finance (DeFi) tokens like Uniswap, SushiSwap and 1inch, a selection of stablecoins like Tether and USD Coin, and a lot more options to choose from.

Coin Cloud also has a free non-custodial crypto wallet for iOS and Android. You can use the Coin Cloud Wallet app by itself, or in conjunction with Coin Cloud DCMs. It’s custom tailored to work seamlessly with the machines and provide an optimal experience.

Finally, we also have online purchasing with credit or debit card, and a Private Client Desk OTC service for higher-level transactions through ACH or bank wire.

What is a Bitcoin ATM (BTM)?

A Bitcoin ATM, often shortened to BATM or just BTM, is a slang term for a machine that lets you buy Bitcoin, and sometimes a few other virtual currencies, with cash.

Since these kiosks are not actually ATMs – they don’t connect to your bank account or require any financial information from you – it’s not a completely accurate description, but the term is popular in this industry. They are also sometimes called Crypto ATMs, Digital Currency Kiosks or Cryptocurrency Kiosks.

Most BTMs in the industry are unidirectional, or one-way only. These machines allow you to use cash to buy Bitcoin, and sometimes a few altcoins (other virtual currencies besides Bitcoin). Only about 20% of all BTMs are bidirectional, or two-way, meaning they also allow you to sell your virtual currency for cash.

What is a Digital Currency Machine (DCM)?

Digital currency machines (DCMs) are more advanced versions of Bitcoin ATMs. These machines empower you to buy Bitcoin as well as 40+ other digital currencies with cash. And unlike BTMs, 100% of DCMs have cash-handling functionality that enables you to sell your digital currency for cash (“cash out” or “withdraw”).

All Coin Cloud machines are DCMs offering two-way functionality, over 40 digital currency options, an advanced user interface and a custom non-custodial companion wallet app. Coin Cloud operates the largest network of 100% two-way DCMs in the world.

How do I buy digital currency?

Buying digital currency at a Coin Cloud DCM is fast and easy. All you need to get started is your mobile phone, a digital wallet and some cash.

  1. Press the “Start” button.
  2. Enter your mobile phone number.
  3. Enter the unique identifier code texted to your phone.
  4. Select the “Buy” option and choose “Bitcoin.”
  5. Scan your Bitcoin wallet’s QR code with the DCM camera.
  6. Insert your bills one at a time, enter a promo code if you have one, and press “Done.”
  7. Your transaction will begin processing on the blockchain network, which can take 10-15 minutes to process.
  8. Once the transaction is complete, you will receive your receipt via text message, and the funds will show up in your wallet.

If you need further information or assistance, please contact our 24/7 Client Support team at 855-264-2046 or Support@Coin.Cloud

How do I sell my digital currency?

Unlike other types of cryptocurrency kiosks, Coin Cloud Digital Currency Machines let you cash out your crypto at every location. The process is quick and easy.

  1. Press the “Start” button.
  2. Enter your mobile phone number.
  3. Enter the unique identifier code texted to your phone.
  4. Select the “Sell” option, then choose your currency.
  5. Enter the amount you wish to withdraw (in denominations of $20 and $100).
  6. Scan the QR code on the DCM screen with the camera function of your Bitcoin mobile wallet app.
  7. In your Bitcoin wallet, enter the EXACT amount the DCM is requesting. If you’re using the Coin Cloud Wallet app, this is automatically generated for you.
  8. Send the funds to the QR code you scanned.
  9. Transactions take approximately 10-15 minutes to process on the blockchain network. Then you will receive a text message asking you to return to the DCM to withdraw your funds.
  10. At the DCM, log in with your phone number to retrieve the dispensed cash.

Please note that you can save time at the machine by setting up your sell in advance on the Coin Cloud Wallet app. Simply choose a machine and touch “Sell Crypto for Cash” and start the process from the palm of your hand. 

Your chosen machine will reserve your cash for up to 48 hours, and it’s ready to withdraw when you arrive.

If you need further information or assistance, please contact our 24/7 Client Support team at 855-264-2046 or Support@Coin.Cloud

What do I need to purchase digital currency for?

Digital currency is very versatile and can be used for a variety of things. You can send it instantly to friends and family around the world. Many retailers accept cryptocurrency as forms of payment, both online and off. Some people purchase virtual currency as an investment, and some altcoins are designed for specific uses on dedicated platforms.

Examples include gaming, social tokens, decentralized finance (DeFi), smart contract, stablecoins, content platforms, computing, non-fungible tokens (NFTs), artificial intelligence (AI) and more.

As more and more projects and platforms based on blockchain technology and smart contracts are developed, we will see more and more uses for digital currencies, coins and tokens. Keep an eye on the Coin Cloud website and Coin Cloud blog for the most up-to-date news and trends.

Do you have any fees for purchasing/selling Bitcoin or other digital assets? What is your exchange rate?

Coin Cloud does not charge any additional or hidden fees on top of the retail exchange rate you see at the machine. Unlike some other venues, our rates reflect transparent all-in pricing. This price may include profit, costs, charges or other markups, and may differ for each customer or each location.

Keep in mind that there are additional mining fees or network fees for most blockchain-based or other decentralized currencies. Coin Cloud does not charge, collect or benefit from these network-based fees. And in fact, on Bitcoin purchases, Coin Cloud covers the mining fee for you!

We also run various promotions throughout the year that may affect the exchange rate or give you free Bitcoinback rewards (like cashback, except with crypto). Sign up for our email list at the bottom of this page to get notified of upcoming promotions.

Do you conduct any in-person transactions to purchase/sell Bitcoin?

We DO conduct in-person transactions through our Private Client Over-the-Counter (OTC) trading desk (but you don’t HAVE to do it in person). OTC trades require higher transaction volumes of at least $25,000, and additional account information. Funds will be sent to your wallet by ACH or wire transfer.

To inquire about this service or apply to be a Private Client Desk member, contact our customer support team at 855-264-2046 or PrivateClient@Coin.Cloud.

Is there someone to help me when I am at the DCM completing a transaction?


Yes! Although we do not have representatives on-site at each individual DCM, if you need help completing a transaction, we’re here, ready and willing to assist you. 

You can call or text our 24/7 live US-based Client Support team at 855-264-2046 or use the Contact button at the bottom of the machine’s touchscreen interface. You can also chat online at this website, through social media, or email us at Support@Coin.Cloud

We will be more than happy to walk you through the process or answer any questions you might have about the buying or selling process, cryptocurrency in general, the Coin Cloud DCM or the Coin Cloud Wallet app.

What digital wallet app should I use?

Our machines are very flexible and work with a variety of third-party applications. You can use any mobile cryptocurrency wallet with a QR code generator, and even some hardware wallets.

However, for the ultimate user experience, we recommend downloading the free Coin Cloud Wallet app from the Apple App Store or Google Play. The Coin Cloud Wallet is specifically tailored to provide you with the fastest, most seamless functionality at our DCMs, including streamlined confirmations, pre-populated fields and time-saving advanced sell features.

It’s also an extremely secure, feature-rich non-custodial wallet that gives you full control over your funds. We have more and more coins and assets supported inside the wallet, and users are calling it the best crypto wallet ever.

Do I have to give up any personal information when using a Coin Cloud DCM?

Yes, for your protection and to ensure we know our customers in compliance with all Federal and State regulations, we need to confirm your identity. But the amount of information we require depends on how much you want to buy or sell. 

The machine will take your photo and you will need a mobile phone number, as well as a driver’s license or other photo ID for larger transactions. For even higher transaction limits, we will ask for your SSN or other documentation. All of your information is 100% private and securely stored.

Do you have any limits on how much Bitcoin you can purchase/sell?

The limits to buy or sell Bitcoin or other digital currencies are up to $1,000 lifetime with a Tier 1 unverified account, which only requires your mobile phone number and text code verification. 

If you’d like to buy or sell more, you can raise your limits to $8,500 per day ($45,000 lifetime) with a Tier 2 verified account. To verify your account, you will need to submit a valid government-issued photo ID, such as your driver’s license, passport or green card.

For Tier 3 verification, you also need to supply your SSN and occupation, which will let you transact up to $25,000 per day at DCMs with no lifetime limits. 

For higher volume transactions of over $25,000, please contact our over-the-counter (OTC) Private Client trading desk at PrivateClient@Coin.Cloud.

Why didn’t I get a receipt? / Does the machine print receipts?

Coin Cloud has taken an eco-friendly approach in an effort to save paper, help the environment and cut down on maintenance time and expense. Our machines DO send out receipts via text message once the transaction has been confirmed on the blockchain, but they don’t print paper receipts or paper wallets.

Are there other digital currencies available besides Bitcoin?

Yes. Bitcoin isn’t the only digital currency you can trade at a Coin Cloud DCM. We also have over 40 altcoins and other digital assets that we offer at all of our machines.

Available digital assets include the expected staples, like Bitcoin, Bitcoin Cash, Litecoin and Ethereum. But you can also find popular meme coins like Dogecoin and Shiba Inu Coin, decentralized finance (DeFi) tokens like Uniswap, SushiSwap and 1inch, a selection of stablecoins like Tether and USD Coin, and a lot more options to choose from.

Our current list includes Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Aave (AAVE), Dogecoin (DOGE), Ethereum (ETH), Algo (ALGO), Basic Attention Token (BAT), Celsius Network (CEL), ChainLink Token (LINK), Compound (COMP), Dai (DAI), Dash (DASH), Decentraland (MANA), Enjin Coin (ENJ), Litecoin (LTC), Loopring (LRC), Maker (MKR), Nano (NANO), OMG Network (OMG), PAX Gold (PAXG), Polygon (MATIC), Polymath Network (POLY), Shiba Inu Coin (SHIB), SushiSwap (SUSHI), Tether ERC20 (USDT), The Graph (GRT), Tron (TRX), TrueUSD (TUSD), Uniswap (UNI), USD Coin (USDC), 0x (ZRX), 1inch (1INCH), Wrapped Bitcoin (WBTC), Yearn.finance (YFI) and others.

To learn more about the virtual currencies available for trade at Coin Cloud DCMs, we invite you to check out our coins section or cryptopedia.

How long does it take for a transaction to be confirmed?

Bitcoin transactions typically only take around 10-15 minutes to complete, which includes confirmation and recording to the blockchain. Some altcoins, like Bitcoin Cash and Litecoin, have even faster transaction times. Others, like Nano and Dogecoin, are almost instantaneous. 

However, it could take up to an hour if you’re using a multi-confirmation wallet or the network is congested, which can happen with Ethereum-based tokens like Ether, DeFi tokens, stablecoins and NFTs. Please call our Client Support at 855-264-2046 if you’d like a live report on current network conditions.

How many confirmations does it take for a transaction to be successful?

Coin Cloud DCMs only require one confirmation on the blockchain, so after your transaction is confirmed once, it’s recorded and locked in on the blockchain. After that, it will show up in your digital wallet, or give a progress message. 

If you are using the Coin Cloud Wallet app, you’ll enjoy this streamlined process every time. If using a third-party wallet, you might have to wait for additional confirmations, which could take 30-60 minutes or more.

Skip To FAQs on:

Crypto and Digital Currency

Coin Cloud Crypto Wallet

Security & Compliance

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Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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