Frequently Asked Questions
New to Bitcoin or to Bitcoin ATMs? This page provides some of the most frequently asked questions. If you still can’t find what you’re looking for, please check out our blog for Bitcoin ATM tutorials and more. Also, Growth BTM’s support team is always available by phone, text, and email.
How Do I Buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin?
Step 1: Locate one of our Bitcoin ATMs near you.
Step 2: Touch “Buy Coins” and create an account at our Bitcoin ATM.
Step 3: Choose where you want your cryptocurrency to be sent by scanning a QR code (recommended), printing a paper wallet, or manually entering your wallet address (note that addresses are case sensitive). Our Bitcoin ATM’s work with any wallet and can create a paper wallet for you if you don’t have a cryptocurrency wallet.
Step 4: Insert cash.
Step 5: Touch “Finish” and you’ll own more cryptocurrency than before.
How Do I Sell Cryptocurrency and Withdraw Cash At the BTM?
Step 1: Locate one of our Bitcoin ATMs near you.
Step 2: Touch “Withdraw” and create an account at our Bitcoin ATM
Step 3: Choose the cryptocurrency you want to sell and the amount of cash you would like to withdraw.
Step 4: Using your mobile digital wallet, scan the QR code on the Bitcoin ATM screen and send the exact amount shown on the Bitcoin ATM screen. Ensure that you include a miner’s fee.
Step 5: Receive a receipt with a redemption code.
Step 6: Wait about 10 minutes for your transaction to get confirmed on the network. Once confirmed you will receive an SMS letting you know that your cash is ready for pickup.
Step 7: Go back to the Bitcoin ATM, touch “Redeem” and use you the redemption code to collect your cash.
You can sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
What is a Digital Wallet?
A digital wallet is where you store your cryptocurrency. Typically, each cryptocurrency requires its own digital wallet but there are wallets today that can support multiple types of digital currencies. Think of a digital wallet as a traditional wallet that you carry in your pocket. An ordinary wallet stores your cash and credit cards. A digital wallet stores cryptocurrency public and private keys.
Like traditional wallets, a digital wallet is controlled only by its owner. You can keep your digital wallet safe by either setting a strong password or otherwise keeping it out of reach. You should always make a backup of your username and password or your recovery phrases. Just follow the instructions of the wallet provider to create your recovery phrases. Please note that you should save your recovery phrases in a safe place and never share them with anyone because that will put the funds in your wallets at risk.
There are many different digital wallets such as Airbitz, Mycelium, and Breadwallet.
Our Bitcoin ATMs give you the option to also create your own unique paper wallet. We highly recommend that you always transfer your cryptocurrency from your paper wallet to a digital wallet because losing or damaging your paper wallet will result in loss of funds. Also, sharing your paper wallet private key will put your funds at risk of theft.
What is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency and the first of its kind. You can use Bitcoin to pay people and businesses for goods, property, and services, anywhere in the world, online and in-person. Bitcoin is also widely used for price speculation by people and institutions investing in Bitcoin and in other forms decentralized digital currency. Bitcoin, Ethereum, Bitcoin Cash, Litecoin and other cryptocurrencies are changing the way people around the world see money and make international payments. Learn more.
What is Ethereum (ETH)?
Ethereum is the second largest decentralized cryptocurrency in market capitalization, after Bitcoin. It is also the most actively used blockchain platform. Ethereum was first proposed in 2013 by programmer Vitalik Buterin as an open-source blockchain. The Ethereum network went live on July 30, 2015. What makes Ethereum unique is its smart contract functionality. The Ethereum network has introduced a host of new upgrades called Ethereum 2.0. These network upgrades include proof of stake and will significantly improve the speed of transactions.
What is Litecoin (LTC)?
Just like Bitcoin, Litecoin is a decentralized cryptocurrency that can be used to purchase goods and services around the world. It was first launched in in 2011, making it the second cryptocurrency after Bitcoin. Litecoin has faster confirmation times and lower transaction volumes than bitcoin. You can send Litecoin faster than you can send bitcoin and for as low as fifteen cents per transaction.
What is Bitcoin Cash (BCH)?
Bitcoin cash or BCH is another type of decentralized cryptocurrency. It was developed by a community of supporters who wanted to increase bitcoin’s blocksize. It started in 2017 when there was a rejection of the Segwit upgrade that bitcoin adopted. Bitcoin cash has lower transaction fees than bitcoin and can be, for the most part, used the same way Bitcoin, Ethereum, and Litecoin are used.
Like bitcoin, bitcoin cash transactions are made with no middle men – meaning, no banks required! With bitcoin cash, you can buy video games, and shop on major sites like Overstock.com.
Why Haven’t My Bitcoins Shown Up?
1) Ensure your phone is connected to the internet or try restarting your phone.
2) You can see the status of your transaction immediately upon finishing the trade at one of our Bitcoin ATMs. You can do so by clicking on the link you receive via the text message that you will receive from us after complete your purchase. You can also check your transaction on the blockchain ledger on sites like:
BlockTrail
TradeBlock
BlockCypher
3) Some wallets and websites require a certain amount of confirmations before your wallet balance updates. Try reaching out to your wallet provider for further troubleshooting. Please note that your wallet provider will never ask you for your backup phrases, so never share them with anyone. To ensure you contact the right people, use the contact options directly from their app or website.
4) If you can’t find your transaction and it has been more than one hour, reach out to us and provide your phone number, cash amount, and the date and time of your trade.
How Do I Transfer Bitcoin Off My Paper Wallet?
Step 1: Open your mobile wallet app.
Step 2: Select “Import Private Key”. This could be called something else on different apps, such as “Sweep”.
Step 3: Scan the bottom private key QR code on the paper wallet with your phone camera.
Step 4: Send the funds.
Ensure the Bitcoin is now in your phone wallet address and no longer on the paper wallet address. We strongly recommend that you immediately send the Bitcoin from your paper address to another address you control. Anyone in possession of your paper wallet private key can claim the Bitcoin from this address.
Click here for a step-by-step paper wallet tutorial.
Why Was My Account Blocked? This Must Be An Error.
If you feel that your account has been blocked in error, or our Bitcoin ATM is wrongly preventing you from access, please reach out to us and we will do our best to resolve your issue.
Additional Tips For Using Our Bitcoin ATM’s:
1) Use your personal phone.
2) Answer all questions correctly. Always double check what you type.
3) Avoid typos when you enter information on our Bitcoin ATMs.
4) Always use one phone number per person to avoid losing access.
Tell your family and friends about Growth BTM!!
Check out our blog for additional tips on using our Bitcoin ATMs.
Is My Phone Number, ID, Email and All of My Information Secure?
Yes. Growth BTM takes the security and data privacy of its customers very seriously. We review your data, store it in the most secure ways available, and never share it or sell it to third-party entities. Growth BTM is able to provide its customers with the best service possible by being a registered Money Services Business (MSB) with FinCen and by complying with the Bank Secrecy Act and the USA Patriot Act.
Can I Send Bitcoin To A Stranger?
Growth BTM ATMs are meant to be utilized to purchase cryptocurrencies for yourself and send the funds to your own wallet. This is to protect our customers from potential scams. Scammers are crafty and can pretend to be selling you a product, a service, an investment opportunity, request utility payments, offer government grants, and even pretend to be the IRS. Click here to learn more about the various types of Bitcoin scams and how to avoid them.
I Own a Business. How Do I Host a Growth BTM Bitcoin ATM?
You can simply contact us at 201-677-COIN (2646) and one of our representatives will answer all of your questions. One of the things we love about our line of work is the partnerships we develop with our local businesses in New Jersey and Philadelphia. We understand that their growth is directly related to our growth. We love to help and make the process of hosting our Bitcoin ATM effortless and seamless for the business establishments. We use a small space in your store and a regular power outlet and we install and operate the Bitcoin ATM. You will enjoy passive revenue income, more foot traffic, free online advertising for your business, and add value for your customers. It’s definitely a win-win business opportunity. Click here to apply to host one of our Bitcoin ATMs in your store.