1. What is the Bitcoin price on ATM?
### UPDATE ### 17th Jan 2017 (Under normal volatility)
Between 2pm and 11pm
* Buy Price is HK average exchange price +10%, Sell Price is HK average exchange price -4%. *
Between 11pm and 2pm
* Buy Price is HK average exchange price +10%, Sell Price is HK average exchange price -1% *
*We take an average price of weighted HK exchanges, if it deviates a lot with international exchanges then another exchange ask price will be use, we reserve the right to change price and markup without notice.
In our Mong Kok shop there are 2 ATM’s, Machine 2 has an additional charge of HKD250 for a higher miner fee / quicker confirmation.
2. Why ATM price have markup ?
Bitcoin price can rise or fall 30% in a single day. The markup premium helps with the loss from the price movement since our price do not change regardless of your transaction size. Handling cash is expensive for Bitcoin business. We do not charge deposit, withdrawal nor transaction fees. ATMs are located at convenience district centers 24/7. The rental costs are high in Hong Kong. We believe our ATMs provide value to our customers in the form of convenience, trustworthiness, service support and reliability.
3. I inserted $1000 HKD Bill into the machine but wallet shows less. Your wallet might be using Coinbase price which is an US Bitcoin exchange. Bitcoin price in Hong Kong is NOT same as the price from the US. Often US prices are few % cheaper. Please read Http://hkbitcoinatm.com/what-is-arbitrage-in-bitcoin-buying-and-selling/
4. Is there any difference between the different Bitcoin Wallet app ?
They all have the core functions i.e. to store, receive, send Bitcoin. Some have more security features. The safest one we know of is Blockchain.info
5. I have a transaction that is taking very long time to get 1 confirmation, is this normal ?
Sometimes the Bitcoin network gets very busy. It can take up to 24 hours to receive confirmations
6. I just bought Bitcoin but it is not in my wallet.
Some wallets display transactions with > 5 confirmations. Enter your wallet address into blockexplorer.com for instant check.
7. The machine does not scan my qr code
Try lower the brightness of your smartphone.
8. Is the ATM working now, I want to buy / sell Bitcoin ?
YES. If unsure check our facebook page. Any outage will be shown on the status. No need to email us for this question.
9. I sent Bitcoin to a stranger I never met. Can I get my Bitcoin back ?
Most likely not. Our shops have big disclaimer telling people to beware of any scams.
10. Machine dispense less cash or not dispensing cash at all. Help.
Don’t panic. Check out the video tutorial first. If any more problems, email us or message us on Facebook with your transaction id and time of transaction. We will sort you out one way or another.
11. I sent Bitcoin to the machine to dispense cash but no sms.
When send Bitcoin to the machine do choose Priority Fee from Blockchain wallet.
Normally ATM will dispense cash if you send the right amount of BTC to the machine in a timely manner. (if you adjust the amount or send it late then no cash will dispense). If the machine sense that your transaction might stay ‘Unconfirmed for a long period of time’ then it will ask for your telephone number. After your transaction has 1-2 transactions it will send sms that says ‘Your cash is waiting! Go to the ATM and press Redeem.’ Then you can go to the machine, enter the telephone number and enter the sms then money will dispense. If you don’t redeem within 24hrs then code will expire. Please note to get refund, I need to wait until your transaction has a few confirmations and 24hrs after the code expires.
This normally happens when the mempool is high e.g. above 60,000 unconfirmed transactions. You can check life mempool count from https://blockchain.info/charts/mempool-count
A transaction with low fees can stay unconfirmed up to 80hrs. After that it will either reverse back to the sender or finally made it to the destination. There is nothing one can do to speed it up. Just wait.
12. Is there any amount limit ?
The ATM should have enough BTC or cash for most customers.
13. How to contact HKBitcoinATM ?
We will respond to email@example.com or Facebook message to provide technical support only. We will not reply to fake email that fall into spam box or fake Facebook account.