FAQ 2018-03-01T06:42:17+00:00

FAQ

What is Bitcoin?

  • Bitcoin is the first decentralized peer-to-peer consensus payment network, powered by its users with no central authority or middleman. Basically, it is much like digital cash for the Internet.
  • Bitcoin is a new technology that allows for a better method of global transactions. It has the power to streamline remittances, settlements, debit services and financial services into a single system which is cheaper and frictionless.
  • Bitcoin is also programmable money. Smart contracts, Distributed autonomous organizations and many other uses of this technology are being developed on top of bitcoin. Bitcoin is a new technology that opens the doors to many ideas previously thought impossible.
  • Bitcoin creates a trusted network to share information without the need for a centralized adjudicator. This allows for cheaper and faster transactions directly from one person to another.
  • Bitcoin is a solution to a thirty-year-old problem in the area of fault-tolerance within computer systems called the Byzantine generals problem.

What is Ethereum?

  • Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was crowdfunded during August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss nonprofit, with contributions from great minds across the globe.

What is a wallet?

A wallet is like a bank account for Bitcoin or Ethereum: it consists of a public address and a private key. Your public key acts like your account number that you share with people to receive funds, while your private key acts like your password used to make payments. There are many different types of wallet services. We have made 3 guides to assist you in opening your first wallet. Click here to find out more.

How do I create a wallet?

There are different wallets for different use cases: Check out our guides here to assist you through the process.

What is your buy order process?

  1. Click here to fill out this form, you will then receive a Bitcoin or Ethereum Order QR Code on our website and an email copy.
  2. Go to one of our deposit locations and the newsagent will scan your Bitcoin or Ethereum Order QR Code after you make a cash deposit.
  3. Once you have made your deposit, and have scanned the QR code, we will send out your bitcoins within 30 minutes.
  4. If there are any issues with your order we will call or email you.

What is your sell order process?

  1. Fill in the form located here. Provide us with your bank details and Sell amount.
  2. We will then provide you with a Bitcoin wallet address to send the nominated amount of Bitcoins valid for 10-minutes.
  3. We will then electronically transfer you the AUD amount corresponding to your order overnight. We only accept Australian bank accounts.

Please email us ([email protected]) or call us (1300 204 80) if there are any changes in the amount or time in which you made deposit.

What deposit methods do you accept?

We only accept Cash Deposits made through our deposit gateway service. To see our deposit locations please click here.

What are the order minimum, maximum and daily limits?

We have an order minimum of $50 AUD. For bank transactions an order maximum of $8000.

For newsagents, it is also at $9,000, however, each order is a max of $2,500 (multiple orders required to reach the limit).

Please note that there is a daily limit of $9000 per person.

Will I receive a tax invoice?

Yes, we send a tax invoice to your email address showing the breakdown of fees and pricing for every order you create.

Where do you send my Bitcoin or Ethereum?

  • We send Bitcoin or Ethereum to the Wallet Address you provide with your order. The address will be around 32 characters long eg. “12XTtbb7A1B2Ni4VBRFybCSDDuBHoMkEiL”
  • Please make sure that the Wallet Address you provide is correct, Bitcoin &Ethereum transactions are irreversible.

How long does it take for Bitcoin or Ethereum to show up in my wallet?

  • This is dependent on your wallet provider, as a rule of thumb please allow 30-60 minutes before funds change from ‘Pending’ to ‘Received” . Sometimes the Bitcoin/Ethereum network will experience delays due to high transaction volume.
  • You can always use a blockchain explorer to independently verify a transaction. Go to Smartbit.com.au and use their search bar to find your wallet address. From there once a transaction is sent to your wallet it will be displayed as a ‘pending transaction’.

What is the transaction / network fee?

  • Every time you send you can pay a small transaction fee to prioritize your transaction, most wallet services use this feature by default.
  • The transaction fee will vary depending on the volume of transaction in the network at that time. Whilst optional, transactions without a fee may take days to process. As a rule of thumb, if you are paying an exact amount to someone please account for the fee when considering the amount of Bitcoin or Ethereum you need to purchase. At the time of writing, a fee between 1-10 cents AUD is sufficient for priority processing.

What happens if I deposit funds after my order has expired?

If you call to let us know that you are running late by five minutes, we will fulfil your order. If your order is considerably late we will either refund your order or update your spot price to reflect the current exchange price.

Do you charge GST on the Spot Price?

No, we do not charged GST on the spot price of Bitcoin or Ethereum. GST is only payable on our transaction fee and is automatically included. A detailed price breakdown is also sent via email when you create an order.

Why do you only accept cash?

Bitcoin and Ethereum transactions are irreversible. When we receive a deposit we send your Bitcoin or Ethereum within 30 minutes. We can only accept a method of payment which cannot be reversed after we have sent out Bitcoin or Ethereum. In Australia, the only payment option which is irreversible in this time frame are cash deposits.