Why these three cryptocurrencies are available on the ATMs only?

The number of different cryptocurrencies in circulation is more than two thousand, however their daily transaction volumes may be very diverse. Currencies with higher volumes have more buyers and sellers at a given point of time than those currencies with lower transaction volumes, therefore in case of the prior the chances that there will always be a seller from whome I can buy, and a buyer to whome I can sell are much bigger. Cryptocurrencies available on BlockChange ATMs are those with the highest transactional volumes.

Do these cryptocurrencies available via the ATMs exist in physical form?

Contrast to other currencies, these cryptocurrencies do not exist in coins or paper format, they are available in digital form only.

Where can I find BlockChange ATMs?

Click on the link to find the nearest BlockChange ATM to your current location.

Are the ATMs available 0-24?

Click on the link to find out more on the opening hours. ATMs are not available during the night.

What are the factors determining the rates of cryptocurrencies?

Just like in case of any tradeable commodity supply and demand factors are defining the rates. As the number of trading venues for cryptocurrencies is constantly growing, the number of participants on these markets is increasing as well escalating the sum of factors influencing cryptocurrency rates. The changing regulatory environment, the volatility in the adoption/refusal of these currencies, economic cycles, fluctuations in the rate of the USD and oil, the changing interest rate environment, progress of the technology – just to name a few.

What is the rate shown on the ATM?

Rates displayed on the screen show the value of 1 unit of the given cryptocurrency expressed in HUF (Hungarian Forint). Rates are for information purposes only, showing how much HUF I have to pay for a unit of the given cryptocurrency. The final rate is being fixed by confirming the transaction, the transaction is settled on the fixed rate accordingly.

Is trading continuous in the cryptocurrencies?

Since trading in cryptocurrencies is mostly decentralised – done on many locations globally and simultaneously – trading hours are not dependent on a given location, time zone, institution, country or religion, trading is therefore basically uninterrupted. There are however periods of higher or lower volumes (times of the day, days or weeks) weekends are regularly registered as times with lower volumes.

What is the current market capitalisation of the cryptocurrencies?

The combined value of the 100 cryptocurrencies with the largest market cap exceeds USD 230bln. Among the cryptocurrencies available on BlockChange ATMs Bitcoin has the largest market cap of USD 150bln, Ethereum is close to 20bln while Litecoin has a market cap of USD 3,5bln.

Is HUF the only accepted fiat ccy on the ATM?

BlockChange ATMs accept HUF (Hungarian Forint) cash only and banknotes of HUF 20,000 and HUF 10,000. Value of cryptocurrencies sold via the BlockChange ATMs is dispensed in HUF banknotes only.

Are there any transaction limits on the ATMs?

Transaction value may not exceed HUF 2.5M per customer. Smallest transaction value is HUF 10,000 which also equals the smallest banknote accepted by the ATM.

Is there a possibilty to buy less than one unit of the given cryptocurrency?

Cryptocurrencies available via the ATMs have their fractional currencies. Buying and selling fractions of the given cryptocurrency is also possible via the ATMs.

Fraction of Bitcoin is called Satoshi, where 1 Bitcoin equals 100.000.000 Satoshi’s giving a USD 0.000095 value to 1 Satoshi. In case of Ethereum its fraction called Wei has even a smaller USD value as 1 Ethereum equals 1.000.000.000.000.000.000 Wei’s. Fraction of Litecoin is called Mililitecoin, 1 million Mililitecoins equal 1 Litecoin.

Fractions of cryptocurrencies have a relatively small value but please bare in mind the smallest transaction value on the ATMs is HUF 10,000 therefore buying only 1 Satoshi, Wei or Mililitecoin is not possible via the ATMs.

Are ATMs capable of giving back the change?

ATMs accept and pay out banknotes of HUF 10,000 and 20,000 only, therefore it is always the fraction of the cryptocurrency that is being bought or sold. As HUF 10,000 banknote is the smallest value traded by the ATM crypto quantities are being adjusted so to equal multiples of HUF 10,000. Smallest possible crypto amount bought or sold via the ATM equals HUF 10,000, while amounts above that must be the round number multiples of HUF 10,000 (20,000, 30,000, 50,000, etc.)

Do I need anything other than cash to be able to buy cryptocurrencies via the ATM?

Besides my cash, I would need my mobile phone, a cryptowallet, and documents for identification above certain thresholds.

Where can I put and store my cryptocurrencies purchased?

I can place and store my cryptocurrencies in a so called crypto wallet. There are many forms of crypto wallets, in case I still do not have one, BlockChange ATMs offer three solutions.

  1. Download a crypto wallet app for iOS or Android using the QR code displayed
  2. Use NFC card as a wallet issued by the ATM
  3. Use paper wallet issued by the ATM

Who can have access to my crypto wallet?

Nobody can have access to my crypto wallet as long as I keep my private key in secret. Sharing the private key to my crypto wallet is like giving access to my traditional wallet. Holder of the private key has the authority to send cryptocurrencies from the crypto wallet. I should always keep the private key to my crypto wallet on a safe place, where no person other than me may have access to it.

Why do I need my cell phone for the transaction?

For each transaction I wish to execute via the BlockChange ATM a security code has to be typed in before the execution. The security code is sent via an SMS to my cell phone. I can proceed with the transaction once I have typed in the correct security code received on my cell phone.

Why do I need my identity documents?

According to BlockChange’s General Terms of Use clients executing transactions above HUF 300,000 must be identified. KYC is performed by scanning of one of the following valid documents: ID, passport or driving license (in card format). In all cases a document stating the address of the holder has to be scanned as well. Scanning is carried out via the ATM’s scanner placed on the front side of the ATM facing the client. In the absence of my identity document I will not be able to execute a transaction exceeding the value of HUF 300,000.

Would my purchase of crypto currencies be immediately booked in my crypto wallet?

The process of crypto currency purchase has a few stages. By placing the banknotes into the ATM and pressing the purchase button on the screen the purchase rate is fixed and the transaction enters its first stage. The transaction is already visible in the crypto wallet, however it has an unconfirmed status, meaning it can not be spent at this stage. The transaction is entered in a block within the blockchain and receives the first confirmation status. In case additional blocks are built on the block whre my transaction was originally entered the transaction receives the finally confirmed status and may be spent from that moment.

How long does it take for a block to build up?

Block build times may vary depending on the cryptocurrency. In case of Bitcoin it takes around 10 minutes for a block to be built up, while for Ethereum it only takes 20 seconds.

How many blocks need to be built up until my transaction receives the finally confirmed status?

According to BlockChange general terms of use in case of Bitcoin at least 5 blocks need to be built up until my transaction receives the finally confirmed status, which may take several minutes. For Ethereum my transaction gets the finally confirmed status after 11 block confirmations which takes less than 5 minutes.

If I sell cryptos via the ATM do I receive the cash immediately?

Processing the transaction takes several minutes, therefore cash is not dispensed immediately after I have executed the transaction. Cash is dispensed in the event my sold cryptos were booked on BlockChange’s crypto wallet and the transaction received the finally confirmed status. Transaction processing times are different depending on the cryptocurrency being transacted (check “How many blocks need to be built up until my transaction receives the finally confirmed status?”) Once I have placed my sell order on the ATM a receipt (voucher) is printed showing the exact amount and the wallet address where I need to send my cryptos offered for sale. I need to keep this voucher as it entitles me to pick up the cash at the ATM once my transaction receives the finally confirmed status. Losing this voucher before my transaction receives the finally confirmed status may threaten the payout at the ATM.

How should I know my transaction received the finally confirmed status and is ready for payout?

An SMS is sent to my cell phone once my transaction received the finally confirmed status and I may pick up the cash from the ATM. In order to be able to get the cash I nedd to scan the QR code printed on the voucher using the ATM’s scanner. Losing the voucher before the payout may prevent me from receiving my cash.

Are there any public websites where I can track my transactions?

Each crypto transaction is entered into a block, and these blocks form the blockchain itself. Blockchain contains all transactions, being decentralised it runs on several computers simultaneously. Handful of providers grant access to read only version of the blockchain with the possibility to search and monitor transactions. You may track your Bitcoin transactions on blockchain.com also search for blocks and transactions on the whole blockchain.

Will my transaction immediately enter in the next block that is being built up?

Tranactions entering a block follow a sequence based on the fees (mining fees) associated to the transaction. The higher the fee the sooner the transaction is recorded in the upcoming block. Miners are competing to record the transactions with the highest fees, therefore transactions with the highest fees are prioritised.

Am I able to adjust my transaction (mining) fees?

Mining fees are adjustable within my crypto wallet. In case I do not have my own crypto wallet, the paper wallet or NFC card wallet available through the BlockChange ATMs is auto adjusting its mining fees. Keeping the fees at optimum levels transactions are recorded in the earliest blocks, while fees not being overpriced at the same time.

What happens if I set the mining fees too low within my wallet?

Setting the mining fees too low may prevent my transaction being recorded in the first block, but only the next blocks, which may take hours or even a day until my transaction is recorded and receives the finally confirmed status.

What are the factors determining the mining fees?

The capacity of a block is limited, in case of Bitcoin it is artificially set to 1 MB. Having several transaction waiting to be recorded in one block, the ones with the highest fees will be recorded first. Mining fees are expressed and determined in the fraction of the given cryptocurrency. Mining fees for Bitcoin are determined in Satoshi (fraction of BTC) showing how many Satoshi’s are needed to be set for a transaction in order to be recorded in the first block. Mining fees are set by the market, may rise when transaction frequency is higher and may fall when there are less transactions waiting to be recorded.

Where can I obtain information on the actual mining fees?

There are many websites now available for tracking real time mining fees. One of the most popular websites to track mining fees for bitcoin is bitcoinfees.info, information on past and historic mining fees is also available on the website.

Are transactions in cryptocurrencies reversible?

Once confirming my buy or sell order on the ATM, the transaction is irreversible, it can not be deleted, nor cancelled. One of the main characteristics of crypto transactions is once they enter the blockchain they can not be cancelled or withdrawn.

Is there a possibility my transaction gets rejected on the ATM?

There are a few reasons BlockChange ATM’s reject the execution of a transaction. Main reasons for rejection would be:

  • I refuse to accept the General Business Terms of BlockChange Kft.
  • I have entered an invalid phone number or not my phone number, therefore the password sent via an SMS can not be delivered (right format for the phone number is + than the country code, than my phone number)
  • The password sent via SMS was not entered correctly
  • The QR code to my wallet was not readable, or I have entered an invalid wallet address
  • There is insufficient crypto or cash available for the execution of my transaction
  • The amount of cryptocurrencies sent did not match the amount shown on the voucher
  • I have failed to send my cryptocurrencies within the 15 minute timeframe
  • Banknotes I have placed in the ATM are damaged, they no longer in circulation or they are not valid or real
  • Compliance has not authorised the transaction

Which are the most common cases for Compliance not to authorise a transaction?

  • I wish to exectue a transaction exceeding the value of HUF 300,000, but I fail to present my documents for identifiction, or my documents are not sufficient for my identification (document is damaged, or not among the documents accepted for identification listed in the regulation)
  • My document presented has expired
  • The photo in my document does not match the photo taken by the ATM (suspicion may arise person is not the same)
  • I am a politically exposed person but I fail to obtain information on the sources of my funds in the transaction
  • I fail to present documents confirming the sources of my funds
  • Suspicion of a criminal act may arise in connection to the transaction

I have enetered a wrong phone number or not used the correct format.

The password is not delivered via SMS, I can not continue the transaction without entering the password. Screen pops back to the welcome screen I need to start from the beginning. The right format for the phone number is + (holding down the 0 button) than the country code, than my phone number.

What happens if I type in a wrong password?

An error message is displayed on the screen and I need to enter the correct password in order to be able to proceed with the transaction.

ATM can not read the QR code of my wallet address.

Please make sure the QR code is placed in front of the ATM camera (QR code sticker is showing the ATM camera) Try to move closer the QR code to the camera, than slowly move it further away from the camera. In case the QR code is printed on a paper, make sure the picture is clear and clean, the paper is flat and no parts are missing from the picture. The wallett address can also be typed in using the touchscreen keyboard, however wallett addresses are usually 30 characters long, so any typing errors may cause the transaction to be rejected. In case none of the above work, please call the customer service of BlockChange at +36 70 478 0722.

There is no sufficcient cryptocurrency or cash in the ATM.

Reducing the size of the order may be a solution. Reduction is possible in HUF 10,000 steps as that is the smallest banknote accepted/dispensed by the ATM. The ATM would automatically reject the placement of further banknotes if there is insufficient cryptocurrency available. The order will be executed in the amount accepted by the ATM. In case cash runs out, the order will be accepted in the amount available in the ATM. Whatever the case, please contact customer support at +36 70 478 0722 for further assistance.

Amount of cryptocurrencies sent for sale does not match the amount shown on the voucher.

Reducing the size of the order may be a solution. Reduction is possible in HUF 10,000 steps as that is the smallest banknote accepted/dispensed by the ATM. The ATM would automatically reject the placement of further banknotes if there is insufficient cryptocurrency available. The order will be executed in the amount accepted by the ATM. In case cash runs out, the order will be accepted in the amount available in the ATM. Whatever the case, please contact customer support at +36 70 478 0722 for further assistance.

I have missed to transfer my cyptocurrencies within the given timeframe.

In case the transfer has not been initiated at all, the transaction expires. In case the transaction has been initiated, cryptocurrencies sent after the given timeframe will land on a custody account. Depending on the actual market price the transaction will be executed or not. In case of the latter cryptocurrencies will be sent back to the customer. In most cases transfer is not executed within the given timeframe due to the low mining fees set by the customer. Aligning mining fees to current market rates will enable transactions to be entered in the next block and executed faster.

Do ATMs accept or dispense damaged banknotes?

BlockChange ATMs do not accept damaged or counterfeited banknotes, and they don’t keep damaged banknotes therefore only undamaged banknotes are being dispensed by the ATMs. For further questions about accepted banknotes please contact BlockChange customer support at +36 70 478 0722

Is it possible to execute a transaction without having my identity documents with me?

To execute a transaction exceeding the value of HUF 300,000 customers need to be identified by scanning their identity documents. In the absence of these documents only transactions not reaching HUF 300,000 may be executed via the BlockChange ATMs.

Is KYC performed by the ATM?

ATM will scan the documents for identification and also make a photo of the customer. Scanned data is automatically forwarded to BlockChange compliance team for further analysis, including checking the validity of the documents, and comparing the photo taken by the ATM to the photo within the identification documents. Processing the transaction requires the final approval of compliance.

How can Politically exposed Persons (PEP) transact via the ATMs?

PEP clients need the approval of the CEO of BlockChange Kft. A request for approval has to be handed in in person naming the exact PEP category of the client, also additional information may be required (purpose of the transaction, sources of funds, etc.)

How do I know if I qualify for a PEP?

Paragraph 4. of the 2017. LIII. law on the prevention of money laundering and terrorism financing lists the conditions on who is considered a Politically exposed Person.

Useful tips for the customers:

  • Price fluctuations of cryptocurrencies may be quite volatile. Compared to fiat currencies there is no central authority who would step in to ease or control the wild swings in prices, therefore fluctuations may be significant from time to time.
  • Before investing in cryptocurrencies please make sure you understand the risks assosiated with this asset class, and you are aware of your risk taking capabilities.
  • Always treat with caution investment opportunities related to cryptocurrencies where profits are highlighted while risks are less detailed or not mentioned at all.
  • Transactions in cryptocurrencies are irreversible. Once you have confirmed your order, the transaction can not be withdrawn, cancelled or deleted.
  • Treat with vigilence advertisments where payments are limited to cryptocurrencies.
  • If someone asks you to use bitcoin ATM and to deposit cash for whatever reason, make sure you know the person well and ask if there are any alternatives for payment other than crypto’s.
  • Never use the ATM to pay a “fine” or a “threat” especially if it is pretending to be from the government as government agencies will not accept cryptocurrencies. Before you download a crypto wallett application, make sure you read the reviews first. Try to gather information about the company from reliable sources also ask others you know and may already have experience with the wallet.
  • You should always keep your private key on a safe place not visible nor accessible by others.
  • Please bare in mind anyone who has access to your private key has an unlimited access to your wallet.