Frequently Asked Questions
We are currently providing support for our ATMs, here you find our frequently asked questions.
Which fixed transaction fee do you use?
The Bitcoin transaction fee together with the exchange fee determines the value of the fixed fee. Currently we have set the fixed fee to €10,- for Bitcoin and €10,- for Ethereum per transaction.
Which fee in % do you charge?
We use the most current rates from Kraken and we add 10% to this rate. So if the real rate of Kraken for 1 BTC = €7000,- the rate we use is €7700,-
Why is the ATM not scanning my QR code?
This could be because of the following reasons:
- It is only possible to scan addresses which are generated with the Byecoin App
- The camera of the ATM is dirty and needs to be cleaned
- The wallets QR code is not readable
- The wallet QR code does not match the selected Crypto currency
- The wallet address is not yet supported by Lamassu
- It could be that the ATM software hangs, but this almost never happens
Do I need to identify myself (using an ID) to the ATM?
Yes, you will need to install the mobile Byecoin App and go through the Know Your Customer (KYC) process before you can perform a transaction.
Is it possible to refund Bitcoins and/or Ethereum?
Byecoin does not give a refund.
How long does it take for me to receive my Ether?
Generally receiving Ether should not take longer than a few minutes.
How long does it take for me to receive my Bitcoins?
Normally it should not take longer then 15 minutes, but in some cases the network is so busy that it can take longer. This should generally take not longer than 24 hours.
Which virtual currencies does your ATM support?
Our ATMs only support Bitcoins and Ethereum which can only be bought using Euro banknotes.
How to send Bitcoin or Ethereum?
Please, see our guide: https://byecoin.com/byecoinapp/#sendcrypto
How can I receive Bitcoins?
To receive Bitcoins (or Ether) it is necessary to install the Byecoin mobile app and use the QR code generated in the app.
How do I backup my wallet?
After installing the Byecoin App you can create a personal wallet. During wallet creation you will see a mnemonic phrase which consists of 12 words. You should backup these 12 words in a safe place (do not lose it and keep it private), without this backup it is not possible to recover your funds. Byecoin does not keep a backup of this phrase.
How do I prevent my hot wallet from being stolen?
• Install a good virus- and malware scanner
• Keep your machine up to date, if the OS is outdated buy or upgrade to a new one
• Never open attachments in emails you do not trust
• Never download or click on links in an email which you do not trust
• Do not work with role administrator, use a normal restricted user
• Even a good virus/malware scanner does not see all threads, limit opening files you do not trust
• Never share passwords credentials with anyone
• Do not use easy passphrases or passcodes, like “cherry”, “ilovebitcoin” or “1234”
• Hire a professional to assist you in securing your machine
How do I secure my hot wallet?
When you install a wallet on your PC, MacBook or phone, the first thing you should do is protect your wallet with either a code or/and a passphrase. This is critical, and this step should not be skipped. In the more modern wallets the software of the wallet will provide you with 12 words (BIP39, Mnemonic code for generating deterministic keys). These words need to be written down somewhere and be kept safely from harm, including from fire or other unforeseen risks. Check the manual of the wallet of your preference.
What is the difference between a (hot) wallet and paper wallet?
Technically speaking there are no differences, but physically there are differences. A normal digital wallet is accessible e.g. from your laptop or mobile phone, a paper wallet is only accessible from a piece of paper. And is therefore (normally) not online as opposed to an online hot wallet.
How do I install a Byecoin app on my mobile phone?
The Byecoin app is free and can be found in either the Apple App Store (iOS) or Google Play Store (Android).
What is a crypto wallet?
Analogous to a crypto wallet is a normal wallet, as you can receive and pay money with it. There are some differences though, a crypto wallet is completely digital and it can only contain virtual currencies. Byecoin provides a personal wallet in the Byecoin app.
How can I recover my wallet?
It is only possible to import a wallet which is created using the mobile Byecoin app. After re-installation of the Byecoin app go through the SMS verification and tap on “Wallet” and then on “I already have a wallet”. Enter your recovery phrase, every word should be separated by a space. Then tap on “Import”.
Didn’t find what you are looking for? Please email us.