The Bitcoin transaction fee is determined by the Bitcoin Core’s fee estimation algorithm. Currently the fee is very high for Bitcoin transactions, because of this we are forced to set a fixed fee of €10,- per transaction.
This could be because of the following reasons:
• 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
• It could be that the ATM software hangs, but this almost never happens
We have described this in detail here. Byelex recommends to first study the process before going to an ATM. It is very easy and pretty straightforward. If there is still something unclear then you can contact our support desk during office hours +31 165 33 22 47 or sent us an email at email@example.com. Additionally, cryptocurrencies are subject to exchange rate fluctuations. Byelex cannot be held responsible for these fluctuations. Before buying or selling, be sure to read all ins and outs of cryptocurrencies, specifically Bitcoins and Ethers.
Please contact our support desk firstname.lastname@example.org and we would gladly talk about the options.
We take the actual rate from the Kraken Exchange and we add our fee to this rate.
In the Netherlands this is not necessary, it may apply to other countries though. This regulated by law and we do not have any influence on this.
Currently we do not refund.
The confirmation time of Ethereum is must faster than Bitcoin, on average it takes only one minute to confirm.
Normally it should not take longer then 15 minutes. Sometimes it can take longer but it that case it depends on the miners and their priorities.
Currently our fiat payments are done using the Euro and furthermore we only support Bitcoins and Ethereum. We expect full Ethereum support to be in the ATM at the end of this year.
To receive Bitcoins (or any other cryptocurrencies) it is necessary to generate a QR code. Every mobile wallet has this possibility and it is normally called “Request” or “Receive”. Check the manual of your favourite wallet.
A hardware wallet is, besides being almost the same as a traditional crypto wallet, a device which hold one or several cryptocurrencies. The cryptographic secrets are protected by a secure chip. It is basically a small computer which handles your transactions in a safe and secure way.
Every wallet has its own way to back-up your private keys. A private key is basically a unique cryptographic key with which you can prove that you are the owner of the crypto wallet and thus the funds which are stored under that account. It is very important that you back-up these keys on several USB sticks or maybe a paper wallet so you can recover easily after a system crash. Check the manual of your wallet of preference.
The wallet can be easily stolen when it is installed on a mobile phone and you are not paying attention. Always treat your mobile phone as your wallet in this case, to prevent this. Additionally, it is important to protect your wallet with a password and a backup. When your wallet is stolen you can recover your wallet on another device and create a new wallet, so you can transfer the funds back to your new wallet. In this case the old wallet is useless.
Some tips to prevent your machine to be victim of data theft:
• 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
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.
Technically speaking there are no differences, but physically there are differences. A normal digital wallet is accessible e.g. from your MacBook 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.
A paper wallet is document which contain the cryptographic keys which are unique for a digital crypto wallet. The keys are normally depicted as QR codes together with the real keys.
Most wallets are free and can be found in either the Apple App Store (iOS) or Google Play Store (Android). If you prefer having only more than one cryptocurrency (e.g. BTC and ETH) choose Jaxx and follow the installation procedure of Jaxx. We do not provide wallet support please see online which wallet fits your needs.
Analogues 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 crypto currencies. It is also possible to protect your wallet with a passcode or passphrase. Examples of mobile crypto wallets are Blockchain, Coinbase or Jaxx. The latter wallet supports multiple cryptocurrencies in one application.
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