Welcome to East Coast Crypto

East Coast Crypto - Our FAQ's

CAN I GET MY MONEY BACK IN CASE I SCANNED THE WRONG QR CODE OR WALLET?

Sorry, this is very important for customer to understand that ALL DIGITAL TRANSACTIONS ARE FINAL. NO REFUNDS ARE POSSIBLE. Make sure you are depositing the into the correct wallet address, for the cryptocurrency you are purchasing.


WHY HAVEN’T I RECEIVED MY BITCOIN YET?

When you purchase bitcoin from one of our BATMs, the bitcoin must be sent to you on the Bitcoin network called the blockchain. Depending on the wallet you are using the wallet may require 3-6 confirmations before the bitcoin is deposited in your wallet and spendable. Each confirmation typically takes 10 minutes. This means it can take up to an hour or more for your bitcoin to be deposited in your wallet after purchasing bitcoin from one of our BATMs.


I'VE NEVER USED A BITCOIN BATM BEFORE. HOW DO I USE YOUR MACHINES?

To buy crypto, select the currency you'd like to purchase on the screen, and then press "BUY". The terminal will ask you the quantity of crypto (in USD) you'd like to purchase. Depending on the value, you may be asked to provide additional information. From there, scan your wallet QR code (public key) using the BATM's scanner, and insert bills until you've reached the exact amount of crypto you want to purchase. Then hit the "Buy Bitcoin" or "Buy Altcoins" button on the bottom right of the screen and you're all done! The transaction will immediately broadcast to its respective network and you'll see the crypto on its way.


WHAT HAPPENED? I RECEIVED AN ERROR CODE? 

Take a deep breath and relax, you will receive your cryptocurrency. Take a picture of the error code or write it down. Go to East Coast Crypto’s contact page and write us an email. Most likely we are already working on the problem. The transaction will be sent to the wallet address submitted at that time the transaction took place.


WHAT IS BITCOIN?

Bitcoin is a form of digital currency. You can use bitcoin like dollars for purchases at stores where it is accepted. Currently, bitcoins are primarily used for online purchases and transfers, as they are more liquid than physical currency (with lower transaction costs). There are thousands of online retailers that accept bitcoin with the number growing daily. See our resources page for more info.

WHAT IS BLOCKCHAIN?

Cryptocurrency transactions are stored in a public ledger called the blockchain. It’s not maintained by any singular authority, but rather by a network of communicating nodes and miners running open-source software. Transactions are sent on this network using software applications such as wallet apps. Miners then validate those transactions, add them to their copy of the blockchain, their ledger, and then forward these additions to other nodes. The blockchain is a distributed database, meaning each network node verifies and stores its own copy of the blockchain.


WHAT DOES "DECENTRALIZED" MEAN?

Cryptocurrencies, that are built on peer-to-peer and on an open source networks, the currency isn’t controlled by any one person or organization. It can’t be artificially inflated or toyed with. There is a finite quantity to be mined or otherwise introduced into the network. 


WHAT IS BITCOIN MINING?

Bitcoin mining is a process that involves specialized computers solving algorithmic equations or hash functions. Miners help to confirm blocks of transactions held within the network. Bitcoin miners get rewards paid in Bitcoin, for the miners confirming transactions on the blockchain. Miners introduce new Bitcoin into the network and secure the system with transaction confirmations. 


SHOULD I SEND BITCOIN, OR ANY FORM OF CURRENCY, TO A STRANGER ASKING FOR IT?

No. Unfortunately, there will always be examples of bad people taking advantage of good things. Given the nature of privacy that comes along with cryptocurrencies, scammers will do whatever it takes to trick people into sending funds to them, and with cryptocurrencies, it’s nearly impossible to identify someone solely from the wallet address they provided you to send funds to.

When sending funds to anyone, always use your best judgment and never forget that if something sounds “too good to be true”, it most likely is.

If you wouldn’t feel comfortable sending an envelope of cash to a complete stranger’s P.O. Box, do NOT send Bitcoin or any other cryptocurrency to them either. Once a you send cryptocurrency, you cannot stop, cancel, or reverse the transaction. Please have 100% confidence in the identity of any recipient you intend to transfer funds to.

NEVER SHARE YOUR SECRET SEED/PHRASE WITH ANYBODY!!!!!!!!!!

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This website is provided for informational purposes only. The website does not constitute financial, tax or legal advice, and is not intended to be used by anyone for the purpose of financial advice, legal advice, tax avoidance, promoting, marketing or recommending to any other party any matter addressed herein. For financial or legal advice please consult your own professional.

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