Author: GenesisBlock

ATM Account Registration

Table of Contents


Required Information for ATM registration: 

1. Email address for notify when account is activated
2. Mobile phone number for one-time password
3. ID card/ Passport

Account Opening Procedure

Step 1:  Tap on any crypto icon

Step 2: Press ‘BUY’

Step 3:  Press ‘MORE THAN 100000HKD’

Step 4: Press ‘NOT YET, BUT I WOULD LIKE TO BE REGISTERED’

Step 5: Press ‘I AGREE’ if you agree to provide your email, mobile phone number, ID card copy, selfie, and fingerprint.

Step 6: Enter your email address.

Step 7: Enter your phone number.

Step: 8: Check your mobile phone for one-time password

Step 9: Scan the front side of your ID card

Step 10: Press ‘YES’ to confirm

Step 11: Scan your back side of your ID card

Step 12: Press ‘YES’ to confirm

Step 13: Press ‘TAKE PHOTO’ to take a photo of yourself

Step 14: Press ‘YES’ to confirm

Step 15: Scan your index finger

Step 16: Press ‘OK’

Step 17: Scan your index finger again

Step 18: Registration completed, press ‘OK’

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CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

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How to Set Up a Bitcoin Wallet

In this tutorial, you will learn how to set up your first Bitcoin Wallet by using Trust Wallet. Trust wallet’s creation is by Binance. It allows users to send, receive, and store cryptocurrencies. Please get your device, a pen and paper ready. So, let’s begin! 


Follow the steps below for setting up your Trust Wallet! Or you may watch the video below! 

STEP 1: Download Trust Wallet’s APP 

  • You may find download it via Apple App Store, Google Play or Android App Store. 

STEP 2: Tap ‘Create a Wallet’ 

STEP 3: Write Down the 12 Recovery Words

  •  You will use the recovery words to recover your wallet, in case you lose your device or change devices. Please remember it is important to write down the recovery words IN ORDER! 

STEP 4: Keep Your Recovery Words Safe 

  • Please remember that to write the recovery phrases in the right order and store them somewhere safe. 

STEP 5: Enter Recovery Phrase

  • Re-enter the 12 words according to sequence. 

STEP 5: Complete! 

  • Your first wallet has been successfully set up! So now you can now send, receive, and start trading crypto! 

STEP 6: Enable Notification 

  • You may choose to enable notification to see events in the wallet, for instance, receiving payments. 

STEP 7: Add Tokens

  • Tokens like Bitcoin, Ethereum and BNB are already set up by default, you may also other tokens by tapping the plus icon in the corner. 

Please feel free to contact us if you have any questions about our ATM and cryptocurrencies. 

Thanks for reading our article on how to setup a Bitcoin wallet. If you would like to learn more about Bitcoin, Cryptos, or Blockchain. We recommend checking out our partner Genesis Block’s Crypto Classroom.

Find A Bitcoin ATM Near You!

CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

Find ATMs

How to buy Bitcoin at an ATM?

In this article we will cover how to buy Bitcoin at an ATM. If you haven’t set up a Bitcoin Wallet and would like to know how to set up, be sure to check out our ‘How to set up a Bitcoin Wallet’ Guide. There are numerous options out there, however, we recommend Trust Wallet.  

Step 1: Tap on Crypto icon to start 

  • Press the crypto icon for the cryptocurrency that you would like to purchase. 

Step 2: Choose amount

  • Choose your trade size. For transaction more than HKD100,000 , you are required to register for an ATM account and go through our KYC/AML procedures. 

Step 3: Scan Your Wallet QR code 

  • Open your digital wallet, scan the QR code for your desired wallet address destination. Please check your wallet address after scanning. 

Step 4: Insert Cash

  • Then, you may now start inserting cash. The first note must be HK$500 or HK$1000. We only accept HK$100, HK$500 and HK$1000 notes.

Step 5: Press Buy

  • After inserting the amount of cash the you would like to buy, press ‘BUY’. 

Step 6: Done! 

  • Your transaction is done! You may wish to take a picture of the screen, this can act as your receipt. Otherwise, we can always lookup your transaction based on your wallet address if need be. 

Thanks for reading our article How to Buy Bitcoin at an ATM? If you’d like to learn more be sure to checkout our other articles. In addition, our partner Genesis Block provides a free classroom that covers Bitcoin, Cryptos, and everything Blockchain. Checkout the link below to learn in the Crypto Classroom:

Crypto Classroom

Learn about Bitocin, Cryptos, and everything Blockchain. At your pace, on your time, completely free!

Learn

How to sell Bitcoin on Bitcoin ATM?

If you would like to sell your Bitcoin or cryptocurrencies, you may visit our ATM at Wan Chai Office. Currently, our ATM is only supporting BTC sell. You may contact us to enquire about  other cryptocurrencies. 

 

Step 1: Tap on Crypto icon to start 

  •  Press on the Crypto that you would like to sell.

Step 2: Choose ‘SELL’ 

  •  Press on the Crypto that you would like to sell. 

Step 3: Choose Your Trade Size

  • Choose your trade size. For transaction more than HKD100,000 , you are required to register an ATM account or trade through OTC.

Step 4: Choose your selling amount 

Step 5: Enter your phone number (Optional)

  • You will receive a notification once the cash is ready to pick up 

Step 6:  Confirmation

  • The quotation will only be valid for 45 minutes. 

Step 7:  Scan QR code on the Printed Receipt 

Step 8: Click Send on your wallet

  • Be sure to exclude the transaction fee from the selling amount. Transaction can only be executed with the exact selling amount. We suggest you to choose a higher transaction fee If you would like to speed up the transaction. 

Step 9: Receive a withdrawal notification 

  • Be sure to exclude the transaction fee from the selling amount. Transaction can only be executed with the exact selling amount. We suggest you to choose a higher transaction fee If you would like to speed up the transaction. 

 Step 10: Tap on the crypto icon that you are selling

 Step 11: Press ‘Redeem Ticket’

 Step 12: Scan the QR on the receipt 

 Step 13: Cash eject from ATM   

Find A Bitcoin ATM Near You!

CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

Find ATMs

What is Bitcoin?

You may have heard a lot of talk about Bitcoin (or BTC) lately, and are asking yourself “What is Bitcoin?”. In this tutorial we talk about Bitcoin, one of the most popular cryptocurrencies.

What is Bitcoin?

Bitcoin (BTC) is a store of value and a peer-to-peer electronic cash system that allows users to send BTC freely without having to rely on a third party. The creation of Bitcoin was by Satoshi Nakamoto in early 2009. In wake of the 2008 financial crisis, Satoshi saw the need for a new kind of money.

The current financial system relies almost exclusively on third parties they trust to process payments. They require middlemen are to mediate disputes, which lead to expensive fees and slow processing. Satoshi hoped to create a decentralized peer-to-peer payment system with no reliance on central authorities.

How Bitcoin Works

  1.  In order for Bitcoin to work, it requires a network of miners to continuously mine for BTC. When miners are “mining” for BTC, they are usually solving difficult computational problems. This process requires computers with high computational power and often times will take a lot of energy and electricity. 
  2. Once they solve the problem, the first miner to solve the problem will have to go through a “Proof of Work” (PoW), where other miners in the system have to validate the transaction and ensure the correctness of the problem. Only once the problem receives approval can they record the transaction on the Blockchain.
  3. Once a successful transaction is written on the Blockchain, the miners will then receive rewards in the form of Bitcoin. These Bitcoins will go directly into the miner’s wallet. 
  4. Those who are looking to invest in Bitcoin will then be on the lookout for miners or network participants that are trading Bitcoins.
  5. Miners and investors of Bitcoin will then exchange BTC for cash.
  6. The transaction between the miners and the investors will then be recorded onto the Blockchain.
  7. These transaction are available for the public to view on the Public Ledger where all transactions are kept transparent and public. 

How does Bitcoin Transaction work?

  1.  When we initiate a transaction, it contains information of the sender, the recipient, the transaction amount and a digital signature.
  2. The user will generate two keys. The digital signature is signed with the sender’s private key and the public key is available to other nodes to verify the signature.
  3. When a user signs a transaction, it will be sent to a pool of unconfirmed transactions called a mempool (memory pool). Miners pick the transaction and put into the next block.
  4. Miners validate blocks by solving mathematical problems i.e. hash function. The first miner to solve the problem will receive a block reward paid in Bitcoins. The hash identifies a block and is dependent on the transactions within. Any changes to the transactions will cause the hash to change completely and the rest of the network will reject it. This brings immutability to the history of transactions.
  5. Miners will broadcast the solved hash (i.e. his ‘proof of work’) to other nodes in the network. When other nodes verify and agree on acceptance, the network reaches a consensus.  Nodes express acceptance by working on the next block.

Bitcoin is Not a Physical Currency

Unlike the traditional fiat currency, BTC is not a physical currency. However, the value of Bitcoin equates to the dollar amount on the current market price of BTC. This price typically has a high volatility, but in the long run has grown exponentially over the past 10 years. 

Bitcoin is similar to Gold

Similar to gold, Bitcoin has a very finite supply with a total of 21 million BTC that ever be in circulation. At Bitcoin’s current mining rewards rate of 6.25 BTC per Block, Bitcoin’s annual production is equal to Gold. 

This is one of the many reasons why people refer to Bitcoin as “Digital Gold”. In addition, the fact that BTC the first cryptocurrency. By and large though, the primary reason for this nickname is due to the scarcity of supply. 

Why is Bitcoin Decentralized?

There is no centralised authority in the Bitcoin network. The blockchain ledger distributes across nodes all over the world and is open for anyone to view. The Bitcoin network is a peer-to-peer network where nodes reach consensus collectively. This mitigates the risks of data tampering and data loss.

Dencentralized Mining

The Bitcoin is operated by decentralized authorities having no bank or government control. This allows the individuals and companies to trade BTC anonymously and freely. Those who purchase the Bitcoin are a part of a system that buy/sell and mine BTC. So, in order to maintain the system’s credibility, it requires the “miners” of BTC to continuously mine for new Bitcoins by solving difficult computational problems.

 Once a miner solves the problem, the system logs the transaction onto the blockchain where it collects all transactions. The transactions are then available on the public record where anyone can view it. Protection for each transaction is also and made through a unique secure address making the payee anonymous. This process makes it difficult to falsify any payments.

Why is Bitcoin Secure and Immutable?

As a digital currency, bad actors may attempt to double-spend. Bitcoin’s network solves this problem by time stamping transactions.

Each block contains a hash of itself and the hash of the previous block. If a bad actor attempts to tamper with a transaction in the past, the hash of the blocks will change completely. Then other honest nodes will reject the block.

Features:
– Block size: 1MB
– Average block time: 10mins
– Consensus algorithm: Proof-of-Work (SHA-256)
– Supply limit: 21,000,000 BTC

Ways You Can Aquire Bitcoin?

There are a few ways for you to trade Bitcoin. It can be done through an online marketplace cryptocurrencies, an OTC (over the counter) service, or through a Bitcoin ATM. So, once you purchase BTC, you can store them in a digital wallet that functions the same as a physical wallet.

Find a Bitcoin ATM Near You!

CoinHere operates the largest Bitcoin and Cryptocurrency ATM network in Asia. In fact, we have more Bitcoin ATMs than some banks.

Find ATMs
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