Frequently Asked Questions

What is Bitcoin?

Bitcoin is a form of digital currency. This means that if you have bitcoins you can use them as cash instead of handing bills and physical coins to the merchant. Currently, bitcoins are primarily used for online purchases and transfers as they are more liquid than physical currency. There are thousands of online retailers that accept Bitcoin with the number growing daily. Bitcoin is “The Internet of Money.”

What is a Bitcoin Wallet?

Similar to a traditional wallet you may carry in your pocket, a Bitcoin wallet is used to store money. The difference is that instead of storing a collection of bills and cards, a Bitcoin wallet stores a collection of Bitcoin private keys. Typically a wallet is encrypted with a password or otherwise protected from unauthorized access.
Unlike the Bitcoin network, a Bitcoin wallet is controlled only by its owner (it’s not distributed and shared like the blockchain). It’s important to keep your bitcoin wallet safe by either setting a strong password or otherwise keeping it out of reach of malicious individuals.

Discount Codes

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What Will Bitcoin Cost at a Slon BTM

In order to keep the most competive rates in the market we only list the price at the machine.

The price per Bitcoin is only listed at the machine. During the entire transaction you will find the rates in the top or bottom right hand corner of the screen.

How to buy Bitcoin at a Slon BTM

Step 1: Verify your cell phone number by typing it in and inputing the SMS code.

Step 2: Choose destination of where you would like the Bitcoin to be sent. You can choose to scan a QR code (recommended), print a paper wallet, or manually enter your wallet address. Our machines can work with any bitcoin wallet, however if you don’t have one, you can download “Bread Wallet” from the App Store or Google Play Store.

Step 3: Insert cash.

Step 4: Hit “Finish” and collect your paper receipt.

How to exchange Bitcoin for cash at a Slon BTM

Minimum Withdrawal is $200

Step 1: Verify your cell phone number by typing it in and inputing the SMS code. 

Step 2: Choose the amount of cash you would like to receive.

Step 3: Using your mobile bitcoin wallet, scan the QR code on the machine to send the exact amount of bitcoins required for your transaction (make sure you send your bitcoins with priority miner’s fee).

Step 4: Receive a receipt with a redemption code (don’t lose this code).

Step 5: You will need to wait for your bitcoins to get confirmed on the blockchain. Once confirmed you will receive an SMS letting you know that your cash is ready for pickup.

Step 6: Go back to the machine, hit “Redeem”, verify your number again and use you redemption code to get cash.

How to get Bitcoin off of a paper wallet?

Step 1: You must download a mobile wallet app which has the ability to sweep bitcoins from a paper wallet. If you don’t have one, “Bread Wallet” is available for iPhone and Android phones. 

Step 2: Once you have the “Bread Wallet” downloaded, simply create a new wallet.

Step 3: Tap the ‘Scan/Camera’ button located in the middle of the screen. This will open up your camera. Scan the private key QR code on your paper wallet (the bottom QR code).

Step 4: The coins will automatically move to your “Bread Wallet” and will show up as pending. They will take about 30 minutes to get confirmed. If it’s taking longer to confirm, try closing out of the app and opening it back up again. 

Why aren’t my Bitcoin showing up?

      All Slon BTM purchases happen immediately so you should receive the coins right away. 9 times out of 10, if you don’t see the coins in your wallet, it just needs to be refreshed by closing out of the app and opening it back up again. Some wallets will not show the coins until the transaction has been confirmed on the blockchain, which typically takes about 30 minutes, unless the network is running slow due to high transaction volume. If you are concerned about your coin not being sent, please check your transaction on the network by going to www.btc.com and using your wallet address on the receipt to search for your transaction.

       Upon completetion of your transaction we send a text message with a blockchain.info link to your phone. This is proof that the transaction was sent out to the network and the status of the transaction will be updated here, you can click on the link to see if the transaction has been confirmed. In times of high network congestion transactions may take up to 4 hours to confirm, but usually confirm within 30 minutes. If you sent the Bitcoin to a wallet you do not own (we do NOT recomend or Support this) you can provide that link to anyone as proof of the transaction.