FAQs
Frequently Asked Questions
Do I need to create a RockItCoin account before using an ATM Wizards Bitcoin ATM?
Yes. Setting up your RockItCoin wallet is easy, just follow these simple steps. Step 1: Download the RockItCoin app. Step 2: Create your account by clicking “create an account” on your screen. Then create a username. Step 3: Create a secure password that is 10 characters long with at least one uppercase letter, one lowercase, and one number. Be sure to choose something you will remember as we cannot help you recover a lost password. Step 4: Choose a 4-digit pin that is secure and that you will be able to remember. Your basic setup is now complete and you can head to your nearest ATM Wizards Bitcoin ATM. To find a location near you, hover above the "Locations" tab at the top of this page.
Where is my Bitcoin?
Bitcoin transactions are normally confirmed by the Blockchain in 5-30 minutes, with 15 minutes being the average transaction time. The time a transaction takes is determined by the traffic of the network. The more transactions there on the network, the longer it takes to confirm the transaction. RockItCoin always prioritizes its customer's transactions by attaching a "high priority" mining fee. The best wallet to use for the fastest confirmation times is the RockItCoin Bitcoin Wallet.
Can I purchase Bitcoin with a debit or credit card on an ATM Wizards Bitcoin ATM?
No. ATM Wizards Bitcoin ATM machines only accept cash. $10 bills are the smallest denomination the machines will take.
How much Bitcoin can I purchase with an ATM Wizards Bitcoin ATM?
You can purchase up to $25,000 per day from an ATM Wizards Bitcoin ATM in Nevada and $1,000 per day in California. The minimum purchase is $10 and $10 bills are the smallest denomination the machine will accept.
How do I store Bitcoin?
To store Bitcoin, you need a Bitcoin wallet. We recommend using the RockItCoin Bitcoin Wallet by RockItCoin.com which can be downloaded on the App store on iPhone or the Google Play Store on Android. If you need help with setting up a wallet we recommend looking up some videos on YouTube for the wallet you choose.
What is cryptocurrency?
Cryptocurrency, also know as "crypto" is a digital or virtual currency that is cryptographically secured and is nearly impossible to counterfeit, hack or double-spend. Cryptocurrency is not backed by any single authority or government, but is instead backed by the Blockchain which is a computer network consisting of thousands of nodes that all work together to validate each transaction and verify all previous work.
What is Bitcoin mining?
Bitcoin mining is a process that involves thousands of specialized computers around the world that solve mathematical algorithms called hash functions. When the miners confirm transactions on the Blockchain by solving these mathematical equations, they are rewarded in Bitcoin or whatever cryptocurrency they are mining. There will only be 21 million Bitcoins that will ever be mined and the last Bitcoin will be mined in the year 2140.
How long has Bitcoin been around?
Bitcoin was first created in 2009 by an anonymous figure named Satoshi Nakamoto. It is unknown if Satoshi is a single person or a group.
Why is Bitcoin so valuable?
Bitcoin is valuable because of supply and demand and the way that it was created to be a store of value. Bitcoin's code was written in a way to cause it to be an extremely valuable asset. When you think about Gold as a store of value, it protects against inflation because the value of the dollar is going down in comparison to Gold. Gold's supply stays the same while demand for it is going up because people see it as a way to protect against inflation. With Bitcoin, demand is going up over time while the supply is actually going down, making it extremely valuable in the long term. This supply cut is called the halving, where the supply is halved every 4 years because the miner's rewards are cut in half, causing a decrease in supply. Cryptocurrency is a fantastic store of value and protective asset against inflation because not only is demand increasing but supply is also decreasing, causing an exponential price increase over time. Bitcoin has increased 715,000% since it first came out in 2009, hitting all-time highs of nearly $70,000 per Bitcoin in 2021. For comparison, the highest performing stock, Amazon, increased by 15,000% since it's inception. It shouldn't be expected to see gains like this in the future because gains slow down over time, but Bitcoin is still an amazing store of value, protecting against inflation in the long run.