What is Bitcoin and what is the problem it solves?

Bitcoin is a decentralised payment system that allows us to send Bitcoins, i.e. data with an asset value, to each other without the Bitcoin passing through any central third party, but moving exclusively between users.

The advantage is Bitcoin easiest to explain over the banking system. With bank accounts, the bank manages the account, you just give orders to transfer money. Once you have given an order, your bank notifies the recipient's bank of the transfer, and the two banks settle the transfer between themselves. And what is very important: the bank account is always managed by the bank, which can exclude you, block your card or deduct amounts you would not give yourself.

In contrast, in Bitcoin, your wallet is yours and no one else has access to it. That's the main difference between traditional financial systems and cryptocurrencies: in traditional financial systems, third parties like banks manage our wallets, whereas in cryptocurrencies, we manage our wallets ourselves.

Why? Because if we truly had our digital wallet containing forints or dollars, we would endlessly copy the money in it. Because digital money is nothing more than data that can be copied at any time. We would all do this, we would all like to press CTRL+C - CTRL+V on our monthly salary, creating masses of worthless copies from scratch, plunging our economy into a serious crisis. This is why we need to have our wallets at the bank, we all trust them not to copy or remove money from our accounts.

This is what we call the problem of money duplication, and since money has been stored in digital form there has been no solution. Until the advent of Bitcoin. Because that's what Bitcoin is: a decentralised payment system that allows you to hold your digital wallet without any bank or other operator having anything to do with it.

We wrote about how the blockchain technology on which Bitcoin is based here.

It is important to note that the whole system is called Bitcoin, and the individual coins are also called Bitcoins.

What is cryptocurrency?

Cryptocurrencies are a collective term for decentralised payment systems based on blockchain technology. Bitcoin is the best known cryptocurrency, but there are several other cryptocurrencies on the market with different characteristics. Find the main cryptocurrencies and their exchange rates on the CoinCash Rates page.

What is a Bitcoin wallet?

A Bitcoin wallet is used to store Bitcoins. To be technically accurate, it should be noted that Bitcoins are not actually stored anywhere, it's just easier to explain.

To be able to exchange Bitcoins at CoinCash, you will need a wallet. You can find more information about the different wallets and which one we recommend here.

Buying Bitcoin

We offer you several options to buy Bitcoin or other cryptocurrencies, depending on whether you want to pay us in cash or by bank transfer.

How to buy Bitcoin online

1. The first step is to register on our site.

2. After registering, you will need to fill in your profile with information corresponding to the amount you wish to exchange under the "Verification" tab. This information is a legal obligation of CoinCash. Here you can find the FAQ about verification.

3. Place your order on our platform to exchange Bitcoin.

4. Select the blockchain you want to use in the "Blockchain Selection" window. Read the Frequently Asked Questions here for more information on choosing the correct blockchain. Not all cryptocurrencies allow you to choose an alternative chain.

5. An email will then be sent to you with the information you need to make the payment for us. It is important that you always enter only the order ID code in the message field. If you do not do this, your order will not be processed automatically and will not be processed as quickly. It is also important to double-check your wallet address before transferring the money to ensure that the transfer goes to the right place and that your order is processed smoothly.

We don't accept third party transfers, so if you're busy, don't ask a friend to transfer the money from their account, as we won't be able to accept it. Of course, no one else can pay for the order other than the person who placed it.

Buying Bitcoin at an ATM

If you want to buy Bitcoin, ether or other currencies in cash, this is the most obvious option.

The ATMs are open on weekends and most of them are also available after banking hours.

Make sure to type in the phone number required for identification in international format (+3601234567, +4412345678, etc.) for successful identification.

It's important to note that your online registration is not valid for ATM purchases, so if you want to make a large purchase you will need to complete the appropriate verification for the levels, but the good news is that you only need to do this once and then you will be able to buy and sell cryptocurrency at all CoinCash ATMs seamlessly.

It is possible that during a busy period for a crypto, the mining costs can get so high that we can no longer cover them, so please watch your screen and always buy cryptocurrencies above cost.

Please note that the minimum value of a transaction is 10 000 HUF and the maximum value is 1 500 000 HUF.

Bitcoin purchases personally at CoinCash office

If you want to use this form of cash purchase, there are a few steps you should follow.

1. First you need to make an appointment with our customer service team using any of the contact details on our website. What to bring to your appointment? Your ID, address card and the amount you want to exchange in cash.

2. If you register and get an appointment, make a crypto wallet for yourself. You can find information on wallet types here.

3. Please complete the mandatory verification on our site before you come in. It will be much faster and easier for you and for us. Click here for details on verification!

It is important to note that this type of exchange is available for a minimum of 500 000 HUF per occasion.

Selling Bitcoin

We offer you several ways to sell Bitcoin and cryptocurrencies that can be exchanged with us, depending on whether you want to send us the equivalent value of your order in cash or by bank transfer.

How to sell Bitcoin online

Here, as with buying, the first step is to register on our site. Once the registration is done and you have filled in your profile with data corresponding to the value of the amount you wish to redeem, you only need to place an order, which will be followed by an email with all the information you need to make the transfer.

What should you pay attention to before starting the transfer?

Different wallets deduct the cost of the transaction in different ways. It's important to place an order for exactly the amount you will be able to send, so make sure you have enough coins to send before placing the order.

It's important that each order is given a separate address so that the automated system can identify it as quickly as possible and start the exchange, so make sure you don't save the address in your crypto wallet.

Bitcoin sales at ATMs

If you want to get cash for your cryptocurrency immediately, this is the most obvious solution. ATMs are also open on weekends and most are available after banking hours.

In any case, be sure to type in the phone number required for identification in international format (+3601234567, +4412345678, etc.) to ensure success.

It's important to note that your online registration is not valid for ATM purchases, so if you want to make a large purchase you will need to complete the appropriate identification for the levels, but the good news is that you only need to do this once and then you will be able to buy and sell cryptocurrency seamlessly at all CoinCash ATMs.

Once you have printed out the ticket for the sale, the ATM will give you a 20 minute time frame to start the transaction, if you exceed this time frame, do not send the cryptocurrency to that address under any circumstances as the system will detect it as an error and your exchange will not be processed. If you do send the cryptocurrency to the wallet address after 20 minutes, please contact us via one of our customer support channels so that we can help you resolve the issue.

Please make sure that you send the exact amount of crypto to the address on the voucher. If the two amounts do not match, the transaction will again fail, so you will need to contact us through one of our customer support channels to help us find a solution that works for you.

Selling Bitcoin in person at a CoinCash office

If you want to opt for this form of cash purchase, there are a few steps you should definitely follow.

First you need to make an appointment with our customer service team using any of the contact details on our website.

What to bring to your appointment? Your ID, address card and a wallet containing the coins you want to sell. If you are storing the bitcoin you want to sell on an exchange, you may want to post it to a hot wallet for a faster transaction (posting to an exchange can take several hours).

Click here if you would like to buy Bitcoin.