About Bitcoins
What is Bitcoin?
Bitcoin is a digital peer-to-peer commodity. Peer-to-peer means that no central authority issues new bitcoins or tracks transactions. These tasks are managed collectively by the bitcoin network.
How does Bitcoin work?
Bitcoin uses public-key cryptography, peer-to-peer networking, and proof-of-work to process and verify payments. Bitcoins are sent (or signed over) from one address to another with each user potentially having many, many addresses. Each payment transaction is broadcast to the network … Continue reading →
How are Bitcoins created?
New bitcoins are generated by the network through the process of mining. In a process that is similar to a continuous lottery, mining nodes on the network are awarded bitcoins each time they find the solution to a certain mathematical … Continue reading →
How divisible are Bitcoins?
A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts
Banking and Payments
Why do I have to deposit cash into your bank account over the counter? Can’t I just use internet transfer?
Unfortunately not. We know that going into a branch to make a deposit can be inconvenient, but due to the risk of chargebacks and the anonymity of bitcoins, we cannot accept any method of payment besides cash over the counter … Continue reading →
When are the Banks Opening hours? Are they open on the Weekend?
Weekdays Most branches of Commonwealth Bank, Westpac and ASB Bank (NZ) are open 9.30am to 4pm Monday to Thursday and remain open to 5pm on Friday. There are of course exceptions to this with some branches not being open on … Continue reading →
Can I buy Bitcoins using PayPal or EFT?
Unfortunately due to the reversible nature of PayPal and EFT (Electronic Funds Transfer), we can not accept these method of payment when buying Bitcoins. Pay Pal also does not allow its service to be used for competing products like Bitcoin. … Continue reading →
What are your bank account details?
Our bank details are: Commonwealth Bank Account Name: Bit Innovate Pty Ltd BSB: 062-004 Account Number: 10323706 Westpac Account Name: Bit Innovate Pty Ltd BSB: 032-023 Account Number: 320329 ASB (New Zealand) Account Name: Bit Innovate Pty Ltd Account Number: 12-3495-0004129-00 Make sure … Continue reading →
Can I use ASB FastDeposit or CBA ATM Cash Deposit?
It it advisable not to as this could significantly delay your Bitcoins, because these kind of transactions can take up to 24 hours to show up in our accounts.
I selected one bank for my order, can I just use another bank with the same order?
Yes you can, just make sure you use your Order ID number for the reference at the bank you use.
Your Westpac account number is only 6 digits, is this correct?
Yes, we are very special.
Buying Bitcoins From Us
Can I buy Bitcoins after hours and deposit the funds the next day?
Yes you can, however this may delay the order process. Also Buy Bitcoin orders are valid for 4 hours from the time of processing your order. If we receive a payment for an order after our 4 hour cut off, we reserve … Continue reading →
How long does it take to receive Bitcoins?
We usually send Bitcoins within 1 to 2 hours of receiving payment on weekdays (weekends can be a little longer), if it has been more than 3 hours and you haven’t received your bitcoins, feel free to contact us because there is probably something wrong with … Continue reading →
Why have I not received my Bitcoins yet?
If it has been more than a few hours since you paid but you have not received an email confirming that we have sent you the bitcoins, please contact us through our Support Page. If you have received an email confirming … Continue reading →
How do you calculate your rates for Buy Bitcoin?
Our rate is based on market rate buy price, plus our commission/fee. This rate refreshes every 5 minutes.
Why are your buy Bitcoins prices higher than the international exchanges?
Remember most Australian banks charge a $20 international wire transfer fee and you will also be charged additional fees for the exchanges..Our buy bitcoins prices can often end up cheaper because our prices are based on our ability to buy … Continue reading →
I want to buy a large number of Bitcoins. Can I get a discount?
Unfortunately we are not able to offer a further discount for buying in bulk. By buying in bulk at our set rate you are already getting a discount on your order, because the more you buy at an exchange the … Continue reading →
What happens if I give you the wrong Wallet Address?
Due to the nature of bitcoin transactions, they are irreversible. If you give us an invalid bitcoin address, your bitcoins may end up with someone else and there’s nothing that can be done to get them back. Due to to … Continue reading →
Selling Bitcoins To Us
What is the maximum and minimum amount of Bitcoins I can sell in one day?
Our current maximum and minimum amount changes from time to time. You can find our Maximum and Minimum sell amounts at the bottom left hand side of our Sell Bitcoins order box.
How long will it take for me to receive payment?
Sell Bitcoin orders are processed by the end of the next business day, from there it depends on which payment method you choose. PayPal and some banks will be almost instant but other banks may take a few days.
Is your Sell Bitcoins service available for New Zealand and NZD?
We don’t currently have the Sell Bitcoins service available for New Zealand but we will be launching it in the near future. Until then, if you would like to sell Bitcoins and receive New Zealand Dollars in a New Zealand … Continue reading →