Frequently Asked QuestionsLast updated: February 8, 2023
What are Bitcoins?
We could write an explanation here, but this one is stellar:
Explain Bitcoin Like I’m Five Great article!
This is a good overview:
And this is a great technical explanation:
- Explain Bitcoin Like I’m Five Great article!
Why should I use coincafe?
- coincafe transfers Bitcoins within minutes or hours of your payment clearing, not days.
- coincafe is fully compliant. We are incorporated in the state of New York, are registered with the U.S. Department of the Treasury, hold a Virtual Currency License ("BitLicense") issued by the New York Department of Financial Services, and are completely accountable to our customers.
Do I need a separate bitcoin wallet?
While your coincafe account is a bitcoin wallet, so you can use it to store, send and receive bitcoins on a short-term basis, we strongly encourage self-custody on a software or hardware wallet that you control.
That said, you can hold bitcoin on our service without charge for up to thirty days. A maintenance fee will apply for bitcoin held longer than that unless you buy, sell, send, or receive bitcoin again. For details, please see our fees page.
All bitcoin wallets are compatible with each other, so you can easily send your bitcoins from your coincafe account to another wallet you own.
We recommend the Electrum software wallet or a hardware wallet from Trezor. For additional wallet options, check out Bitcoin.org
Do I have to be in New York to use your service?
Nope. The only option you need to be in NYC for is to Buy in Person. For all other payment types we accept customers from a number of additional US states.
How fast will I get my bitcoins?
Most of our payment methods deliver same or next day! For all the details check out our delivery times.
How is your bitcoin price calculated?
The market rate used by coincafe most of the time is the itBit lastPrice. For full details, click here.
Is this safe?
Yes, this is incredibly safe. We've published our full business details for anyone to see. We are incorporated and registered in the state of New York, hold a Virtual Currency License ("BitLicense") issued by the New York Department of Financial Services, and each transaction is processed by a U.S. bank with FDIC insurance.
Can I trust you? Most definitely.
We are incorporated in the state of New York, and also registered and regulated under federal law as a Money Services Business.
You can find us on the U.S. Department of Treasury (FinCEN) website here. Our MSB Registration Number is 31000083560560.
On the list of Regulated Entities on the New York Department of Financial Services Virtual Currency Businesses page here.
And on the New York Department of State, Division of Corporations website here.
Can I buy a fraction of a Bitcoin, or do I have to buy a whole one?
You can buy any fractional amount. So you can easily buy $100 of Bitcoin if you wish. Currently the Bitcoin system allows 8 digits after the decimal point. So the smallest unit is 0.00000001, which is also known as a "Satoshi."
I sent bitcoins, can I get them back?
No. Bitcoin transactions are irreversible by design. Sending bitcoin is a bit like sending email; once you've sent it, there's no way to get it back. If you've sent bitcoins, the "Transaction ID" is proof of the transfer.
Do you report tax information?
Starting for tax year 2023, for eligible customers we will send a Form 1099 and file that with the IRS as required by law. You are responsible for any other tax reporting requirements in your jursisdiction.
Are you going to sell my information?
No. We never sell or share customer information with any third party, including government agencies, unless compelled by law. Your data are kept strictly confidential.
Do you accept personal checks?
Sorry we do not accept personal checks. You can use a U.S. Postal Service money order or a cashier's check from your bank.
Can I get a refund?
Due to the irreversible nature of bitcoin trading, refunds are not allowed.
What are your order limits?
Most of our payment types do not have a minimum.
Mail-in Payment and in-person cash orders have no limit per se, but as a practical matter it's not the safest thing in the world to transact large amounts in physical cash.
I'm under 18, can I still buy bitcoins from you?
Yes, but you won't be able to use our Electronic Bank Transfer payment method (just our cash payment methods).
Confused? Need help?
Just contact us below and we'll answer any questions you might have and guide you through the process.
Please note that customer service is currently by email and text only.
Text: +1 (917) 444-5458
Call: +1 (347) 454-2646 (COIN)
Monday-Friday 10am to 5pm ET
100% US-based Customer Service.