I am new to bitcoin, how can I buy some?
Bitcoin can be a little confusing for new users. CoinLoft try to make the process of buying bitcoin quick and easy, however there are a few steps you need to follow. We have put together a document to guide you through the whole process.
What service does CoinLoft provide?
CoinLoft provides a bitcoin and ether purchasing service for Australian customers. Our goal is to make the process of buying bitcoin and ether easy and secure.
What is bitcoin?
Bitcoin is a decentralized digital currency that is not controlled by any bank or government. Transactions are stored on a distributed ledger called the blockchain. Transactions are validated by computers on the bitcoin network; this network is very powerful and spans the globe. Bitcoin was created in 2009 and since then it has achieved global recognition. Bitcoin can be used to purchase any item where the seller is willing to accept it as payment. It can be transferred to anyone in the world very quickly and with very low fees.
Do I need a bitcoin wallet to use CoinLoft?
Yes, CoinLoft does not provide wallet services. We prefer to allow customers to choose their own bitcoin wallet from the options available. All you need to do when you place an order is provide your wallet public address so we know where to send your bitcoin.
How do I create a bitcoin wallet?
There are many bitcoin wallet options available. CoinLoft does not recommend any particular one but for new users an online web wallet is the easiest option. You can find help to make your choice here
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet.
What is Ether?
Ether is similar to bitcoin in that it provides the fuel for operating the Ethereum network, much like bitcoin provides the fuel for the bitcoin network. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more),and that the network remains healthy (people are compensated for their contributed resources).
How much does CoinLoft charge?
We try to keep prices as low as possible, however we are an OTC or brokerage service which means we have higher costs related to obtaining digital currency than a market based exchange would have. We earn our income from the commission we charge on top of our base price. Many things are taken into account when setting our base price, including but not limited to the following: foreign exchange rates, digital currency price indexes, digital currency exchanges and liquidity providers we have access to, available supply, current demand, blockchain mining fees. With all of these variables factored in we endeavour to provide competitive rates at all times. Our advertised price is the final price including commission, no additional fees are added.
Who can use our service?
CoinLoft is available to Australian customers over the age of 18 years.
Is CoinLoft safe to use?
Security is our top priority. All website traffic is encrypted using SSL. All private user details are encrypted using secure encryption technology.
What happens if I deposit funds after my order has expired?
If you are only a few minutes late we will generally just process your order as normal. If you are very late or if the price of bitcoin has changed significantly we may ask you to create a new order or provide us with bank details to refund your payment in full.
How long does it take for bitcoin to show up in my wallet?
This can depend on your wallet provider and what kind of wallet system you are using. It can also vary depending on the current speed of the bitcoin network. On average your wallet balance should be updated within one hour of us receiving your deposit.
What are your minimum and maximum order amounts?
We accept orders between $1 and $5000 for cash purchases. There may also be daily limits per customer. For payment using Flexepin vouchers we currently have a limit of $5000 per week.
What should I do if my bitcoin hasn’t reached my wallet for some time?
If you are worried that your bitcoin is taking a long time to show up in your wallet it’s a good idea to take a look on the blockchain to see if the transaction has been sent. If it hasn’t, or you don’t understand how to view the blockchain you can contact our friendly and responsive support via the contact page on our website.
Do you charge GST?
We do not charge GST on the value of the digital currency you purchase.
Will I receive a tax invoice?
Yes, we will automatically send a tax invoice to your email address showing the breakdown of your order and any applicable taxes.