BTCTN - 1/14/2020 6:46:35 AM - GMT (+0 )
With over 21,000 kiosks in the U.S., Coinstar is a popular automated service for those who want to turn their fiat coins into paper cash. 3,000 of these kiosks have been integrated with Coinme to include crypto purchase functionality, and more than 100 BTC-integrated Coinstar kiosks are now newly available in the greater Sacramento, California area.BTC Purchase Capability
Coinstar found an effective business model in helping people cash in their accumulated change in quick and convenient fashion. The kiosks, found at popular shopping centers and financial institutions across the U.S., allow for loose change to be converted into paper cash, turned into e-gift cards, or used for a charitable donation. Thanks to a strategic partnership between Coinstar and Coinme, 3,000 of the over 21,000 Coinstar kiosks are now revamped to allow the purchase of bitcoin core (BTC), with over 100 machines in the greater Sacramento area being the latest addition.Turning Loose Change Into Cash, Then Crypto
Coinstar’s kiosk network is said to be the largest in the country, and as Coinme’s ATM and kiosk network is also extensive, the integration with Coinstar seems a noteworthy opportunity for onboarding curious users to crypto. Neil Bergquist, CEO and co-founder of Coinme stated in a January 9 press release:
It’s very gratifying to meet the growing customer demand through our relationship with Coinstar, and we couldn’t ask for a better partner to help people access and utilize the power of digital currency.
Coinstar’s CEO, Jim Gaherity, also commented: “There are 3,000 Coinstar kiosk locations across the country that have the Bitcoin purchase functionality and the consumer response has been very positive. We’re happy that the expansion continues with access now in the Sacramento area.”
While BTC isn’t purchasable directly via loose change at the kiosks, users could theoretically acquire the crypto by first dumping in their change, getting the cash for the applicable fee, and then using said paper cash to buy BTC.A Simple Process, but With Privacy Concerns
The process for turning fiat into crypto is fairly straightforward, but involves the use of vouchers, and extensive KYC requirements such as the submission of a phone number and photo ID. Users also need to have a Coinme account as part of this process. This in view, privacy valuing bitcoiners might not find the news too groundbreaking. Considering the IRS’s rabid pursuit of anyone even smelling of crypto in recent months, combined with a lack of clarity on the reporting process, some would-be new users seem to be shying away from becoming too involved.
For those who wish to acquire bitcoin conveniently, and without all the privacy invasion, private trading networks like local.Bitcoin.com allow users all over the world to buy and sell bitcoin cash (BCH) via a variety of payment options, with no KYC/AML process. A new market feature has also been added, allowing users to list items for sale to be paid in BCH.
What do you think of Coinme’s strategic partnership with Coinstar and the addition of more than 100 BTC purchase points in and around Sacramento? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images courtesy of Shutterstock, fair use.
Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.
Graham Smith is an American expat living in Japan, and the founder of Voluntary Japan—an initiative dedicated to spreading the philosophies of unschooling, individual self-ownership, and economic freedom in the land of the rising sun.