Not quite. The idea is that they take a huge cut of the money. Their website says 11.9%, but this varies by location and can be even higher. So if you dumb in $100 worth of coins, you'll get back $88 in notes, and the machine takes $12 profit. If you want, you can count the coins out yourself, bag them up, and take them to a bank who will change to notes for free, or you can pay for the convenience of using a Coinstar machine.
I see. I just thought that it's a side gig that catches rare coins or something. I just Watched an excellent documentary about coins and how you could be holding to one of them.
Here's a link:
https://youtu.be/Q0pu9nCNCQQIt does seem a bit of a round about way of doing things. You have to change coins to cash, then cash to a voucher, then redeem your voucher with a Coinstar account, then transfer out your bitcoins. No doubt there are other fees they charge on top of the 11.9% coin to cash fee. Why not just take your coins to your bank, dump them straight in to your account for free, and then buy bitcoin your preferred way from there?
Their fees are enormous, and by the way, you explained it, it's somewhat a lot of processes to have a voucher or something. Probably not the best way to cash in BTC, but only those who are left with no choice.
