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Author Topic: [2019-05-30] Coinstar Expands to 2,200 Locations After ‘Overwhelming’ Bitcoin De  (Read 66 times)
Jgilpulg
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May 30, 2019, 02:36:32 PM
 #1

As a result, according to coinatmradar.com, a company that tracks Bitcoin ATM locations, there are now over three thousand Bitcoin ATMs available all over the U.S.

https://bitcoinist.com/bitcoin-demand-coinstar-expands-locations/

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BitHodler
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May 30, 2019, 02:49:28 PM
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These Coinstar machines are pretty neat. I wish we had these ATMs here in Europe. Instead of spending low value paper notes on things I don't need I can buy Bitcoin with it instead.

The only thing I can see become a factor to take into consideration are the fees that keep going up. If people think we topped out at $1-$3 in fees, then wait for when the real fomo starts. +$10 fees will be back.

shamc
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May 30, 2019, 03:10:24 PM
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Overwhelming demand even crypto isn't mainstream yet. Coinstar is going to be a mega crypto company one day, like the binance of the ATM world

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May 30, 2019, 03:11:27 PM
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These Coinstar machines are pretty neat.
They are much less impressive when you actually use them than they make them sound.

Essentially, you can't buy bitcoin directly with your change. You have to give the machine your change, and it will give you back paper notes minus a ~12% fee. Then, with those paper notes, you can buy a voucher for bitcoin. This bitcoin voucher will be sold at around $300-400 dollars higher than the current average rate on major exchanges, and you will be charged a 4% fee on top of that. Then with your voucher, you can sign up to their partners' website, complete full KYC procedures, and then be allowed to withdraw your bitcoin to your own wallet.

Essentially fees, fees, fees, and KYC. This is one of the least efficient and most expensive ways you could choose to buy bitcoin.

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May 30, 2019, 04:19:32 PM
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Judging by how easy it is to buy cryptocurrency in the USA via ATM I can see how far the Philippines is in terms of the development of the crypto industry in the country. Here in the Philippines Bitcoin ATMs are owned and operated by banks and before you can even use it you need to have a bank account with their bank company and  one reason why they require such thing is because its their only way to ask your KYC credentials. With such requirements convenience is eally not seen if we opt out using Bitcoin ATMs.

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gentlemand
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May 30, 2019, 06:15:01 PM
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They must be just about the worst possible deal in cryptoland and that's really saying something. I can't quite believe they have the gall to advertise it the way they do. At the very least with the fees as high as they are they could make the process as painless as possible but they've gone the other way with that too.

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May 30, 2019, 06:32:15 PM
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They are much less impressive when you actually use them than they make them sound.

Essentially, you can't buy bitcoin directly with your change. You have to give the machine your change, and it will give you back paper notes minus a ~12% fee. Then, with those paper notes, you can buy a voucher for bitcoin. This bitcoin voucher will be sold at around $300-400 dollars higher than the current average rate on major exchanges, and you will be charged a 4% fee on top of that. Then with your voucher, you can sign up to their partners' website, complete full KYC procedures, and then be allowed to withdraw your bitcoin to your own wallet.

Essentially fees, fees, fees, and KYC. This is one of the least efficient and most expensive ways you could choose to buy bitcoin.

I remember using these Coinstar machines in supermarkets years ago to turn change into cash. There were certainly fees, although 12% sounds like they've definitely risen over time. It's kind of cool to see them integrating the ability to buy bitcoins but you're right, the process for customers is pretty awful.

It seems like buying bitcoins requires full KYC (ID and selfie required) for any amount, which seems ridiculous. I certainly won't be using them.

They must be just about the worst possible deal in cryptoland and that's really saying something. I can't quite believe they have the gall to advertise it the way they do.

I guess it works for the people who think of change as worthless. So, they still feel like they're getting something for nothing. Remember the Lawnmower app? Sort of like that. Lawnmower was way better, though.

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May 30, 2019, 06:42:18 PM
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I guess it works for the people who think of change as worthless. So, they still feel like they're getting something for nothing. Remember the Lawnmower app? Sort of like that. Lawnmower was way better, though.

But it's so much goddamn effort to finish up with that BTC I'll bet they must have a drop out rate of 90 or more per cent. You get the cash then get walloped with having to sign up elsewhere, do KYC, blah blah. Almost everyone will simply think 'fuck it' and go spend it on hand relief.

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May 30, 2019, 06:44:32 PM
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There were certainly fees, although 12% sounds like they've definitely risen over time.
As per https://www.coinstar.com/getcash, the fees for change to cash are 11.9%, and as per https://www.coinme.com/coinstar, the fees for cash to crypto are 4%.

The thing is, these machines will turn your cash in to an Amazon gift card (or a few other places, e.g. Stream, iTunes, etc) with 0% fee. Why would anybody want to pay 11.9% fee + 4% fee + 5% premium on the actual price + full KYC procedures for a few dozen bucks of bitcoin, when you could just get an Amazon gift card immediately with zero fee and with zero KYC.

Unfortunately this is entirely a gimmick for Coinstar to try to cash in on bitcoin's growing popularity rather than a serious method of buying bitcoin.

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