Walmart Sells Bitcoin

[DdmrDdmr]

Since Coinstar already seems to have over 4K kiosks of the kind in the US, that allow for bitcoin purchase, the pilot is currently a dent in volume, but a potential booster to drive the toll to 8k Coinstar kiosks offering bitcoin purchase if all goes well on their end.

Most here, if not all, see the 11% aggregate fee as something way over the top, especially if we bear in mind the conditions (mandatory sign-up with Coinme, KYC, voucher – not direct). I wonder if there are people around here that can attest to having made BTC purchase at one of these kiosks (where ever the placement may be), and reason their decision, as the recurrence of the same.

[Darker45]

Since Coinstar already seems to have over 4K kiosks of the kind in the US, that allow for bitcoin purchase, the pilot is currently a dent in volume, but a potential booster to drive the toll to 8k Coinstar kiosks offering bitcoin purchase if all goes well on their end.

It is less about Coinstar and more about Walmart. I don't know how strategic the locations of the rest of Coinstar's Bitcoin kiosks are but as far as Walmart is concerned, the foot traffic is very high. Statista has it that in 2020, Walmart stores have a daily average of 37 million customers.^[1]

Most here, if not all, see the 11% aggregate fee as something way over the top, especially if we bear in mind the conditions (mandatory sign-up with Coinme, KYC, voucher – not direct). I wonder if there are people around here that can attest to having made BTC purchase at one of these kiosks (where ever the placement may be), and reason their decision, as the recurrence of the same.

I doubt there is somebody here who buys, or will buy, Bitcoin from one of these kiosks, save perhaps those who wish to try for the sake of trying. People in this forum must already be more or less aware that there are much better options.

Anyway, I am looking at this development more as an effective way of spreading Bitcoin awareness among non-crypto people than a way of giving Bitcoin fans and supporters the opportunity to buy Bitcoin.

Incidentally, I was scrolling Bitcoin Twitter earlier today and stumbled upon a comment coming from a user who had just come to know about Bitcoin because of the newly-approved Bitcoin ETF. I wanted to share that here but I cannot find the comment anymore. Anyway, my point is that these hundreds of Bitcoin kiosks in Walmart stores could also serve as the first time or the stumbled-upon or discovery moment to many people.

Having said this, I doubt this approach of selling Bitcoin is sustainable. After all, it is generally banking on non-crypto people. But this will definitely benefit Bitcoin in general nonetheless.

[1] https://capitalcounselor.com/walmart-statistics/

[ChiBitCTy]

Coinstar has been offering bitcoin for some time now.  I remember hearing about it starting to do so a couple years ago.  The local grocery store by me (Jewel Osco) had a coinstar so right after I heard about this I checked and they had the bitcoin option up and running.  

Just an FYI of note, if you're not familiar with coinstar..its a big fat scam.  It's a way to turn your change into dollars, and it costs a sizable percentage to do so.  Idiots use these as you could just go to your bank and do the same thing for free.  ALWAYS look at the change return area for coins that were not accepted.  Currently coinstars wont register old junk silver dimes/quarters etc, so they will be spit back out and normally people forget to look there after they are done wasting money using them.  

[isaac_clarke22]

Well, it's not Walmart itself. Walmart is just hosting Coinstar kiosks which sell Bitcoin. This is in partnership with the crypto wallet and exchange, CoinMe.

For those who have been into Bitcoin for some time, this may not sound interesting at all. But given the fact that this is Walmart, the largest retail company in the world, bringing Bitcoin to the masses, this is rather big. This is bringing Bitcoin to the mainstream. For a start, because this is still in the pilot phase, 200 Coinstar kiosks are installed inside various Walmart stores across the US. If this is successful, this might become bigger in the future considering that Walmart has thousands of stores in the US.

The good thing with Coinstar kiosks is that retail buyers are allowed to buy small amounts of Bitcoin for as long as they're paying with paper bills. The downside, however, is that you are required to setup a CoinMe account which requires KYC. In addition, there is also a 4% transaction fee plus another 7% cash exchange fee.

Do you think this will be successful?
~

I thought it would like one of those news again. Quite convenient to have those kiosks though. KYC is a no-no for me, so I would not imagine myself transacting with these plus I would not bother going through setting up CoinMe account. I am already good to how I buy my Bitcoin through my local custodial wallet.
I would not be surprised if Target would get those kiosks as well soon.

[DdmrDdmr]

<…>

The new’s core entity here is indeed Walmart. Nevertheless, what I wanted to get here are some responses of users of the existing topology, regardless of its placement, so as to get an idea of why they used a kiosk of the type under the current conditions, and whether it was a one-off or if it lead to a recurring habit.

Not that I’d expect many insights here really, but if anyone does have that experience it would be interesting to read, specifically the motivational drivers.

[DarkDays]

Well, it's not Walmart itself. Walmart is just hosting Coinstar kiosks which sell Bitcoin. This is in partnership with the crypto wallet and exchange, CoinMe.
..................
The good thing with Coinstar kiosks is that retail buyers are allowed to buy small amounts of Bitcoin for as long as they're paying with paper bills. The downside, however, is that you are required to setup a CoinMe account which requires KYC. In addition, there is also a 4% transaction fee plus another 7% cash exchange fee.

Do you think this will be successful?

For non-tech people this would be extremely useful. Many of these people will hear about BTC but won't know where to start and Coinstar kiosks provides that initiation step for them.

The other factor it helps with is spreading the awareness and getting people talking about crypto, about Bitcoin so it will serve well from that stand point. But as to whether lots of people will go ahead to use buy their own BTC is another matter but I feel that this is at least an encouraging step.

[fiulpro]

Well, it's not Walmart itself. Walmart is just hosting Coinstar kiosks which sell Bitcoin. This is in partnership with the crypto wallet and exchange, CoinMe.

For those who have been into Bitcoin for some time, this may not sound interesting at all. But given the fact that this is Walmart, the largest retail company in the world, bringing Bitcoin to the masses, this is rather big. This is bringing Bitcoin to the mainstream. For a start, because this is still in the pilot phase, 200 Coinstar kiosks are installed inside various Walmart stores across the US. If this is successful, this might become bigger in the future considering that Walmart has thousands of stores in the US.

The good thing with Coinstar kiosks is that retail buyers are allowed to buy small amounts of Bitcoin for as long as they're paying with paper bills. The downside, however, is that you are required to setup a CoinMe account which requires KYC. In addition, there is also a 4% transaction fee plus another 7% cash exchange fee.

Do you think this will be successful?

Sources:
1. https://www.reuters.com/business/walmart-allowing-some-shoppers-buy-bitcoin-coinstar-kiosks-2021-10-21/
2. https://www.coindesk.com/business/2021/10/21/walmart-has-quietly-begun-hosting-bitcoin-atms/
3. https://www.reuters.com/article/walmart-cryptocurrency-idUSL4N2RH4BL

The positive thing I get from this is :
Walmart is supporting bitcoins and cryptocurrencies as a whole.

The negative thing:
Extra fee
KYC needed
People don't have much options here.

Now lets talk about the problems that might arise, at the end of the day people should know more about cryptocurrencies before they even start engaging in them, plus if they do buy small amount of coins through Walmart, then am perfectly sure they do know a thing of two about bitcoins, which does mean that they also understand the fact that there might be better sources to buy Bitcoins from, one where they won't have to use KYC this they might be bringing it to masses but they are not offering a good deal.
( But it's not them but they are in a *partnership* which is a little different from them selling those coins )
Good news though.

[Kakmakr]

It is a bit of a "Click bait" title.... because Wallmart are not selling Bitcoin directly to their customers.... but even if they use a third party.. it is still huge news. The down side of this, is the 11% in fees that they are paying for those bitcoins. 

Let's hope this is the "gateway" into more extensive buying/selling/trading for these people into the future. They get the taste for it.. and they start looking for cheaper ways to get some more.    The next big thing will be when Wallmart start to accept Bitcoin as a payment option... 

[noormcs5]

Well, it's not Walmart itself. Walmart is just hosting Coinstar kiosks which sell Bitcoin. This is in partnership with the crypto wallet and exchange, CoinMe.

<snip>
Do you think this will be successful?

Whoever sells bitcoin, there is always a buyer who is buying it. Due to limited supply, the demand of bitcoin will always be high.

I don't knew that walmart had bitcoins but there is nothing to worry about as the sell off effects won't be long lasting. Market is bullish and fundamentally we are super bullish.

[Fortify]

Well, it's not Walmart itself. Walmart is just hosting Coinstar kiosks which sell Bitcoin. This is in partnership with the crypto wallet and exchange, CoinMe.

For those who have been into Bitcoin for some time, this may not sound interesting at all. But given the fact that this is Walmart, the largest retail company in the world, bringing Bitcoin to the masses, this is rather big. This is bringing Bitcoin to the mainstream. For a start, because this is still in the pilot phase, 200 Coinstar kiosks are installed inside various Walmart stores across the US. If this is successful, this might become bigger in the future considering that Walmart has thousands of stores in the US.

The good thing with Coinstar kiosks is that retail buyers are allowed to buy small amounts of Bitcoin for as long as they're paying with paper bills. The downside, however, is that you are required to setup a CoinMe account which requires KYC. In addition, there is also a 4% transaction fee plus another 7% cash exchange fee.

Do you think this will be successful?

Sources:
1. https://www.reuters.com/business/walmart-allowing-some-shoppers-buy-bitcoin-coinstar-kiosks-2021-10-21/
2. https://www.coindesk.com/business/2021/10/21/walmart-has-quietly-begun-hosting-bitcoin-atms/
3. https://www.reuters.com/article/walmart-cryptocurrency-idUSL4N2RH4BL

While it is great for adoption, it's a huge leap to associate Coinstar machines with the retailers that host them. One advantage to this however is that these machines tend to be around the entrance/exit of the shop, so anything tagged with Bitcoin will be seen by almost every shopper who is paying attention. It's a form of indirect marketing and might subconsciously sway people to do more research. If these machines also convert coins into cash and offer Bitcoin as a payout option, that will introduce it to many people who otherwise would never be exposed to it - the people with the least money available and the ability to convert it into an electronic format is a great idea.

[dothebeats]

While this in itself is already a great thing for bitcoin, I don’t think that this will be as big as it is even if Walmart is involved. Not a lot of shoppers who go to Walmart are interested in bitcoin or cryptocurrencies. They might get intrigued, or think that they’ve seen bitcoin somewhere but not to the point that they will buy bitcoin or something. It might kickstart something new, but the chances of it happening because of Walmart and the mini stall inside it is pretty slim.

[ene1980]

~
The good thing with Coinstar kiosks is that retail buyers are allowed to buy small amounts of Bitcoin for as long as they're paying with paper bills. The downside, however, is that you are required to setup a CoinMe account which requires KYC. In addition, there is also a 4% transaction fee plus another 7% cash exchange fee.

Do you think this will be successful?

It is always a positive news to see that all the Walmart stores having a Bitcoin Kiosk but anyone who invested in Bitcoin will never go to an ATM Kiosk and will be willing to give 4% as transaction fees and 7% as cash exchange fees when you can purchase the coin through exchanges at a really lower rate. Over all it is a good advertisement for the cryptocurrency market.

[swogerino]

The fees are really high for people who have used Bitcoin from quite some time.It is also kinda like a centralized one using this only exchange for now.

Having said that I think it can be successful as Walmart stores have thousand of customers each day there and not all the people know Bitcoin and are tech-savvy so in this sense it can be a huge success by giving an option to the masses to be Bitcoin holders and users.

[famososMuertos]

Actually, it is not only in the United States, it is found in several Central American countries with a strong presence, likewise in South America it is present in important countries such as Argentina and Chile, although this for now points only to the United States, but the fact that El Salvador is in legal bitcoin could be the beginning of favorable commercial relations, the government of El Presidente bukelee has several promotions with bitcoin in several companies, will Wallmart sign up? I think the noise starts in the United States network, but this can be extended to these countries and perhaps mainly El Salvador.

The sacrifice of the KyC already seems a consistent norm of the advance of bitcoin.
^{https://www.walmart.com.sv}

[Yogee]

Give it few months to a year before we assess if it's successful or not. They will probably try all types of promotions so their customers could notice the bitcoin atms.

....The sacrifice of the KyC already seems a consistent norm of the advance of bitcoin.

"Regulation drives more mass adoption" is what many people have been saying since some of the institutional investors started enterring the crypto sphere. International Financial regulators were also pushing for this for years and their work is paying off for them.

[billy1talent]

I have 3 BTC ATMs at 10 minutes distance max. in my city, also each Walmart has one, it's getting pretty well known.

[Lucius]

Not that I’d expect many insights here really, but if anyone does have that experience it would be interesting to read, specifically the motivational drivers.

I know we have a few active US members on the forum, but they are quite experienced and know how to buy BTC much cheaper, so I sincerely doubt we can expect anyone to share their experience with this type of trading. If we exclude KYC in the process, I think that the main motive for this way of buying lies in speed and simplicity - because it all comes down to inserting banknotes/coins into the device and getting a voucher with which you then claim BTC online.

As we can see in the example of this video, the whole process takes about 2 minutes, noting that it is always necessary to prepare banknotes that are not crumpled and damaged in any way, because it is known that all devices of this type have trouble accepting such banknotes.


(click on picture to watch video)

[Wind_FURY]

Do you think this will be successful?

The “good”, Bitcoin is currently everywhere. Everyone wants it, and a provider is prepared to sell it. BUT this is a scam in my opinion. Remove KYC, then I believe that compensates for the bad slippage and the transaction fees/cash exchange fees.

[bittraffic]

Do you think this will be successful?

The “good”, Bitcoin is currently everywhere. Everyone wants it, and a provider is prepared to sell it. BUT this is a scam in my opinion. Remove KYC, then I believe that compensates for the bad slippage and the transaction fees/cash exchange fees.

It's mostly the transaction fee that I see being commented particularly on social media. People are saying it's too high. But even so, I think there will still be people buying BTC  from the kiosk. It would be interesting if they bargain that if people submit KYC, they give a bargain price and low transaction fee.

But I'm seeing wallmart going to also adopt BTC which once people buy BTC, they could use the BTC to buy stuff on wallmart.

[dezoel]

Even before I got to the last line where you talked about the fees that will be involved in this, I was already wondering about it, because I already knew that there is going to be a lot of fees that will be involved. This seems to be a really good idea, for the fact that they are working with a big name that’s already well known in the US,  so it’s possible that there will be lot of people that would come there in anticipation to buy Bitcoin.

But, the process and the fees that will be involved my discourage a lot of them. Just look at this, they will have to create an account with Coinme, and that aside they will also have to pay fees that is like more than 10%. This doesn’t sound right to me. Anyways, let’s just wait till then I see what happens.