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Author Topic: How about a bitcoin coinstar?  (Read 1266 times)
oldmaid
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February 25, 2015, 07:53:14 PM
Merited by OgNasty (5), dbshck (4)
 #1

How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

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February 25, 2015, 08:05:54 PM
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How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

Not to be a smartass or anything, but isn't that desribing an ATM(BTM?) pretty much?




But I know what you mean.  Bring a bucket of coins, and get bits in return.  I'm pretty sure the people dispatching BTM's have minimums in place, can't dispense dust amounts for the amount their paying to be in that public place.
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February 25, 2015, 08:15:20 PM
 #3

How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

Not to be a smartass or anything, but isn't that desribing an ATM(BTM?) pretty much?
But I know what you mean.  Bring a bucket of coins, and get bits in return.  I'm pretty sure the people dispatching BTM's have minimums in place, can't dispense dust amounts for the amount their paying to be in that public place.


Doesn't a coinstar have different laws because it's only one way? You can't withdraw cash. I don't know the legality of it.

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February 25, 2015, 08:24:58 PM
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How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

Not to be a smartass or anything, but isn't that desribing an ATM(BTM?) pretty much?
But I know what you mean.  Bring a bucket of coins, and get bits in return.  I'm pretty sure the people dispatching BTM's have minimums in place, can't dispense dust amounts for the amount their paying to be in that public place.


Doesn't a coinstar have different laws because it's only one way? You can't withdraw cash. I don't know the legality of it.

Not sure legal ramifications, but the company Outerwall have different kiosks besides Coinstar:

http://www.outerwall.com/brands/

I see those RedBox machines everywhere!  Now, if we could just convince them to accept BTC...
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February 25, 2015, 08:30:06 PM
Merited by dbshck (4)
 #5

you can get amazon code from coinstar for 0% fee, then go to coinclub.io and convert to BTC..  i haven't used coinclub but they seem to have a good track record.

http://www.reddit.com/user/CoinClub_io

It's an extra step from what you are describing, but simplest way i see to convert change to bits.
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February 25, 2015, 09:37:45 PM
 #6

you can get amazon code from coinstar for 0% fee, then go to coinclub.io and convert to BTC..  i haven't used coinclub but they seem to have a good track record.

http://www.reddit.com/user/CoinClub_io

It's an extra step from what you are describing, but simplest way i see to convert change to bits.
This is what I was thinking, so I mean it's possible already and that way you aren't getting hit twice (once by coinstar) but only a bit by coinclub.io

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February 26, 2015, 10:09:40 AM
 #7

you can get amazon code from coinstar for 0% fee, then go to coinclub.io and convert to BTC..  i haven't used coinclub but they seem to have a good track record.

http://www.reddit.com/user/CoinClub_io

It's an extra step from what you are describing, but simplest way i see to convert change to bits.

Never thought of it! Undecided
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February 26, 2015, 02:41:55 PM
 #8

you can get amazon code from coinstar for 0% fee, then go to coinclub.io and convert to BTC..  i haven't used coinclub but they seem to have a good track record.

http://www.reddit.com/user/CoinClub_io

It's an extra step from what you are describing, but simplest way i see to convert change to bits.


hmm that's a good idea.

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February 26, 2015, 03:27:56 PM
 #9

How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

Not to be a smartass or anything, but isn't that desribing an ATM(BTM?) pretty much?




But I know what you mean.  Bring a bucket of coins, and get bits in return.  I'm pretty sure the people dispatching BTM's have minimums in place, can't dispense dust amounts for the amount their paying to be in that public place.
I dont like all these requeriments, ID and even scan of your hand... scary.
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January 18, 2019, 10:40:56 PM
Merited by dbshck (2), OgNasty (1)
 #10

How about a bitcoin coinstar? Seems like a great idea to me. You put coins in there, converts it to Bitcoins.

Great idea!


Coinstar machines will start selling Bitcoin at the grocery store
- https://techcrunch.com/2019/01/17/bitcoin-coinstar-coinme

Sorry to necrothread, but whatever.

Lesson here, eventually nearly all financial services will be impacted by Bitcoin.
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January 20, 2019, 01:28:46 AM
 #11

I think the owner of the ATM would carry bags of coins. As a trader like person would be more work. U gotta go back to the bank in exchange for cash. They only make 10 percent. Now they gotta go to the bank to exchange coins for dollar. More time n costly.
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January 20, 2019, 06:42:57 AM
 #12

I think they should also add a feature where you could dump Alt coins for Bitcoin <BTC> with a scan of a QR code at these machines. Why should centralized exchanges get all the Alt coin action?

The developers just need to write code for paper wallets for the different Alt coins and then you just print those paper wallets <transfer Alt coins to it> with 2 QR codes for the address and the private key and you visit these machines and scan the QR codes and it sweeps those Alt coins from the paper wallet and sells Bitcoin BTC back to you. <Voila, no exchange needed>  Tongue

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January 20, 2019, 11:01:18 AM
 #13

The only issue is you can only change cash into BTC, not coins.
This is from their website :
https://www.coinstar.com/bitcoin
"Only cash is accepted. Coins cannot be used for Bitcoin transactions."

So you'd have to change your coins into bills and then use those to buy BTC... which means more fees.
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January 22, 2019, 02:36:48 AM
 #14

what are you talkiing about. can you explain me more?
kelz1
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January 22, 2019, 07:35:29 AM
 #15

The problem is that charities will be missing out as people tend to put small change in charity boxes. If they can get bitcoin they might save those pennies and use them in a coinstar btc if it gets made

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January 23, 2019, 04:04:57 AM
 #16

The only issue is you can only change cash into BTC, not coins.
This is from their website :
https://www.coinstar.com/bitcoin
"Only cash is accepted. Coins cannot be used for Bitcoin transactions."

So you'd have to change your coins into bills and then use those to buy BTC... which means more fees.

but what if the machine had a LN node? The user would have to download an app (ln wallet) to their phone obviously, but then the UX could just be:

- walks up to machine
- taps phone onto machine to create channel
- dump physical coins into "coinstar" machine
- machine counts money, sends tx to user
- user walks away with BTC in a LN wallet.

Then you could handle tx as low as a few dollars. Still taking the 10%, you could even just program that  10% right into the fees since these would also be private LN nodes (for security reasons).

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January 23, 2019, 10:25:39 AM
 #17

coincoin bitcoin in my opinion it is a good opportunity for me to pribari than we can see the development of coins I can also make my savings into bitcoin I am ready to let go if conditions are enough or more possible.

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January 23, 2019, 11:48:54 AM
 #18

So you'd have to change your coins into bills and then use those to buy BTC... which means more fees.

How is converting coins into bills something that requires a fee? I can walk into any store here and they happily change it for free, or I can have it done in one of my local bank offices for free.

Admittedly, it would be cool to have the machine accept coins too, but hey, you can't have everything. The smallest note in my case is €5 and I barely have any use for it. I have €5 and €10 notes in my physical wallet that have been in there for over nearly six months, would love to have them converted to Bitcoin through a coinstar machine, but we don't have it here. Undecided

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January 23, 2019, 03:29:14 PM
 #19

How is converting coins into bills something that requires a fee?

coinstar is a machine that traditionally converted junk pocket change into a voucher that could be spend in the store.
the reason junk change 'cost' money is because
1. the retailer rents the device so needs to charge a fee for the service
2. the retailer needs to empty the machine regularly. costing labour.

this is why using the traditional junk change to buy bitcoin is not available as the junk change is a service between the customer and retailer.
the bank note-btc is a service between coinstar-customer. not retailer-customer so although its the same device. the service is via a different company contractually(prevents retailer needing a MSB licence)


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Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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January 23, 2019, 03:48:20 PM
 #20

The only issue is you can only change cash into BTC, not coins.
This is from their website :
https://www.coinstar.com/bitcoin
"Only cash is accepted. Coins cannot be used for Bitcoin transactions."

So you'd have to change your coins into bills and then use those to buy BTC... which means more fees.

Aww damn, when I initially heard about the news, I thought that they had added machines to convert actual coins into Bitcoin, just like their regular coin converters.
Still great, just because they have so many locations in the US.

It does seem like they've somewhat missed a great opportunity though.

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