Coinstar Is Testing Bitcoin Kiosks at Select Walmart Stores

Peter_Brosdahl

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Image: Coinstar



Coinstar is testing Bitcoin kiosks at select Walmart stores. The cash-only machines allow people to buy Bitcoin. There is a four percent fee for all transactions and a seven percent fee for exchanges. A Coinme account is required and can be set up at the kiosk. There are 200 kiosks that have been rolled out to various Walmart locations. These are not the first Bitcoin-enabled kiosks that Coinstar has rolled out. The company began deploying them to select grocery stores in Florida in 2019. Coinstar has a kiosk finder to locate them. The machines have a limit of $2,500 and do not give change back.



After inserting bills into the machine, a paper voucher is issued. The next stage involves setting up a Coinme account and passing a know-your-customer (KYC) check before the...
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After seeing payday lenders charging usurious rates and nothing being done about it, this doesn’t surprise me.
 
I've never quite understood the purpose of these kiosks.

I mean, they are not ATM's, as there is no physical form of Bitcoin.

What purpose do they serve?
 
Zarathustra said:
I've never quite understood the purpose of these kiosks.

I mean, they are not ATM's, as there is no physical form of Bitcoin.

What purpose do they serve?
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So non-saavy people can go buy BTC and Coinstar can cash in on the craze. Pretty much same business model they have with coins.
 
Brian_B said:
So non-saavy people can go buy BTC and Coinstar can cash in on the craze. Pretty much same business model they have with coins.
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Wait tech savvy people have an easy way to convert coins into paper money? Please do tell oh wise one! Unless you mean the bank... most banks are a PITA about stuff like that and just not worth the experience. Plus... speaking personally... when I was a broke person I wanted that money for taco bell at 1am. Banks were not an option. ;)
 
Wait tech savvy people have an easy way to convert coins into paper money? Please do tell oh wise one!
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I just bought a cheap coin wrapper from Amazon.... Took me a couple of hours, but the bank took the rolls at full value. I had enough coins saved up over the years to buy my wife's engagement ring, so it was ... a few 5-gal buckets worth of quarters. And the cost was a good deal less than Coinstar's 7% (or whatever it is now) cut.
 
Grimlakin said:
You said it's so non tech savvy people can get bitcoin like how they have with coins.
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Your right, I had misread then edited when I looked at it again. You are quick on the draw. ;)
 
Brian_B said:
I just bought a cheap coin wrapper from Amazon.... Took me a couple of hours, but the bank took the rolls at full value. I had enough coins saved up over the years to buy my wife's engagement ring, so it was ... a few 5-gal buckets worth of quarters. And the cost was a good deal less than Coinstar's 7% (or whatever it is now) cut.
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Last time I emptied out the change jar, I wrapped them up and took to the bank a couple years ago. They wouldn't take them, said I had to unroll them and bring them back raw. Was a couple years ago (Bank of 'Murica) so who knows if they still do it. I handed over a giant bag of coins, and they sent me a deposit notice a week or so later... they don't even do it in branch, they ship it somewhere. I honestly have no idea how retail banks work any more. That particular one however... got rid of all the drive through tellers for ATM machines, and reduced their indoor staff by a ton, with more ATM machines inside.
 
Burticus said:
Last time I emptied out the change jar, I wrapped them up and took to the bank a couple years ago. They wouldn't take them, said I had to unroll them and bring them back raw. Was a couple years ago (Bank of 'Murica) so who knows if they still do it. I handed over a giant bag of coins, and they sent me a deposit notice a week or so later... they don't even do it in branch, they ship it somewhere. I honestly have no idea how retail banks work any more. That particular one however... got rid of all the drive through tellers for ATM machines, and reduced their indoor staff by a ton, with more ATM machines inside.
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Yeah gotta talk to your bank.

I have 2 different credit unions - both take them wrapped no problem (they have this scale thing they weigh them in?). Only one local branch has a coin counter you can use for free, but they will tell you it's broken more often than not and urge you to call ahead to check and see if it's available.
 
Grimlakin said:
Wait tech savvy people have an easy way to convert coins into paper money? Please do tell oh wise one! Unless you mean the bank... most banks are a PITA about stuff like that and just not worth the experience. Plus... speaking personally... when I was a broke person I wanted that money for taco bell at 1am. Banks were not an option. ;)
Click to expand...

It's getting pretty close to being able to convert it that fast.
 
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