2,000 More US Grocery Stores Enable Bitcoin Buying at Coinstar Machines

via https://www.coindesk.com/

Supermarket kiosk chain Coinstar is expanding the footprint of its bitcoin-buying service to more than 2,000 locations in 19 different states.

The service, through a partnership with blockchain startup Coinme that offers individuals the ability to convert cash into bitcoin, has expanded from an initial 70 machines to some 2,100 different kiosks, Coinme announced Wednesday.

Further, while the partnership initially enabled kiosks in Albertsons and Safeway stores, customers can now access the buying option in Jewel, Shaw’s and Save Mart locations, according to a press release.

Coinstar CEO Jim Gaherity said in a statement that his company saw an “extremely positive” response to the initial announcement in January 2019. At the time, Coinstar announced that customers could purchase bitcoin using U.S. dollar bills, though coins would not be accepted for such transactions. The company imposed a $2,500 limit.

Wednesday’s press release explained that the partnership’s initial launch saw a 15 percent week-over-week growth in user acquisition, the release noted.

Moreover, the first quarter of 2019 “has been one of the most successful in Coinme’s five-year history,” with 92 percent growth in transaction volume and 109 percent growth in the number of transactions processed, compared to the first quarter of 2019.

“We are incredibly pleased with this collaboration with Coinme and are eager to continue expanding to new markets in the coming months,” Gaherity added.

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just saw this at my local ACME grocery store.

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I guess I am not spreading fake news! :money_mouth_face:

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I picked up the habit of just collecting large sums of change and never touching it in case of an emergency mostly from my dad and being a broke college kid for years. I think this counts as an emergency

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@Clayton_Menzel
AWESOME !!

to the moon :smiley:

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I wasted $15 on this. High fee and KYC is a blocker.

  1. First, you pay certain % when converting your coins to dollar.
  2. Then buy the bitcoin with that fiat dollar.
  3. Then you need to create an account and do the KYC thing, upload all your personal info.
  4. If I remember correct, then you pay another 4% to redeem.

Why can’t we just dump all the coins in the machine, and then use whatever amount to buy the bitcoin directly? So dumb that you have to convert to paper dollar first. They should add a limit, if people buy over $1000, then KYC is required, otherwise, just redeem without KYC.

I hope someday, we can just buy Bitcoin gift cards like the iTurnes cards from super market and then scratch it to see the private key barcode.

People can do money laundering by buying goods with cash, why doesn’t that need KYC?

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I hear you man! It’s completely ridiculous, especially the fees. I checked out the machine near me and it was asking for 8.5% :face_vomiting: I love that they spread the word, but if the word they’re spreading is that crypto currencies are a rip off (or even a scam), then is it really helping?

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I just don’t understand, why you have to convert the coins to paper cash first?
Because of that, you have take that recipe to the cashier, wait in line for sometime, depend how busy the store is, cash it, then come back to the Machine to buy the bitcoin.

This extra step adds a lot of inconvenience.
When you dump the coins in the machine, they already calculated the value of the coins. They can take whatever fee they want, then just let the user to buy the bitcoin directly without leaving the Kiosk machine.

And they need to make the redeem process as easy as possible.
It is crazy that you have to do the KYC even if you just to redeem $1 or $5?

Freaking dumb.

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