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Coinstar and Coinme Deal Brings Altcoin Cash Onramp to 10,000 ATMs

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The partnership between Coinstar and Coinme is about to offer offline investors a range of cryptocurrencies, which they can easily purchase through their ATMs. However, this new product offering isn’t all rainbows and sunshine. Read more to find out.

Coinstar & Coinme

Regular investors and users were happy when they realized that they could simply enter regular Walmart stores and exit as Bitcoin holders. Machines known to convert surplus coins into usable currency offered investors to buy Bitcoin in 2019. This partnership is an extension of the same enthusiasm.

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Coinstar is a provider of coin exchange machines operating in thousands of places and 11 states in the United States. They have been known to offer ATMs that convert loose change into cash, among other things. Coinstar has more than 20,000 self-service machines around the world including Europe and Japan.

The company opened its cryptocurrency offerings in 2019 with Bitcoin. In partnership with Coinme.

Coinme is a leading cryptocurrency exchange company founded in 2014 that is known for empowering Coinstar with its crypto offerings. To provide a safe, simple and reliable way to buy, sell and manage cryptocurrencies. Eliminating the digital divide that restricted a certain section of the population to be part of the cryptocurrency.

All cryptocurrency purchases go directly to the Coinme wallet, eliminating the need to create and set up a wallet from another service provider. Recognizing the fruitful partnership, Coinme’s CEO said in a statement: “Our partnership with Coinstar has allowed us to expand to an additional 10,000 physical locations, providing instant cash on cryptocurrencies, which can be purchased and stored securely in a Coinme wallet or sent to virtually any wallet on world level,”

Coinstar welcomes other cryptocurrencies

To expand its offering beyond Bitcoin, Coinstar, in partnership with Coinme, has integrated 6 other cryptocurrencies into its crypto offerings. They include Chainlink, Dogecoin, Ethereum, Litecoin, Stellar, and Polygon.

Bitcoin was the initial choice of offering for many reasons. For starters, ATMs catered to the group of users most interested in retail investments. Moreover, these investors were not interested in the complex processes of owning a cryptocurrency, and did not particularly welcome the fluctuations in the cryptocurrency market. Hence, Bitcoin should have been the only cryptocurrency that would incentivize these users to make their first cryptocurrency purchases, for most users.

Apart from being the oldest cryptocurrency and having a good reputation for being a reliable currency, Bitcoin is recognized as a commodity in the United States. Thus, trading is not a problem, and investors will not face many problems from regulators once they buy it.

However, the opposite is true for other cryptocurrencies that Coinstar has used. For the most part, these cryptocurrencies are recognized as securities. At least according to the SEC’s implication. There are still specific regulations on crypto securities that will be traded in the US, and this raises some questions as to why companies are deciding to partner now. As if this were not a problem, they would have offered these cryptocurrencies earlier. And if so, they should wait until the regulatory frameworks are in place and then take action.

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In addition, it is interesting to see why cryptocurrencies that have relatively complex operations are available. When the only reason why users choose to invest in cryptocurrency through an ATM is that the process is not technologically demanding.

LINK, for example, is known to provide a decentralized oracle for DeFi. As exciting as this aspect of it is for those who are curious, retail investors find it especially difficult to wrap their heads around the entire technical side of the coin.

As a result, it can be concluded that these coins are provided through ATMs only to increase speculative participants and nothing more. For those interested in technology, buying these coins through the exchange suits them well.

In conclusion, it is fair to say that this partnership will be profitable for both companies and cryptocurrencies due to the increased participation in the market.

In related news, crypto ATMs are not as well received in other countries as they are in the US. Although there are compliance issues in some countries, a few countries have banned crypto ATMs completely, such as the UK.

Buy cryptocurrency in the UK

Your capital is at risk.

How to buy cryptocurrency at Coinstar ATMs

Let’s take Bitcoin as the cryptocurrency choice for this quick guide.

  1. Click “Buy Bitcoin” and enter your phone number immediately after you have accepted the terms of the transaction presented.
  2. Insert paper money, up to $2,500, into the recipient and receive a voucher with a redemption code.
  3. Visit the Coinme website, and enter the redemption code to claim your bitcoin.

You will need to create an account if you do not already have one. Once done, you will receive your bitcoins in your Coinme wallet.

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