A Comprehensive Guide on How to Purchase Bitcoin Using a Coinstar Machine
Recently it had been announced that coinstar had partnered with Coinme to sell bitcoin from their coin-counting machines in the United States. Here is a step-by-step guide to how to purchase bitcoin from a Coinstar machine.
Enjoy, and be well, Everyone.
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When you get to the machine and begin your transaction, on the home screen, there will be an option to purchase bitcoin. Select that.
You'll have to agree to the terms and conditions
Enter a cell phone number to tie in to the transaction and receive transaction notifications
At this point, the exchange rate will be shown (which is at a 5% premium to the current price of bitcoin) You will have five minutes to complete your purchase and lock in the quoted price
Insert cash into the machine and confirm purchase. The machine will print out a voucher that has the quoted price, the 4% transaction fee, the total $ amount deposited (less the 4% "transaction fee,") the total amount of bitcoin purchased, a redemption code, a pin number, and transaction information (Coinme ID#, Coinstar Machine #, Coinstar transaction #, date and timestamp
The next step is to set up a Coinme account online (if you haven't already)
Go to coinme.com/redeem
Enter basic KYC (Know Your Customer) info (name, address, and a phone number)
Upload a government-issued ID (passport, drivers license, identity card.) Drivers licenses and ID cards need images of the front and back uploaded
Upload a selfie image
Once uploaded, it will take five minutes to confirm the documentation (I believe it is software-based AI)
After verification is complete, you'll be able to log in to your Coinme account.
For the first time you log in to your account, enter the License, ID or Passport number
A popup window will appear. Select "I want a new/empty account." (If you have already completed set up and used the account, you would select "I've already used a Coinme machine.")
Choose and enter a password, then verify it by entering it again
Next, you will need to redeem the bitcoin you purchased. Your phone number and redemption code from the voucher you received from the machine will be entered already. You'll only need to enter the four-digit pin number to continue.
Once the voucher is verified, you'll be taken to you Coinme wallet. This is the main page with various tabs. This wallet has all the basic functions of a wallet that you install on your phone or PC (as far as sending and receiving is concerned.)
The my "wallet tab" shows a list of all transactions.
The "receive" page has the address and a QR code for the bitcoin wallet that created for the account that your bitcoin was sent to (and others can send to you.)
[Note- this online wallet is managed by Coinme, so you are not able to download the private keys (which controls the bitcoin wallet.) As a rule of thumb, if you are not comfortable with someone else controlling your assets, I recommend downloading a digital wallet for your PC or your smart phone and sending it there.]
In the "send" tab you can send enter a bitcoin wallet address, the amount of bitcoin to send and adjust the transaction fee you wish to pay
The "redeem" tab is where you will redeem additional purchases of bitcoin made at Coinstar machines, using your phone number, the redemption code and pin code
In "settings" you add/update your profile information
In the "locations" tab you can look up all the USA locations where you can buy bitcoin using a Coinstar machine
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