CoinStar and CoinMe Teamup to bring Crypto to the Masses

In one of the most obvious moves for cryptocurrency, CoinMe announced today that they have teamed up with CoinStar to make it possible to convert loose change into cryptocurrency.

• Cryptocurrency at the grocery store: Coinstar launches bitcoin purchasing feature at kiosks

If you are unfamiliar with CoinStar, it is a coin counting machine that is in most super markets. It will count your coins for free, but if you want to exchange the coins to dollar bills, then it will take a service fee. An 11.9% service fee applies. Fees may vary by location, but that's a hefty sum. But, if you've been holding on to a ton of pennies, dimes and nickels, it is much easier than rolling them yourself and taking them to the bank.

However, there is a free alternative. You can turn your change into a eGift Card. The cards currently include Amazon, Applebee's, Best Buy, Chili's, GameStop, Southwest Airlines, Starbucks, The Home Depot and iTunes. You have to have a minimum amount of $5-10, but there are no fees.

For converting your coins to cryptocurrency, you have 4 easy steps

1. Go to a select Coinstar kiosk, touch “Buy Bitcoin,” review and accept the transaction terms, and enter your phone number,
2. Insert U.S. paper money into the cash acceptor (any amount up to $2,500).
3. Receive a voucher with a Bitcoin redemption code.
4. Visit coinme.com/redeem to create a Coinme account or sign in to your existing account to claim your Bitcoin.

That's it!
Now, there isn't any mention of a service fee, so maybe that is handled between CoinMe and CoinStar the same way the eGift Cards are handled. According to CoinMe's site, there is a ** 4% fee to use the redeem service**. I guess that's not too big of a charge, since some crypto ATM's charge over 10% for a transaction.

Great minds think a like

Now, back on November 19, 2018, I tweeted about a thought I have probably had since I started messing with cryptocurrency back in 2017.

I didn't mention CoinMe, but CoinMe does follow PieceOfThePy. Now, they claim they have had this in the works for a long time. But, since CoinStar had the ability to create receipts and eGift Cards for years, it wouldn't take much effort to print out a code for a dollar to BitCoin transaction. But, I'll give them the benefit of the doubt.

Currently, the CoinStar machines that can do this are only in Texas. CoinStar is a private company, so they will roll it out to their machines as they see fit. Hopefully, the pilot sites will go well and it gets rolled out everywhere, because...

With nearly 20,000 kiosks worldwide, Coinstar kiosks are easy to find and use. In fact, 90% of the U.S. population lives within five miles of one. Each year, Coinstar processes 43 billion coins, helping customers turn their loose change into cash, a NO FEE eGift card, or a charity donation.

Yup, it would be an easy way to spread the word about cryptocurrency and let people get their feet wet with just pocket change.

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