Bitcoin & Coinme FAQs | Coinstar (2024)

Bitcoin is a type of digital currency that can be sent from person to person without the need for a trusted third party like a bank or other financial institution. Bitcoin is the first global, decentralized currency. Bitcoin is also referred to as a cryptocurrency, meaning it is secured by cryptography and math. Bitcoin is just the first of many emerging cryptocurrencies. Bitcoin’s unique distributed ledger technology is known as the blockchain.

Blockchain represents a growing area of interest in many aspects of technology and is perhaps most known for its association with cryptocurrency. At its most foundational level, blockchain technology is used to store and disperse information across a network of users without allowing for free editing. Basically, it provides a secure network of information sharing for digital assets, including currency and transactions.

Both of these terms refer to Bitcoin. BTC is an abbreviated version of the word Bitcoin, similar to USD. A Satoshi is the smallest increment of Bitcoin possible for a transaction, at 0.00000001 BTC, it isn’t widely used as a currency or unit of measurement at this time.

That is difficult to say, but we currently see growing widespread demand in this area. The partnership between Coinme and Coinstar provides an easy-to-use, low-cost option for our customers to acquire Bitcoin and other cryptocurrencies in their local community.

Coinstar recognizes that a diverse population has varying payment preferences. As crypto usage grows worldwide, our customers will seek greater access to buying and using this new form of currency. Coinstar’s flexible platform and cash acceptor on select kiosks enables Coinme to reach a wide customer base to conveniently provide crypto at the local level.

A transaction fee of 4% and a cash exchange fee of up to 11% applies to each crypto purchase. Fees may vary by location.

You can only use paper money to buy crypto at Coinstar

Bitcoin and other crypto purchases are available at participating retailers that have Coinstar kiosks enabled for the Coinme product. You can find a Coinstar crypto-enabled kiosk available near you by using our Kiosk Finder

We hope to offer this service in as many Coinstar locations as possible. However, only paper money can be used for crypto transactions, so this option will be available on select Coinstar kiosks that have bill acceptors and also comply with local, state, and federal regulations

Currently, 7,000+ Coinstar kiosks accept paper bills and could be eligible as crypto machines. We are extending this service and crypto purchases should be available on over 10,000 kiosks very soon—check back regularly for updates!

Bitcoin and cryptocurrency are growing mediums of exchange with a market value of over one trillion dollars

The Coinstar kiosk cannot give change back, so you must load the exact amount to buy your crypto. If you want to enter a lesser amount than you have, you can break down your larger bills to smaller denomination bills at the cash register before using the Coinstar kiosk

No, there is not a minimum amount

Yes, the maximum amount is $2,500 per crypto transaction in most cases. Certain states or areas could have unique restrictions, so always check with the kiosk for case-specific information

As with other Coinstar products, there is a nominal fee to use the crypto service

Yes—retailers receive some cash compensation. They also benefit by getting new customers to visit their stores

We are not aware of any Coinstar retail partner that accepts cryptocurrency for payment—you can inquire with the retailer directly for up-to-date information

Coinstar collects phone numbers to generate the voucher necessary to claim your crypto but does not store that or any other sensitive data of customers buying crypto. Coinme is responsible for collecting additional customer information and is primarily responsible for applicable compliance obligations, including the Bank Secrecy Act

We take this very seriously, as does our partner, Coinme. We regularly evaluate Coinme’s practices and are comfortable with the mechanisms they have in place. We will continue to evaluate helpful processes and procedures regularly

If the amounts don’t match, please reach out to Coinme customer supportvia online chat atsupport.coinme.com. You may also reach them via phone at 1(800) 944-3405

Yes, you can buy Bitcoin and other cryptocurrencies at Coinstar without first setting up a Coinme account. However, after purchase, you will need to set up an account at Coinme.com or the Coinme mobile app to access your crypto.

Using bitcoin for criminal activity is becoming increasingly difficult. We partnered with Coinme largely because they’ve recognized that the acceptance of bitcoin is dependent on gaining assurance that it’s NOT used for illegal activity. There are risks with every payment instrument and the monitoring and controls we put in place must match the risk of the instrument. However, the Bitcoin blockchain is a transparent and permanent public record of transactions, making it an increasingly unlikely option for criminal activity as the network’s reach grows worldwide.

You may know that the blockchain underlying Bitcoin and other cryptocurrencies provides a complete audit trail of addresses for every transaction in its history—a security measure even cash doesn’t allow for. As regulation has caught up and law enforcement has learned how to use the audit trail, use of Bitcoin for illegal purposes has certainly been curtailed, yet there is still a risk. It’s Coinme’s leadership in compliance with the Bank Secrecy Act and related regulation that made them an attractive partner for offering Bitcoin and other cryptocurrencies at Coinstar. Part of our diligence in entering this partnership was and is found in ensuring Coinme maintains a rigorous and well-controlled compliance program

There is no plan for allowing the sale of Bitcoin and other cryptocurrencies through Coinstar machines at this time

No, Coinstar does not currently use bitcoin for payments

When using a Coinstar crypto machine, you will see a quoted conversion price that “locks” the amount of crypto you will receive at Coinme.com/redeem, regardless of any price changes in the interim

Coinme’s mission to build a better financial future by empowering communities to access digital currencies aligns well with Coinstar’s proven history in opening access to currency where our users need it most—we’re a natural fit. In addition, Coinme has proven to be a leader in acquiring local and state-level licenses, ensuring a compliant and legal offering

Generally, yes. A “wallet” is a storage device that manages and protects the keys that constitute ownership of Bitcoin and other cryptocurrencies. Wallets protect cryptocurrency ownership keys from bad actors and other cyber threats. As a functioning wallet, Coinme protects your currency and can be accessed through your Coinme account

Upon creating a Coinme account, Coinme provides you with a complimentary crypto wallet that can be used to buy, sell, send, receive, and safely store your cryptocurrency.

As a wallet provider, Coinme offers a custodial crypto wallet to its users free of charge. This custodial solution allows Coinme to safely and securely manage private keys so that the user does not have to worry about ever losing their private keys or maintaining the security of their wallet in order to protect their Bitcoin

Bitcoin is a type of digital currency that can be sent from person to person without the need for a trusted third party like a bank or other financial institution. Bitcoin is the first global, decentralized currency. Bitcoin is also referred to as a cryptocurrency, meaning it is secured by cryptography and math. Bitcoin is just the first of many emerging cryptocurrencies. Bitcoin’s unique distributed ledger technology is known as the blockchain.

Blockchain represents a growing area of interest in many aspects of technology and is perhaps most known for its association with cryptocurrency. At its most foundational level, blockchain technology is used to store and disperse information across a network of users without allowing for free editing. Basically, it provides a secure network of information sharing for digital assets, including currency and transactions.

Both of these terms refer to Bitcoin. BTC is an abbreviated version of the word Bitcoin, similar to USD. A Satoshi is the smallest increment of Bitcoin possible for a transaction, at 0.00000001 BTC, it isn’t widely used as a currency or unit of measurement at this time.

That is difficult to say, but we currently see growing widespread demand in this area. The partnership between Coinme and Coinstar provides an easy-to-use, low-cost option for our customers to acquire Bitcoin and other cryptocurrencies in their local community.

Coinstar recognizes that a diverse population has varying payment preferences. As crypto usage grows worldwide, our customers will seek greater access to buying and using this new form of currency. Coinstar’s flexible platform and cash acceptor on select kiosks enables Coinme to reach a wide customer base to conveniently provide crypto at the local level.

A transaction fee of 4% and a cash exchange fee of up to 11% applies to each crypto purchase. Fees may vary by location.

You can only use paper money to buy crypto at Coinstar

Bitcoin and other crypto purchases are available at participating retailers that have Coinstar kiosks enabled for the Coinme product. You can find a Coinstar crypto-enabled kiosk available near you by using our Kiosk Finder

We hope to offer this service in as many Coinstar locations as possible. However, only paper money can be used for crypto transactions, so this option will be available on select Coinstar kiosks that have bill acceptors and also comply with local, state, and federal regulations

Currently, 7,000+ Coinstar kiosks accept paper bills and could be eligible as crypto machines. We are extending this service and crypto purchases should be available on over 10,000 kiosks very soon—check back regularly for updates!

Bitcoin and cryptocurrency are growing mediums of exchange with a market value of over one trillion dollars

The Coinstar kiosk cannot give change back, so you must load the exact amount to buy your crypto. If you want to enter a lesser amount than you have, you can break down your larger bills to smaller denomination bills at the cash register before using the Coinstar kiosk

No, there is not a minimum amount

Yes, the maximum amount is $2,500 per crypto transaction in most cases. Certain states or areas could have unique restrictions, so always check with the kiosk for case-specific information

As with other Coinstar products, there is a nominal fee to use the crypto service

Yes—retailers receive some cash compensation. They also benefit by getting new customers to visit their stores

We are not aware of any Coinstar retail partner that accepts cryptocurrency for payment—you can inquire with the retailer directly for up-to-date information

Coinstar collects phone numbers to generate the voucher necessary to claim your crypto but does not store that or any other sensitive data of customers buying crypto. Coinme is responsible for collecting additional customer information and is primarily responsible for applicable compliance obligations, including the Bank Secrecy Act

We take this very seriously, as does our partner, Coinme. We regularly evaluate Coinme’s practices and are comfortable with the mechanisms they have in place. We will continue to evaluate helpful processes and procedures regularly

If the amounts don’t match, please reach out to Coinme customer supportvia online chat atsupport.coinme.com. You may also reach them via phone at 1(800) 944-3405

Yes, you can buy Bitcoin and other cryptocurrencies at Coinstar without first setting up a Coinme account. However, after purchase, you will need to set up an account at Coinme.com or the Coinme mobile app to access your crypto.

Using bitcoin for criminal activity is becoming increasingly difficult. We partnered with Coinme largely because they’ve recognized that the acceptance of bitcoin is dependent on gaining assurance that it’s NOT used for illegal activity. There are risks with every payment instrument and the monitoring and controls we put in place must match the risk of the instrument. However, the Bitcoin blockchain is a transparent and permanent public record of transactions, making it an increasingly unlikely option for criminal activity as the network’s reach grows worldwide.

You may know that the blockchain underlying Bitcoin and other cryptocurrencies provides a complete audit trail of addresses for every transaction in its history—a security measure even cash doesn’t allow for. As regulation has caught up and law enforcement has learned how to use the audit trail, use of Bitcoin for illegal purposes has certainly been curtailed, yet there is still a risk. It’s Coinme’s leadership in compliance with the Bank Secrecy Act and related regulation that made them an attractive partner for offering Bitcoin and other cryptocurrencies at Coinstar. Part of our diligence in entering this partnership was and is found in ensuring Coinme maintains a rigorous and well-controlled compliance program

There is no plan for allowing the sale of Bitcoin and other cryptocurrencies through Coinstar machines at this time

No, Coinstar does not currently use bitcoin for payments

When using a Coinstar crypto machine, you will see a quoted conversion price that “locks” the amount of crypto you will receive at Coinme.com/redeem, regardless of any price changes in the interim

Coinme’s mission to build a better financial future by empowering communities to access digital currencies aligns well with Coinstar’s proven history in opening access to currency where our users need it most—we’re a natural fit. In addition, Coinme has proven to be a leader in acquiring local and state-level licenses, ensuring a compliant and legal offering

Generally, yes. A “wallet” is a storage device that manages and protects the keys that constitute ownership of Bitcoin and other cryptocurrencies. Wallets protect cryptocurrency ownership keys from bad actors and other cyber threats. As a functioning wallet, Coinme protects your currency and can be accessed through your Coinme account

Upon creating a Coinme account, Coinme provides you with a complimentary crypto wallet that can be used to buy, sell, send, receive, and safely store your cryptocurrency.

As a wallet provider, Coinme offers a custodial crypto wallet to its users free of charge. This custodial solution allows Coinme to safely and securely manage private keys so that the user does not have to worry about ever losing their private keys or maintaining the security of their wallet in order to protect their Bitcoin