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The Coinstar initiative to support the purchase of bitcoins at 20,000 locations in the US is subject to mixed reviews after it was launched while users complained of high costs and poor performance.
AML / KYC overload
Coinme, the Bitcoin ATM operator who started offering purchases in 2014, worked with Coinstar last week to allow customers to buy bitcoins in cash using the same device.
As user experiences began to emerge on social media, however, not all of them seemed to be planning.
In particular, the revisions highlighted the security measures that Coinme and Coinstar have implemented. To buy Bitcoin, a commentator wrote on Twitter, it was necessary to provide an e-mail address, a phone number, a name, an ID verification and even a selfie photograph.
"Blades but not unexpected, it seems silly for such a small amount," commentator, known as CryptoParadyme, wrote about their purchase of $ 25.
Bitcoin a @coinstar from @CoinmeATM https://t.co/N7nOzkzgir
– BitBuyBit (@FHRITP_BTC) 21 January 2019
Rates, IDs and technical problems
The current US regulatory landscape surrounding the ownership of cryptocurrencies focuses on the blocking of hidden mirrors from cryptocurrency trading, with key companies such as Coinbase who were previously confronted with requests for data inspection by authorities.
While such situations appear beyond Coinme's control, criticism of his latest move has also led to a lack of technical reliability of his processes.
CryptoParadyme summary on the experience:
Buy bitcoins in cash, then fill out a form, send your ID and selfie, wait over an hour and send us your email to create an account.
The purchase process was further hampered by Coinme's app, which failed to load all the necessary mobile steps.
Overall, a 25 Bitcoin purchase cost around 4 percent in mandatory commissions, as well as "extra markup" on the Bitcoin price itself and above-average transaction fees, they added.
Coinme did not respond publicly to the review of Twitter at the time of printing.
Such as Bitcoinist reported, despite the crisis in the cryptocurrency markets lasting over a year, the Bitcoin ATM industry continues to expand. The United States alone currently has almost 3000 machines, the most out of any country in the world.
What do you think of Coinme's purchases of Bitmein through Coinstar? Let us know in the comments below!
Images courtesy of Shutterstock
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