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Walmart and Coinstar partner for the pilot Bitcoin ATM program

Walmart, a multinational retailer in the United States, recently launched a Bitcoin ATM pilot program. The goal is to eventually implement the project on large scale . After a partnership with Coinstar, Walmart customers will now be able to buy Bitcoin at the retailer that operates several grocery stores and hypermarkets. The company stealthily launched…

Walmart, a multinational retailer in the United States, recently launched a Bitcoin ATM pilot program. The goal is to eventually implement the project on large scale

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After a partnership with Coinstar,

Walmart customers will now be able to buy Bitcoin at the retailer that operates several grocery stores and hypermarkets. The company stealthily launched the pilot program featuring 200 Bitcoin ATMs set up across some stores in the US. Walmart intends to install up to 8000 Bitcoin ATMs in the future but is yet to disclose when the initiative will commence.

Coinstar specializes in operating coin-cashing machines throughout the US, Europe and Asia. The company claims to have installed more than 23,000 coin counter kiosks in the region it operates in. Coinstar lets users exchange loose change for cash, gift cards or cash. A fee is charged to facilitate the conversion.

The Washington-headquartered company doesn’t directly deal with cryptocurrencies. CoinMe, a digital currency exchange, was used by the company to offer Bitcoin. The installation of ATM-like machines allows users to convert cash into Bitcoin at Walmart stores.

The process of purchasing Bitcoin via these machines is simple but expensive. The ATM will issue a voucher with a redemption code. Shoppers can insert banknotes. After completing the Know-Your Customer process, the voucher cannot be redeemed. According to the Coinstar FAQ page, “Each purchase carries a transaction fee of 4% and a cash exchange fee of 7%.”

There have been mixed reactions on social media in response to the news of the pilot program, with some users viewing it as a step forward in terms of cryptocurrency adoption. Other users, however, consider the fees charged as exorbitant.

Bitcoin ATMs are very popular, despite the high fees involved. The fees charged by centralised exchanges are usually less than the charges for ATMs in Walmart. Last year, Coinstar revealed its plan to set up 3,500 CoinMe Bitcoin ATMs to capitalize on the market demand. The partnership between Walmart and Coinstar is significant, given the US consumer base that the former commands.

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