They are much less impressive when you actually use them than they make them sound.
Essentially, you can't buy bitcoin directly with your change. You have to give the machine your change, and it will give you back paper notes minus a ~12% fee. Then, with those paper notes, you can buy a voucher for bitcoin. This bitcoin voucher will be sold at around $300-400 dollars higher than the current average rate on major exchanges, and you will be charged a 4% fee on top of that. Then with your voucher, you can sign up to their partners' website, complete full KYC procedures, and then be allowed to withdraw your bitcoin to your own wallet.
Essentially fees, fees, fees, and KYC. This is one of the least efficient and most expensive ways you could choose to buy bitcoin.
I remember using these Coinstar machines in supermarkets years ago to turn change into cash. There were certainly fees, although 12% sounds like they've definitely risen over time. It's kind of cool to see them integrating the ability to buy bitcoins but you're right, the process for customers is pretty awful.
It seems like buying bitcoins requires full KYC (ID and selfie required) for
any amount, which seems ridiculous. I certainly won't be using them.
They must be just about the worst possible deal in cryptoland and that's really saying something. I can't quite believe they have the gall to advertise it the way they do.
I guess it works for the people who think of change as worthless. So, they still feel like they're getting something for nothing. Remember
the Lawnmower app? Sort of like that. Lawnmower was way better, though.
