The Coinme Bitcoin ATM is now available for users at the Spokane Valley Mall. This was done as a way to break existing difficulties for those who are eager to dive into the crypto market. For the time being, users will only be able to deposit their cash, convert it into Bitcoin and send them straight to their respective virtual wallets. According to the Director of Marketing for Coinme, Dom Garrett, 50 ATMS are already in place with more to come.
Garrett stated that Coinme works to “provide a low-barrier entry for people who are looking into crypto.” He also added that providing an ATM would help to increase user adoption, and that each individual will be guided every step of the way.
While the ATMS were first established in states that were in favor of revolutionizing technologies (San Francisco and Seattle), according to Garrett, Coinme will also be targeting some of the smaller and rural communities, adding to his excitement on Spokane Valley Mall’s support.
We are so excited to make access to #crypto even easier in Eastern Washington!
— Coinme (@CoinmeATM) June 13, 2018
As for the ATM itself, it appears to work the same way registering for a crypto exchange would, but without the long wait. In particular, users will have to take a picture of themselves holding their government-issued ID for identification purposes. This is also an effort that has been placed to avoid illegal activities like money-laundering.
Once the account is created, “a host wallet” will be created, and “then just like a vending machine, there’s a little slot with a light and you feed cash into the machine,” said Garrett.
The ATM supposedly has a minimum and maximum deposit amount of $1 and $2500 respectively on a daily basis, along with a 10% transaction fee that might be reduced in the future.
Everything doesn’t simply stop at the ATM, as users will then have to go to Coinme.com to access their wallets, which is done to finalize the account set ups. This way, trading on exchanges will be possible.
When faced with the question of security, Garrett strongly stands for protecting “people’s money” and doing everything in their best interest to increase security.
In particular, he said,
“We have had an incredibly great track record in our company’s history as far as security goes, while there may not be specific assurance here, it’s on the top of our minds. Our team is constantly looking for ways to make sure we are more secure.”