Coinsource claims to be America’s largest and most secure bitcoin ATM network. Read our Coinsource review today to find out how it works.
What Is Coinsource?
Coinsource is a network of ATMs located across the United States. The company, according to Coinsource.net, is the largest bitcoin ATM network in the United States. They record more transactions and operate more machines than any other bitcoin ATM operator in the country.
Today, you can find 100+ Coinsource ATMs located across 10 states. New states are added every year. The company was founded in February 2016.
To find a Coinsource ATM near you, download the Coinsource Bitcoin Wallet app. The app lets you manage your funds directly from your mobile device. Fund your wallet instantly from any of the Coinsource bitcoin ATMs, then spend or transfer bitcoin securely whenever you need it. Basically, Coinsource’s app is a wallet app with ATM functionality. The app is available for iOS and Android.
How Does Coinsource Work?
The overall goal of Coinsource is the same goal as other bitcoin ATM providers: they want to make buying and selling bitcoin as immediate and natural as withdrawing or depositing fiat from a traditional ATM. Coinsource does this while providing strong customer support to clients.
The service is available to bitcoin users of all levels – from complete newbies to seasoned veterans. No matter how tech-savvy you are, Coinsource makes on-the-go bitcoin transactions as simple as possible. Coinsource also promises to have some of the lowest transaction fees in the industry – although let’s be honest, bitcoin ATM transaction fees are never cheap.
Coinsource’s ATMs are installed in major population centers across 10 states. You can find them in convenience stores and liquor stores, for example, in Arizona, California, Louisiana, Missouri, Nevada, New Jersey, New York, Pennsylvania, Texas, and Tennessee. You can view a complete list of locations on their website.
The Coinsource App
Coinsource’s app is as straightforward to use as other bitcoin wallet apps. You download the app for free from the Google Play Store or iOS app store. Then, sign up using a username and PIN.
To send bitcoin, click the Send button on the app’s dashboard, then scan a QR code using your phone’s camera. You can also upload a QR code from your saved photos using the Photos button, or input a case sensitive bitcoin address using the Address button.
If you want to receive bitcoin through the Coinsource app, you can click the Request button on the app’s dashboard. Scan the sender’s QR code using your phone’s camera, or provide the sender with a copy of your bitcoin address. You can also send a payment request to the user through email or SMS from within the app.
If you want to import private keys from a paper wallet generated from a Coinsource machine, choose the scan QR code button. Scan the code, then select import funds. Your private key will be migrated onto the secure Coinsource app, and you’ll have full and complete access to your bitcoin.
How To Use A Coinsource ATM
Here’s the step by step process to using a Coinsource Bitcoin ATM:
Buying Bitcoins Over A Coinsource ATM
Step 1) Verify your cell phone number by typing it in, then inputting the SMS code
Step 2) Choose the destination of where you would like your bitcoins to be sent; you can choose to scan a QR code, print a paper wallet, or manually enter your wallet address. The Coinsource machines can work with any bitcoin wallet, or you can download the Coinsource wallet for iOS and Android if you don’t already have a wallet.
Step 3) Insert cash into the ATM
Step 4) Hit “Finish” and choose whether you want a paper or email receipt
Selling Bitcoins Over A Coinsource ATM
Step 1) Verify your cell phone number by typing it in, then entering the SMS code
Step 2) Choose the amount of cash you wish to receive
Step 3) Using your mobile bitcoin wallet, scan the QR code on the machine to send the exact amount of bitcoin required for your transaction (you’ll need to send your bitcoins with a miner’s fee)
Step 4) Receive a receipt with a redemption code (make sure you don’t lose this code)
Step 5) You’ll need to wait about 10 minutes for your bitcoins to get confirmed on the blockchain; once confirmation is complete, you’ll receive an SMS letting you know that your cash is ready for pickup
Step 6) Go back to the machine, hit “Redeem”, and use your redemption code to get your cash
Coinsource is based in Texas. The company was founded by CEO and Co-Founder Sheffield Clark. Other key members of the team include Travis Gough (Founder) and Bobby Sharp (Founder). Coinsource launched in February 2015.
In Q1 2017, the company installed 34 machines across the United States. In Q2, they installed 16 more machines, giving them a total of 50 installed machines for the first half of 2017. In July, Coinsource expanded into its tenth state, Arizona, by installing ATMs in Phoenix. Today, Coinsource maintains a network of 116 machines across 10 US states.
You can contact the company by phone at 1-805-500-2646 or by email at support[email protected]
Coinsource is a network of 100+ ATMs located in major population centers across America. The company is rapidly expanding across the United States. Since being founded in February 2016, they’ve launched 116 ATMs in 10 US states – with 50 ATMs launching in the first half of 2017 alone.
You can view a complete list of Coinsource ATMs at the Coinsource.net website, including the latest bitcoin rates for each ATM. Like other ATMs, you can expect higher fees than you would see if you traded your bitcoins through exchanges. However, Coinsource’s fees appear to be competitive with other bitcoin ATM providers.