Coinstar and Coinme Crypto ATM Company Create plans for Making Bitcoin Out of Spare Change
In this day and age, when money is attempting to leave its physical form and move to the digital realm, how useful can a full pocket of spare change really be? Some estimates claim that Americans throw away over $62 million in spare change each year.
Considering how little value these coins have, it is not surprising that a lot of people in the US don't really bother with keeping them.
There was a time when the spare change had some real value to it, but that time has long since passed. What can you do with a bunch of pennies, nickels, and dimes today anyway? Of course, there are people who tend to collect them, store them in large glass jars or plastic containers, and then exchange them when the box or a jar get filled with them.
However, even then, they likely only get a few dollars in exchange, which makes the entire process of saving this “trash money” nothing more than a chore.
In the United States, the modern day economy is massive. It is so massive and strong a truly disastrous economic crash is almost out of the question. Many believe that the worst that can actually happen — already happened. The biggest consequence of this is the fact that spare change currently doesn't have any practical worth or use.
However, there is still one interesting solution that one firm recently proposed, and that is to collect the “junk money” and turn it into something useful. The company's name is Coinstar, and they plan to turn all those pennies, nickels, and dimes into Bitcoin.
Turning spare change into BTC
As mentioned, there is almost $62 million that gets tossed away each year in the US simply because the individual coins are useless. But, what if this was no longer the case? What if the spare change could be made to be more valuable if it received a real purpose in the modern economy?
This is what Coinstar wants to achieve by converting change into Bitcoin. Bitcoin is already largely appreciated for many reasons, including the fact that it is decentralized, definite, and that it has a fixed supply which is what will drive its value up once cryptocurrencies go mainstream.
With a plan to make low-valued coins more useful and give them a future, Coinstar has decided to team up with Coinme, a Bitcoin ATM company, and to find a way to turn change into BTC. This is not a new idea in a general sense, as many platforms have found a way to make one person's junk into another person's treasure.
Just think of eBay, which allowed people to sell useless items and make a quick buck instead of throwing them away. Unused private vehicles were used in a smart way by Uber to create one of the largest transport firms in the world. The same can happen with the spare change, and all it took was an idea to form, and someone to act upon it.
Furthermore, it is worthy to mention that the estimated $62 million that gets thrown away is far from all of the spare change in the US. There are many who do keep this money in an attempt to make it grow and exchange it for a few dollars when it does. The US is likely filled with jars and boxes containing coins, all of which can be invested into crypto.
Doing so will bring this money back into the circulation, it will help BTC, and it will eventually grow in value once the new rally hits. While it won't make you a millionaire, it is certainly better than to have a bunch of useless coins in a jar in a dusty corner of your attic.