Coinstar Kiosk's Bitcoin purchasing Integration is a BIG Bullish Sign!
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3 Years ago I remember driving 3 hours to get to a bitcoin ATM or trader.
1 to 2 Years ago I remember driving just 1 hour to get to a bitcoin ATM.
Today, in a less than densely populated area, I can drive a lucky 7 minutes and get to a kiosk I can purchase bitcoin at.
Welcome to the future my friends. It is happening!
Not more than 3 days ago, CoinDesk posted on a very popular machine in many US retail stores adding bitcoin buying capabilities. It took me a 2
nd glance to realize…this is BIG…these machines are EVERYWHERE (at least in California I noticed)!
So, these 2000 kiosks are integrating Coinme. With a phone number and ID verification you can buy up to $2,500 of bitcoin! Though I’m kind of bummed you cannot sell to the machines, I see a buy ONLY option as more bullish anyway…I wonder if Coinstar (or Coinme) is going to immediately sell the bitcoin on the market to get the cash, or will they HODL a little bit?
I take this news as a pretty big step forward in adoption, and possibly a major reason for recent price rallying effect in bitcoin specifically (and a slight downturn in alt-coins). Remember, the first few days of April the price spiked up $1,000 bucks like it was nothing!
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Although the initial announcement was January 18, 2019, sometimes things don’t rock and roll until the rubber hits the road; because deals like this have fallen through before, and stories can go under the radar of investors. There also wasn’t a hard number of just_ how many_ kiosks would get this integration. With software updates today; you can only imagine how quickly this could roll out to more and more kiosks across the nation; regulations are probably what holds it back (obviously!) but thanks to California’s stance on bitcoin, we’re set in the Golden State! Apparently our governor, Gavin Newsom, is even pro-bitcoin. That is pretty awesome folks.
Don’t worry, I’m still regulation averse and am tired of seeing articles like this “California Passes Bill Defining Blockchain and Crypto Terms” – The more words in the law books, the worse typically…just thinking of the increasing need for lawyers alone makes me a little sick; but hey it’s wealth redistribution to some smart cats who can study law and often protect people who “broke the law.” Private practice is always smarter than government (don’t quote me on that please.)
Actually when I look into it further, the bill sounds like it does add some benefit and needed clarification to an otherwise confusing legal landscape for blockchain based businesses:
“Bill 2658 aims to revise provisions of the act that define “electronic record” and “electronic signature” to include a record or a signature secured through blockchain technology.“
The bill also defines what a “smart contract” is. The bill was passed on September 28th, 2018. So, love it or leave it it’s on the books now. Here’s a search for the bills with “blockchain” as a keyword if you so desire to dig in. You’re welcome. Now that we got the good out of the way, here’s the bad: Assembly Bill 1489, as The Daily Hodl states, calls for $50,000 Penalty for Violations. Fortunately for us, it didn’t go anywhere, and I am grateful:
_“_This bill would enact the Uniform Regulation of Virtual Currency Businesses Act. The bill would prohibit a person from engaging in virtual currency business activity, or holding itself out as such, unless licensed or registered with the Department of Business Oversight, subject to a variety of exemptions.”
Bills like these are garbage and just convolute and overwhelm the economy with excess steps to doing any kind of business; just see what is available in Chapter six of AB-1489; as if we did not already have ALL of these sort of regulations enacted. It requires applicants to create and maintain policies and procedures such as:
– An information security program and an operational security program
– A business continuity program
– A disaster recovery program
– An antifraud program
– An anti-money laundering program
– A program to prevent funding of terrorist activity
Anyway, I love the news that Coinstar in 19 states has now created a hub for bitcoin traders in everyday American grocery stores. This is great news and I think it will reflect in the price more in the coming months.