You probably know Bitcoin as a digital currency that's usually making headlines for falling or rising. Less known is that consumers can purchase the cryptocurrency using ATMs.
One of those ATMs was recently installed in Spokane.
It’s called Coinme and is the first Bitcoin ATM in Spokane and the 12th in Washington State.
“Cryptocurrency is something that is not tangible, something people can't hold onto," said Director of Marketing for Coinme, Dom Garrett. “They need an approachable way to get into cryptocurrency and an ATM is something that's familiar and something people are used to interacting with.”
The ATM is located at the Spokane Valley Mall. Here's how it works:
-Press the start button
-Insert a state-issued I.D.
-Agree to the terms and conditions
-Take a picture with your I.D. next to your face
-Buy Bitcoin using cash only
Garrett wants people to know that you don’t have to spend roughly $6,500 to buy a full Bitcoin. Using Coinme. You can spend as little as $1 for a portion of a Bitcoin, or as much as $2,500 at the ATM.
There is a 10 percent transaction fee to use the ATM. Garrett says in the coming weeks you’ll be able to sell your Bitcoin and retrieve cash at the ATMs.
Coinme also creates a digital wallet when you use the ATM for the first time. This way, you can track your cryptocurrency.