I Tried OKC's Bitcoin Vending Machine
Yesterday I visited the much talked about Coinsource bitcoin vending machine in south Oklahoma City.
This was actually my first time using a bitcoin vending machine so I didn't know what to expect. I braved the trip and paid the over-spot premium so you won't have to.
Location
Speed Mart Grocery doesn't seem like the kind of place to be an early adopter of transformative decentralized crytographic currency technology. It is run down convenience store near the intersection of SW 29th and Newcastle Road. The general area looks run down and a little sketchy. Definitely not the place you want to walk around with enough cash to buy a full bitcoin. If you see the trailer park just across the street then you are in the right place. It's the kind of place that stocks sexually suggestive herbal "enhancement" supplements, loose cigarettes and condoms at the point-of-sale.
ProTip: Dress in cool clothing as the air conditioner is either broken or permanently switched off.
The Machine
It is a Coinsource vending machine. Some media reports are calling it a bitcoin ATM, however, this is not accurate. You can only buy bitcoins. No selling.
For purchases under $800 you can buy with text verification. Purchases over $800 require a government ID. Unfortunately the machine refused to verify with my mobile number. My number is issued by Cricket Wireless, but the machine said it was a VoIP number and I would have to use my ID to buy any amount.
I verified with my ID, scanned my phone's QR code, inserted $100 USD and received my bitcoin. Like most BTC vending machines the fees were high, but I'm happy to support additional infrastructure in my city.
Other Bits
- The clerk said there have been dozens of customers in the first week. Loads of pensioners coming in and making speculative purchases.
- The clerk also referred to it as "playing bitcoin" and he hoped everybody "won" and made lots of money. He spoke of as if it is gambling.
- Coinsource pays $300 / month rent for this location. The owner wishes he was was receiving a percentage of sales.
- The clerk said the owner is planning to start accepting bitcoin as a payment method in the near future.
Sounds like a great way for small time criminals to launder money along with the honest folk trying to get some BTC. I'll give it a month or two before an Okie swat team shows up.
The clerk said many times in our 30 minute chat "I bet the government shuts this down very quickly."
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