PROVIDENCE, R.I. — A national bitcoin ATM network has expanded into Rhode Island.
WPRI-TV reports New York-based Coinsource has installed ATMs in Cranston and Providence that can convert cash into bitcoin. Coinsource co-founder Bobby Sharp says the ATMs help people who don’t want to link their bank accounts to a bitcoin exchange, or don’t want to wait the average 48 to 72 hours needed for an exchange.
The digital currency is not tied to a bank or a government. It has been hugely volatile, with the price rocketing to nearly $20,000 for a single bitcoin last year to recently around $10,500.
Sharp says the price of a single bitcoin was $168 when the first Coinsource ATM was installed.
Coinsource charges an 8 percent transaction fee.
Information from: WPRI-TV, http://www.wpri.com