Coinsource

Coinsource Bitcoin ATM Company Embraces Arizona

Coinsource ATM business just captured market share in Arizona as it added new machines in Phoenix. The Texas-based company is expanding rapidly. The company has installed 50 machines this year, and has plans to grow into international arenas. They now have a total of 116 ATM’s across 10 states, according to a recent press release. 

Also read: Alphabay Offline for a Week — Darknet Users Rush to Find Alternatives

The company’s CEO and co-founder, Sheffield Clark Coinsource Bitcoin ATM Company Embraces Arizonasaid, “We are really excited about our reach into Phoenix, one of America’s largest metropolitan areas geographically, and the fifth largest by population. We simply addressed a market need there and we are proud to provide more options to people who are starting to use bitcoin, or want to use it, as commonly as they use cash or credit cards.”

ATM Locations and Company Growth

Coinsource now has ATM units in California, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, and Arizona. The company’s expansion is also indicated by its quarterly installation numbers. Clark elaborated:

Coinsource has had a busy three months; we’ve conducted several recruitment rounds, strengthened our team to 20, and are now close to announcing significant projects outside the US. Q3 is set to be our biggest quarter yet, with a higher rate of installations planned, more team members coming on board, and more state by state market entrance

Coinsource Machine Details and General Bitcoin Teller Information

The company’s ATM’s are manufactured by Genesiscoin, which comprise 48.76% of theCoinsource Bitcoin ATM Company Embraces Arizona total of all bitcoin machines. The units are generally placed in high-traffic areas or in stores that are open late into the night.

The average fee of all bitcoin-teller machines is 8.99%, according to coinatmradar.com. Coinsource’s machines operate with fees around 8% and lower for larger purchases.

The United States has many more bitcoin teller machines than any other country, and this ATM network is positioned to continue trending upward in terms of annual growth.

What’s your opinion of Coinsource machines and their services? Have you tried them? Let us know in the comments below.


Images via Shutterstock and linkedin.com


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

  • Mak

    I don’t believe their service fees are ‘around’ 8.99%. Its a scam. Make sure you know the current price for Bitcoin using CMC for instance. The price they use to sell you bitcoin is significantly higher. You will pay up to 24% in fees.

    • James

      Coinsource’s fees are actually the lowest in the industry and are currently at 7.5% – 8% with plans of dropping even lower in the future as a matter of fact.

      • They are still shaking you down to the tune of appx 5% after operation overhead. You are paying for their hardware development and roll out and obviously their need to get paid immediately, most likely their loan to purchase the machines. It is about 8-15k for an ATM then they offer a service to their network either the manufacturer or the marketeer. And, there are very few offering just one for purchase. Obviously, they need a commercial bank account and a Security service to fill the machine with FIAT. Plus, they need to pay insurance, regulatory, and taxes. I am certain you pay taxes on top somewhere. Welcome to a very well known scheme. You pay for all and they are very happy to have your business. If there are more like you and I know there are, I may buy one and advertise its location and charge just under their rate and smile every time it is used. Just think of the savings you might have if exchanged in a proper and honest way. Let’s assume you covered transaction at 0%( the best possible ). At 8% on 2400 it is 192. 79 transactions later you could buy your own machine. I need to get one of these ATMs. You have encouraged me.

        • James

          Hahaha, I hope you get casted for Mel Gibson’s equal to Conspiracy Theory. You have absolutely no clue what you’re talking about. If I had any sense, I’d say you’re just a troll with a bias towards one of their competitors over Coinsource. Here’s a solution; if you don’t like that they offer the ability to buy and sell Bitcoin for less than ANY other ATM network in the world AND without the need of your own personal banking information (a key reason for many) then don’t! Go to an exchange, pay the exact same exchange fee, but be forced to provide WAY more info. And the cost of ONE machine, after the appropriate licensing fees and financial securities regulated by the federal government will cost you well over $500,000, so good luck with that. I wish you the best. And I look forward to seignior in that sequel!

          • I think I will buy one of these machines, you seem really amp’d to pay more than you should. You really think it is a miracle. How many more are out there like you? I count three, so far. I am going to make some bank. Park it right in a food court and start a sandwich shop that only takes bitcoin. Rake it in.

        • James

          It’s odd how extremely educated you are in the BTM industry. Obviously you’re in it, so why don’t you stop hiding behind your anonymity and reveal which competitor of theirs you’re working for.

          • Winston LePen

            Lolol Busted!!!!

          • I’ll play…you first!

    • James

      24%?! HA! You clearly are not talking about Coinsource. The reason they got to be the largest in the country and offer the most machines is because there are other Bitcoin ATM companies that do operate illegally and charge ridiculous rates, unlike Coinsource.

    • Winston LePen

      Their live prices are listed clearly on their website. why are you lying?

  • Kind of a high price to pay for a superior fund, I hope luddites know the fees do not even come close to fair. It should be under 2% to purchase Bitcoin and under 5% to cash out with a limit at 1500USD. That more than satisfies a proper profit model and future amortization of the machine, lease, network access and power. It sure sounds like lottery ticket sales or taxes on alcohol or tobacco. Better efficacy of cashing out several coins could be delivered in a cashiers check and should be less than 2% in that case. Someone is making too much profit on simple numbers management and machine use. The ATM manufacturer the Marketer, I do not think the one offering lease is making the profit. And, it is most certainly not the property manager. I think it is great that ATMs are going to be out there. If it is rolled out as a skimming machine, it will not be such a grand idea. Obviously, bitcoin is the superior value, but paying out to FIAT is the greater use. Plus, I wonder how secure these machines really are. I would feel like my pants are being pulled down just getting close to providing keys.

    • Mak

      True. Something smells fishy with these ATM’s. If CMC lists Bitcoin at $2485 USD, the machine’s selling price can be as high as $2982 USD. Plus a fee of (I like how they say around) 8.99%. No I don’t see these machines as worth it. Maybe someday but definitely not now.

      • Winston LePen

        You must not buy bitcoin much lolol. Sorry but you sound like such a noob. Instant bitcoin is the best bitcoin

        • Mak

          You can go on with your shaming language if it suits your schill tactics. But I submit no experienced bitcoiner will use your rip-off atm. And did I mention that the buying price on your machine I expect will be around 20% less than the CMC spot price. You only hope newbies are dumb enough to use your machine. For me, no thanks. I’ll stick to Coinbase and hording my Bitcoin in hard storage where crooks like you can’t get at it.
          Cheers!

          • Winston LePen

            Huh. What does this even mean and why do you keep making numbers up lol??

            All I know is that when I buy instant bitcoin is a great feeling. It really sounds like you dont buy much bitcoin bro and what kind of serious bitcoin person uses coinbase for cold storage hahaha

          • Mak

            I have a Trezor. And bro yourself.

          • Winston LePen

            But you just said you use coinbase so which are you lying about bro???

            I think if you got instant bitcoin instead of having to wait days for bitcoin youd be a lot less mad and lie about this less. Nothing you’re saying is true haha

          • Winston LePen

            If you mean you buy bitcoin by giving up your bank info then transfer to trezor of course you dont understand. Youre pretty much against info security shill willing to sign away your bank details for a 3 day wait. Can’t help but lol to that

    • Winston LePen

      It sounds like you don’t know what you’re talking about honestly. This is awesome to be able to be able to buy bitcoin instantly. What’s the next best option?? Waiting days at coinbase or somewhere else?! No way man, you can go use those other sketchy websites that want access to your bank account. Us smart people will continue with bitcoin ATMS

      • You can do it yourself. By the way, it still is a sketchy exchange. Do you know how they get on the net then to the blockchain. I guess if you don’t see it, it didn’t happen.

  • keeps happining

    disgusting! “8.99%, , 9%” they have some here in my city, you are putting in cash! and they want to rip u with high trans fee! no wonder he can put up more machines he is ripping his customers!

    • James

      The only alternative to using an exchange and having to submit your ID and personal banking information is to use a Bitcoin ATM machine. The exchange fees are actually almost exactly what exchanges charge and with the convenience of being able to buy and sell on-the-go as opposed to delays from exchanges. You have no idea what you’re talking about. I use their machine all the time and would use this method over an exchange ANY day of the week.

      • True.You are just like the ones they are after. You are the perfect customer for them. As for the rest of us, we do not pay that fee, we actually get paid back on one end and pay transaction fee on the other without revealing our identity. We manage the time in our advantage for the exchange rate to be profitable, I think they should escrow for you, since they want to soak you. Then, pay you back for your transaction with their unfair earnings. But, to each his own… I smell consumer complaints and regulations to come.

        • James

          Take a dollar in your pocket, go to a currency exchange, exchange for another form of currency. There is a fee.

          Go cash a check somewhere that is not your bank.
          There is a fee.

          House your money with a banking institution and use their ATMs.
          There is a fee.

          Always the complainers out there that have no clue about business or logistics that think everything should just be free and “why should we pay for this convenience?!” rhetoric.

          • Its a loan sharking fee. It is way too high and you know it.

      • keeps happining

        lol kolarskimba, u are so wrong, the small transaction fee I pay on poloneix and bittreix is pennies on the dollar! and if I recall was an email verification. But paying those high fees is your thing, knock yourself out! lol