A national Bitcoin ATM network has expanded into Rhode Island. According to WPRI-TV, the New York based company, Coinsource, has installed ATMs in Cranston and Providence.
These machines convert cash into bitcoin, making buying and selling Bitcoin easier and faster. Bobby Sharp, Coinsource co-founder, said 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 said when the first Coinsource ATM was installed, a single bitcoin costed $168.
Coinsource charges a fee of 8 percent for buying and 4 percent for selling