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Bitcoin

You Can Now Buy Bitcoin At CVS, 7-Eleven, Rite-Aid (forbes.com) 64

Posted by msmash from the moving-forward dept.
Bitcoin ATM operator LibertyX now offers bitcoin purchases at the United States' most popular convenience and drug stores. From a report: Per a PR Newswire released on Jun 22, the company has finished rolling out the buying option which will be available in "20,000 retail locations around the U.S., including major convenience store and pharmacy chains, such as 7-Eleven, CVS Pharmacy, and Rite Aid." This service will give LibertyX users the option to purchase bitcoin with cash at any of the participating retailers' cashier counters. These 20,000 new buying centers add to the 5,000 Bitcoin ATMs that the company has established across the United States since it launched in 2014.
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You Can Now Buy Bitcoin At CVS, 7-Eleven, Rite-Aid More

You Can Now Buy Bitcoin At CVS, 7-Eleven, Rite-Aid

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  • Yeah (Score:3, Informative)

    by Anonymous Coward on Tuesday June 23, 2020 @01:50PM (#60218298)
    Buy bitcoin anywhere. But where can you sell it?
    • Spend it, without intermedaries, freely and without censorship

      • All you have to find is someone willing to take it without you taking a bath in the process. Should be easy, right?

      • Spend it, without intermedaries, freely and without censorship

        And it will be worth plus or minus $1,000 within a day?
        No thanks.

        • Transactions are done in minutes, not days or months, volatility is not a big problem on those timescales for payment processors

          • Transactions are done in minutes, not days or months, volatility is not a big problem on those timescales for payment processors

            I agree, savings based in Bitcoin is unfeasible. Get it, move it, and get out of it.

            • Could say the same for metals such as gold, the market is saturated with paper gold and also it is speculative too, silver, is a waste product

    • Re: (Score:3)

      by ciurana ( 2603 )

      LocalBitcoins is a good place to sell somewhat anonymously, if you know what you're doing. The site tries to avoid regulation at all costs, so they push US buyers and sellers into KYC as much as they can, to keep the feds at bay. If you spend some time there, though, you can find someone willing to meet you in person at some café and close the transaction. Some foreign buyers/sellers use PayPal and Xoom, and in most cases the experiences are positive. The only fraud I faced (for around 0.1 BTC) was

      • Re: (Score:1)

        by bn-7bc ( 909819 )
        Hold on domone desling with finsncusl transactions obenly admitting thsy ate tryong to avoid regulators seams shady to me bot ok NiNJNA mortagges wher nor exactlu honest eiter so hmm.
      • The main thing is that your Bitcoin wallet is reliable. Interest in bitcoin transactions is now higher than ever (while we are on a relative plateau) I myself try to actively use this time to increase my capital. As for the wallets, I chose the hardware option from the list of the Top Bitcoin Wallets [bitcoin-mixer.biz] I spend all my transactions from home to exclude open Wi-Fi points. Therefore, the hardware version suits me completely

    • Re:Yeah (Score:5, Insightful)

      by ciurana ( 2603 ) on Tuesday June 23, 2020 @02:02PM (#60218374) Homepage Journal

      By the way - I tried some of these Bitcoin ATMs in the past -- the commissions are way, way, way too high. These may be a good "convenient" option only when there's a price crash. Not worth it when BTC is trading >= $4K. The convenience doesn't outweigh the super high cost.

      Cheers!

    • Re: (Score:2, Funny)

      by fahrbot-bot ( 874524 )

      Buy bitcoin anywhere. But where can you sell it?

      At 7-11. They'll exchange 1 Bitcoin for -- l let me see ... $9,660 / $3 -- 3,330 "mega" sized slurpees. Bring a cup holder.

    • Dozens of exchanges.

    • Re: (Score:1)

      by RandySC ( 9804 )

      egifter.com for store gift cards
      expedia.com takes BTC for tickets and hotels
      Search this for the latest:
      buy air tickets with bitcoin

  • If they refuse to buy it back, even at significant discount from their sale price, that is disgusting.

    You want to sell bit coin, you should be willing to buy it back at a profit.

    • And even if they're willing to buy it back. Never trust a third party wallet company with your keys.

      Now, I understand not trusting the government but trusting a third party with the keys to your money, that is beyond stupid.

    • If they refuse to buy it back, even at significant discount from their sale price, that is disgusting.

      First of all, 0 is a significant discount.

      Secondly, there are a number of stores with no return policies for some items, people buy them all the time. Especially in the world of collectables it's easy to find no return policies.

      It's quite a bit easier to resell bitcoin than it is many other things you can buy...

  • How appropriate (Score:5, Funny)

    by Chris Mattern ( 191822 ) on Tuesday June 23, 2020 @01:58PM (#60218340)

    They're right there, with all the other lottery tickets.

  • These things are magnets for scammers and victims. (Score:5, Informative)

    by ToTheStars ( 4807725 ) on Tuesday June 23, 2020 @02:04PM (#60218380)
    Here's a Canadian store owner who is getting rid of his Bitcoin ATM because scammers are using them to get money from their victims: https://globalnews.ca/news/707... [globalnews.ca]

  • Does anyone else suddenly have a mental image of CMOT Dibbler [lspace.org] and his tray of sausages?

    "Get your Bitcoin here! Pre-inflated! Onna stick! Free Dogecoin with purchase, and that's cutting my own throat!"

  • ... because people that buy this crap are stupid. It's completely run by the whales now. They will sell out, crash the market, cause all the dumb a-holes to lose their money, and but it back cheap. Repeat. This literally happens every few months.

  • More places for scammers to send people to!

    And those places sell gift cards too, so if the scammer wants the IRS or police or tax people or debt collector to buy bitcoins from the "Back Taxes Computer" machine or iTunes gift cards, or Starbucks gift cards, or whatever, they just need to send people to those places instead.

    It's gotten so bad the places with Bitcoin ATMs often either require a staff member activate the machine to verify that the person is not being scammed, or actually intervene, or just have the machine removed altogether. It seems like the sole purpose of most of those machines is for scammers and few legitimate buyers actually use them.

    On the other hand, who doesn't want more robocalls because there are so many places to get scammed? And how many places will have staff actually looking out for those getting scammed? A big reason they moved from gift cards to Bitcoin was because most retailers started asking questions when people started buying thousands of dollars of gift cards at a time. Or more than a few $100 ones at a time. And the BTC ATMs are often tucked away now because retailers see the scams/

    On the other hand, the lockdowns seem to have tempered the scammers of late - I guess it's just harder to go out and buy Back Tax Credits when you can't go out...

    • Re: (Score:2)

      by Pascoea ( 968200 )
      That was my first thought as well: Well this will make it easier for the scammers to get grandma to empty her bank account.
  • I can't possibly think of a way this could be abused. What kind of goods and services would one buy with an untraceable digital currency?

    • Don't worry, it's not a currency, look at the graph of price over the last year or several years. It's a game token for gambling at best, might go to zero in an instant with the right kind of governments cracking down on it.

  • So bitcoins are basically available where lottery tickets are sold. Makes sense.

  • OK, how many will I get for my dollar? (Score:3)

    by BAReFO0t ( 6240524 ) on Tuesday June 23, 2020 @02:59PM (#60218640)

    0.000,000,1394,73 BTC?
    No, wait! 7,000,2742.842 BTC!
    No, wait, now it's three fiddy BTC!

  • for paying the ransom to get your computer decrypted.

  • 1) Your tracked more than if you have cash
    2) For many transactions of different coins the cost of whatever your buying is a fraction of a coin, this means that your not actually trading the coin, this means the transaction is only "backed up" by the currency.
    3) Bitcoins network is to slow to be meaningful

    4) It does have a lower transaction cost than wiring money direct, but how many people need to transfer thousands of dollars?

  • Forgetting for the moment, that this is bitcoin, what kind of percentage of each transaction is sunk into transaction fees?

    Say I buy a $10 item, is the overhead $1? .50? .25? Honestly if there is any overhead then forget it. That's why I still use cash for smaller transactions. Not that it matters, the big money consortium has already sunken the cost of credit cards into every purchase to cover their fees and our eyes.
  • Let us all contribute to the speculation and money laundering - the only things that cryptocurrencies have so far proved to be useful for.
  • Do they keep a log of the transactions including the key that unlocks the Bitcoin? You don't own the Bitcoin until you have exclusive control of the key.
  • Almost nobody uses bitcoin as a real currency, I don't see the reason to pretend it's ever really going to get mass adoption. It's a online collectors item and an easy way to launder money, nothing has changed there. There is very little real demand for casual rapid everyday bitcoin use like that. Bitcoin has had a lot of years now to find real mainstream adoption and very little progress has actually been made in getting people to want to use it more than VISA or such. First and foremost it's just a way b

  • Look at the graph of value over the last year, what kind of mentally retarded fool would want that in lieu of money?

  • You mean fractional bitcoin?
  • When I was a kid, my grandmother used to occasionally buy bullion at her bank. This was a small community bank in Amarillo Texas in the 1980's. The cashier/teller would allow you to withdraw your funds in gold or silver rather than cash and the premium was very small. I would welcome a return to something like that, nowadays. I wouldn't touch cryptocurrencies with a ten-foot pole. They are way too volatile and their future appears unpredictable. Nobody knows what they will be worth if the currencies used to

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