PROVIDENCE (AP) — A national bitcoin ATM network has expanded into Rhode Island. New York-based Coinsource has installed ATMs in Cranston and Providence that can convert cash into bitcoin, WPRI-TV reported . Coinsource co-founder Bobby Sharp 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 the price of a single bitcoin was $168 when the first Coinsource ATM was installed. Coinsource charges an 8 percent transaction fee.