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Bitcoin ATMs expand to Rhode Island

March 13, 2018 12:00 am • Last Updated: March 13, 2018 7:47 pm

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.

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Information from: WPRI-TV, http://www.wpri.com

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