The cryptocurrency Bitcoin just became a little more accessible for Rochester residents.
The company Coin Source placed one of its “Bitcoin ATMs” at Monroe Convenience in the city. Bobby Sharp, co-founder and CMO of Coin Source, explains how people can turn cash into Bitcoin.
“People are putting real cash, fiat money in here so a five, a ten, a 20, they’re able to put fiat currency in here, and it translates into Bitcoin.”
Coin Source won the right to put its machines in the area a little over a month ago when New York State awarded the Texas-based company a “bitlicense” allowing them to place devices throughout the state. They say this machine is the first of its kind outside of the five boroughs of New York City. Sharp believes his machines combine the traditional with the fresh.
“I like to [combine] old world banking, new world banking right. So we’re all doing this, that’s the idea behind it.”
The highly volatile electronic currency shot into the public consciousness when its value skyrocketed from under $50 per coin in 2013 to more than $19,000 in December of 2017. Over the past year, however, the cost has plummeted dropping to less than $3,500 per coin.
Many financial experts say Bitcoin is a very risky investment and people should consult a trusted financial advisor before making any significant decisions.