My experience converting cash into BTC for the first time

Okay, just a quick rundown for anyone who's curious about doing this (as I was).

I live in a small mountain town and noticed the Coinstar at the local grocery store lets you exchange cash for BTC. I make cash tips at my job, so I thought this might be a good way to stack a few extra sats.

I go through the motions on the machine until it tells me to start inserting my cash ($120). Immediately I notice that the exchange rate is much higher than the current price of BTC (at about $63k instead of $59k). Oh well, no big deal, I continue. 4% transaction fee as well? Whatever, fine. Once I get my voucher I have to verify my identity in order to claim my BTC. Again, sure, no big deal I suppose. Finally get everything squared away and receive my sats! (Now worth about $108 after fees)

Okay, time to move them into my cold wallet as part of the final test. Just another $11.26 in fees to make that happen. Uhh, well damn. After everything was said and done (buying, receiving, and sending to my cold wallet), my $120 is now worth about $97, the price of BTC before and after staying just about the same.

Feels good to turn my funny paper into some solid sats, but I don't think I'll be doing that again any time soon. Coinbase fees almost seem generous after this experience.

submitted by /u/jawshuan
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