Cryptocurrency is digital money you can buy, hold, send to others, and sell. But unlike dollars or euros, it isn't printed by a government or controlled by a bank. Instead, it runs on technology called a blockchain: a shared, tamper-resistant record book that tracks every transaction.
When you buy cryptocurrency through Coinme, whether at a retail location, a Coinstar Kiosk, or in the app with your debit card, you're converting cash or card funds into digital currency stored in your Coinme wallet.
How is it different from regular money?
| US dollars | Cryptocurrency |
Who controls it? | The US government and Federal Reserve | No single organization, it's maintained by a global network of computers |
Where is it stored? | Bank accounts, physical wallet | A digital wallet (like your Coinme account) |
Can you hold it in your hand? | Yes, cash and coins | No, it exists only as data on a blockchain |
Can you send it to someone? | Yes, via bank transfer, cash, or check | Yes, yo anyone with a wallet address, anywhere in the world |
Are transactions reversible? | Sometimes, banks can reverse certain transactions | No, once confirmed on the blockchain, a crypto transaction cannot be undone |
What can you do with cryptocurrency?
Hold it as an investment. Many people buy cryptocurrency and hold it, hoping its value increases over time. Cryptocurrency prices can go up and down, sometimes significantly, so this involves risk.
Send it to someone. You can send crypto from your Coinme wallet to another person's wallet address, regardless of where they are, without involving a bank.
Sell it for cash. You can sell your crypto through the Coinme app and receive funds on your debit card, or sell for cash at a participating ReadyCode location.
Spend it. Some businesses accept cryptocurrency as payment, though this is less common than paying with dollars.
What types of cryptocurrency does Coinme support?
Coinme currently supports several cryptocurrencies, including:
Bitcoin (BTC) — The first and most widely known cryptocurrency
Ethereum (ETH) — A cryptocurrency that also powers apps and smart contracts
Litecoin (LTC) — Designed for faster, lower-cost transactions than Bitcoin
Solana (SOL) — Known for fast transaction speeds
Dogecoin (DOGE) — Originally created as a lighthearted project, now widely traded
XRP — Built for fast cross-border payments
Stellar (XLM), Chainlink (LINK), Polygon (POL)
The available selection may change over time as Coinme adds new assets.
Is cryptocurrency safe?
Cryptocurrency technology itself is very secure, blockchains are extremely difficult to tamper with. However, there are important risks to be aware of:
Prices can change quickly. The value of any cryptocurrency can rise or fall significantly in a short period. Only buy what you can afford to lose.
Transactions can't be reversed. Once you send crypto, you can't get it back unless the recipient sends it back to you.
Scammers target crypto users. If someone you don't know asks you to buy crypto and send it to them, it's almost certainly a scam. See our guide: How to avoid cryptocurrency scams
Is cryptocurrency insured?
No. Cryptocurrency is not legal tender and is not covered by FDIC insurance, even if it's held on a platform that works with banks. This is true for Coinme and for every other crypto platform.