A recycling and waste company, Covanta Holding Corporation, has shared their findings that Americans throw away $62 million dollars in change every year. Coins are tossed accidentally, but this is a serious piece of spare change. Currently economists have calculated that there is an average yearly inflation rate of 2%. Ever since the Federal Reserve started circulating banknotes and coins, change has never been worth as much as it has been now. It’s certainly hard for people to purchase something nowadays with just pennies, nickels, and dimes and change can accumulate quickly. So typically what some people do, besides throwing their coins away, is to stow them in plastic bags until enough accumulates to take it to a supermarket coin machine such as Coinstar.
People might be more keen to save their spare change, if it was worth something more valuable to them. Recently, Coinstar has announced that they are planning to allow people to exchange their coins into Bitcoin. After depositing the coins into the machine, people will be able to retrieve a voucher with a redemption code for Bitcoin. Coinstar is joining ATM company Coinme, to implement the conversion of change into Bitcoin. Stay tuned, cryptocurrencies are trickling their way into all kind of ATMs slowly but surely!