A cryptocurrency ATM is a new and innovative kind of ATM that is quite different from the cash ATMs everyone is used to. Cryptocurrencies are also known as Bitcoins to many people, and they are a type of currency that is used for the purchase of goods and services. Unlike the other currencies that exist, cryptocurrency does not actually consist of any coins or paper money; it is a digital medium exchange that uses cryptography to produce secure financial transactions over the Internet. So, cryptocurrency ATMs give customers a fast and simple way to get cryptocurrencies with cash or their credit card when they’re on the go.
Right now, there are over 3,000 cryptocurrency ATM machines in over 70 countries (mostly in North America) with many more added every day. Each cryptocurrency ATM comes with detailed instructions that help make buying or withdrawing your cryptocurrency simple. Before purchasing cryptocurrencies from an ATM, it is good to have a virtual wallet for your cryptocurrency storage.
When you’re ready to use the cryptocurrency ATM, all you have to do is choose the amount of cryptocurrencies you want to purchase, put in your virtual wallet address, and pay for your cryptocurrency by inputting your debit or credit card into the cryptocurrency ATM or by depositing cash into the cryptocurrency ATM. Once you have finished and your transaction has been confirmed on the blockchain, you should receive your cryptocurrency in the wallet address you entered.
Cryptocurrency ATMs all have their own requirements, and some may require you to scan your ID for security and documentation purposes. Most cryptocurrency ATMs are known as one-way machines because they only offer you the option to buy cryptocurrency; however, there are other cryptocurrency ATMs that give you the option to sell your cryptocurrency as well. Cryptocurrency ATMs do have fees like other ATMs and those fees are a bit higher than others with an average of 9.46%.
Coinflip is a cryptocurrency ATM company that buys and sells six different types of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash, Komodo, and Tron at their kiosks. Coinflip was created by Daniel Polotsky and this company has almost 120 ATMs in the United States. Mr. Polotsky decided to create Coinflip after his first experience with a cryptocurrency ATM in Chicago. His experience did not go well because that cryptocurrency ATM was not user-friendly. However, Daniel Polotsky and his trading partner agreed that cryptocurrency ATMS are necessary because they make the local bitcoin transaction process much more productive and they allow people to use a technology that is unfamiliar in a way that is convenient with a model they can recognize.
Coinflip stands out from other cryptocurrency products because it makes it so that customers can buy cryptocurrency without having a bank account or having to wait a long time for approval. Coinflip is also proud to have the lowest bitcoin ATM fees, the fastest registration approval times, and an overall simple process for their customers.
Coinflip is legally regulated by Money Services Business (MSB) under FinCEN and the company is made up of loyal employees that are very hardworking. Though there are some difficulties involved with running a cryptocurrency project like Coinflip, Daniel Polotsky continues to grow and gain success as he learns from his mistakes in this innovative technical industry that he knows has tons of potential.