Daniel Polotsky, the CEO of CoinFlip, launched his crypto ATM concept after a poor experience attempting to use a Bitcoin ATM in Chicago. CoinFlip not only provides a user-friendly ATM interface for old and new cryptocurrency users, but allows the exchange of six different cryptocurrencies for cash. Many ATMs only cater to Bitcoin users, but CoinFlip’s ATMS allow users to receive cash payouts in exchange for Litecoin, Bitcoin, Dash, Tron, Komodo and Ethereum. Currently, there are more than 120 CoinFlip ATMs in the US. Polotsky’s company also offers convenient card and wire purchase options for cryptocurrency users who don’t live close enough to a CoinFlip ATM.
A cryptocurrency is type of decentralized digital cash that can be sent from one user to another without national regulation, banks or intermediaries. Users utilize cryptography to protect and verify the transactions, create new currency units and determine the cryptocurrency’s relative value. Cryptocurrency transactions are recorded in a public blockchain ledger to prevent the occurrence of multiple transactions using the same units. Cryptocurrencies can be used anonymously online without opening a bank account or providing proof of identity. Furthermore, there is significant investment potential in cryptocurrencies, whether in the currency itself or in futures trading based on the currency’s fluctuating value.
Crypto ATMs allow the world of cryptocurrency to intersect with conventional banking and currency systems. Rather than earning crypocurrencies through mining or selling other cryptocurrencies among a relatively limited group of users, customers can exchange hard currency for cryptocurrency as long as they have a virtual wallet to store it. A crypto ATM can either be one-way or two-way. The one-way crypto ATM only allows the purchase of cryptocurrencies while a two-way ATM allows the purchase of hard currency for cryptocurrency or vice versa. Cryptocurrency ATMs are known for the anonymous and convenient transactions.
CoinFlip Crypto ATMs are unique for many reasons. It takes only five minutes to register, and customers don’t need to own a bank account to purchase cryptocurrencies. Bitcoin ATM rates can discourage customers from cryptocurrency exchange. CoinFlip ATMs have the lowest bitcoin rates, and their customer service representatives are always available to handle any customer issues. National legislation hasn’t quite caught up with the development and use of cryptocurrencies. Still, CoinFlip ATM users can rest assured that the company is operating legally as a Money Services Business (MSB) in all states where an ATM is present, either in accordance with the applicable regulations or the predominant legal opinion in the jurisdiction.
CoinFlip is a close-knit company of employees eager to improve the crypto ATM experience for all consumers. Polotsky and his team understand the importance of choosing the right ATM manufacturer and are committed to optimizing crypto ATM transactions at all levels. CoinFlip is constantly devising new solutions to anticipate regulatory changes, ensuring sufficient cash flow to support all ATMs and preventing remote ATMs from crashing. Ultimately, the CEO of CoinFlip recognizes that blockchain will have a lasting effect not only in cryptocurrrency markets, but in transportation, healthcare and cloud storage.