BBC news reported on the first Bitcoin ATM back in 2013. This is rather impressive considering that the first blockchain was only invented a few years earlier. There was a lot of excitement back then. Those who were wise about the ways of money knew that, if Bitcoin was to be a success, it would encounter great challenges.
In 2013, that Bitcoin ATM was more of a novelty than anything else. Virtually no market existed to trade Bitcoin. Even today, cryptocurrency is often considered more of a speculative asset. This is only part of the truth. Cryptocurrencies now support smart contracts and decentralized applications (Dapps). They, along with blockchain, are quickly becoming the new standard of digital platform development. It is true that cryptocurrencies are scarcely used to purchase physical goods. However, as evident by Mastercard, Visa, and Paypal (among others) joining Facebook in proposing the Libra project, the future of digital credit must change. And, the crypto market appears to be the inheritor of these vast transactions.
Modernizing Crypto ATMs
Daniel Polotsky is the CEO of Coinflip. He is an innovative thinker who was inspired after dealing with a cumbersome Bitcoin ATM. Daniel was in Chicago at the time. While impressed with finding a crypto machine, that particular ATM was so off-putting that he instead made a purchase via LocalBitcoin.com. Imagine that. A machine that promised an automatic monetary distribution was, as Daniel described it, not user friendly. He did not say it was insecure. Not only would he need to log on to the Internet and find a buyer, but they would need to meet in person.
This was the motivation behind the Coinflip project. Upon discussing his experience with a trading partner, they determined that cryptocurrency ATMs could serve dual purposes. One machine alone could help to onboard new crypto users, as well as securely streamline numerous physical transactions and providing a local bitcoin option to consumers. Manufacturing was found to be key for optimizing the ATM experience.
While Coinflip is known as a Bitcoin ATM company, they do offer other cryptocurrencies. The money flows both ways. That is, users can obtain, or cash out, of cryptocurrency via a Coinflip ATM. The company stays ahead of the game by recognizing that modern finance must pioneer the digital space. This is why their ATMs also provide wire transfers and card purchases for consumers who do not live near one of their machines. CoinFlip cryptocurrency options are:
The company focuses on low rates, attentive customer service, and registrations that are typically approved in minutes.
The cryptocurrency market is challenging. Its rapid innovation and uncertain regulation, make it difficult to manage. Many startups do not have the cash on hand to mitigate such uncertainty. Another issue is maintenance. Unlike traditional markets, cryptocurrencies operate around the clock.
With 120 cryptocurrency ATMs throughout the United States, Coinflip is making crypto a much more realistic option for users who are on the fence about this young industry. Coinflip is broadly regulated under FinCEN as a Money Services Business. It must also account for state rules. The Coinflip team was personally handpicked by Daniel. Most are young and many are long-time friends.
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