Daniel Polotsky, the CEO of CoinFlip, started his crypto ATM concept after a bad experience trying to use a Bitcoin ATM in Chicago. CoinFlip not only offers a user-friendly ATM interface for old and new users of cryptocurrencies, but also enables six different cryptocurrencies to be exchanged for cash. Many ATMs are aimed only at Bitcoin users, but CoinFlip’s ATMs allow users to receive cash withdrawals in exchange for Litecoin, Bitcoin, Dash, Tron, Komodo, and Ethereum. There are currently more than 120 CoinFlip ATMs in the US. Polotsky’s company also offers convenient card and wire transfer options for cryptocurrency users who do not live near a CoinFlip ATM.
A cryptocurrency is a type of decentralized digital cash that can be sent from one user to another without national regulation, banks or intermediaries. Users use cryptography to protect and verify the transactions, create new currency units, and determine the relative value of the cryptocurrency. Cryptocurrency transactions are recorded on a public blockchain ledger to prevent multiple transactions from occurring with the same units. Cryptocurrencies can be used anonymously online without opening a bank account or presenting proof of identity. In addition, there is considerable investment potential in cryptocurrencies, be it in the currency itself or in futures trading due to the fluctuations in the value of the currency.
Crypto ATMs allow the cryptocurrency world to overlap with traditional banking and currency systems. Instead of making cryptocurrencies by mining or selling other cryptocurrencies within a relatively limited group of Bitcoin with credit card users, customers can exchange hard currency for cryptocurrency as long as they have a virtual wallet to store them. A crypto ATM can be either 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 making transactions anonymous and convenient.
CoinFlip Crypto ATMs are unique for many reasons. Registration only takes five minutes and customers don’t need to have a bank account to buy cryptocurrencies. Bitcoin ATM tariffs can discourage customers from exchanging cryptocurrencies. CoinFlip ATMs have the lowest Bitcoin prices and their customer service agents are always available to resolve customer problems. National legislation has not yet fully caught up with the development and use of cryptocurrencies. Nonetheless, CoinFlip ATM users can rest assured that the company is legally operating as a Money Services Company (MSB) in any state where an ATM is located, either in accordance with applicable regulations or the prevailing legal opinion in the jurisdiction.
CoinFlip is a closely related company of employees dedicated to improving 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 developing new solutions to anticipate regulatory changes, ensure sufficient cash flow to support all ATMs and prevent remote ATMs from crashing. Ultimately, the CoinFlip CEO acknowledges that blockchain will have a lasting impact not only in the cryptocurrency markets, but also in transportation, healthcare, and cloud storage.