In 2008, the first cryptocurrency, Bitcoin, was introduced by an anonymous inventor Satoshi Nakamoto. Bitcoin came as a new idea that has never been witnessed before. It was an idea that was supported by a new technology known as blockchain. Blockchain is an electronic ledger that keeps all transactions involving cryptocurrencies. Every transaction that is made has to record in the ledger making it possible to secure funds. Blockchain technology incorporates a security system where every transaction is given a unique address. It is seen as one of the safest technologies for financial transactions. In recent times, there have been attempts to make use of blockchain technology in other industries for security purposes.
With the growth of the cryptocurrency industry in recent years, we have seen innovators try to make cryptocurrencies a normal mode of transaction. Today, we have crypto ATMs, which offer services similar to those of traditional ATMs. The traditional ATMs are used as points of withdrawing fiat currencies from banks and credit cards. For crypto ATMs, they are points where one can buy or sell cryptocurrencies. With cash or credit card, one can simply buy cryptocurrencies anonymously. Today we have numerous types of cryptocurrencies with the major ones being Komodo, Bitcoin, Ethereum, Litecoin and Tron among others.
Currently, there are over 3400 crypto ATMs in the world, and most of these ATMs are located in North America. Over 1200 crypto ATMs are found in the United States. With this number, the cryptocurrency industry has a long way to go before catching up with the traditional ATMs. There are over 5.5 million fiat currency ATMs in the world.
Crypto ATMs have significantly simplified the process of acquiring cryptocurrencies. As long as you have cash/credit card ad a crypto wallet, you can own bitcoin or any other crypto. Most crypto ATMs come with a user-friendly interface, and therefore no one should have problems purchasing cryptocurrencies. One will be required to enter the bitcoin wallet address to complete a transaction. After depositing the cash, the cryptos will be sent to the bitcoin address entered.
CoinFlip is a bitcoin ATM company based in the United States. CoinFlip currently operates over 120 crypto ATMs across the country. The head of CoinFlip project is CEO Daniel Polotsky. In an interview with BASE.INFO, Polotsky revealed that the first bitcoin ATM they made was installed in Wrigleyville Chicago. Unfortunately for them, this ATM did not perform well since it was not user-friendly. They decided to come up with another ATM that would factor in the ease of use by customers. Daniel and his team were motivated to create crypto ATMs since these machines would take up and automate the work of many local bitcoin traders. They also had the plan of ATMs that would make it easier for people who are unfamiliar with the crypto technology to familiarize themselves.
CoinFlip offers six difference cryptocurrencies are Litecoin, Bitcoin, Dash, Ethereum, Tron, Komodo. These cryptocurrencies can be purchased with cash, credit card or wire transfer. Card and wire transfers have made it possible for people who have no access to a nearby crypto ATM to buy or sell cryptocurrencies. With CoinFlip, it is now possible to buy cryptocurrencies even without a bank account. All that is needed is cash, and you’ll be in a position to purchase cryptocurrency in minutes. CoinFlip has a customer care service that responds queries from customers in a very short time. The main goal of CoinFlip to take away at the complexity associated with cryptocurrencies.