Cryptocurrency ATMs – Buy and Sell Bitcoins
When the Genesis block for Bitcoin was first officially released on January 3, 2009, it marked the beginning of the pioneering wave of decentralized digital currency for a loyal community of cryptocurrency followers. A decade later, there are hundreds of cryptocurrencies in existence with select groups of communities who still use and trade the digital asset.
Even with additional competition, in 2019, Bitcoin still sets the standard with the largest group of users and frequency of trades. Unfortunately, although it has been 10 years since the emergence of the first cryptocurrency, there are still very few technologies that make it easier for cryptocurrency traders to trade in the real world or to make the technology more accessible to the public.
What is Cryptocurrency?
Cryptocurrency is a form of virtual currency that uses blockchain technology to complete transactions. Blockchain is a type of continuously linked ledger that records cryptocurrency transactions, timestamps, and verifies that each unit of digital currency is legitimate. Since blockchain is continuously linked in a chain, it is difficult for users to tamper with a single transaction; altering a single transaction would affect every other transaction on that chain.
Current developments in cryptocurrency includes making real world trades more user friendly. Although intangible and existing only in digital forms, cryptocurrencies do have value. For example, only an average of 1,800 Bitcoins can be mined a day and only 21 million bitcoins are available to be mined up until the year 2140. This limited supply places a value on each Bitcoin.
What Do Cryptocurrency ATMs Do?
Cryptocurrency ATMs allow the buying and selling of cryptocurrency with cash. The concept is similar to a typical bank ATM except for the addition of scanners to read state identifications as a confirmation of identity. Cryptocurrency ATM allows for the purchase of Bitcoins via cash or debit cards. Users need to have an account already set up and a digital wallet before using the ATM. The first Bitcoin ATM was installed by Robocoin in 2014, but it is no longer in operation. Today, there are more than 2,000 cryptocurrency ATMs around the United States. However, ease of use has always been a problem.
What is CoinFlip?
CoinFlip is a cryptocurrency ATM founded by CEO Daniel Polosky in 2015. Polosky started CoinFlip due to the difficulty of finding easy-to-use cryptocurrency ATMs. Aside from Bitcoin, CoinFlip trades in six other cryptocurrencies such as Litecoin, Ethereum, Dash, Tron, and Komodo. With 120 ATMs installed around the country, CoinFlip looks to simplify cash to Bitcoin trading. Customers are able to skip the approval wait time and purchase cryptocurrency without a bank account. CoinFlips to make cryptocurrency trading less complicated to the average investor.
The Future of CoinFlip
While the majority of users of cryptocurrency are those in technology and finance fields, the number of users increased from 120,000 users in 2013 to over 6 million users in 2017. Regardless which cryptocurrency ends up on top, cryptocurrency is definitely an area for investors to keep an eye on. Polosky sees the blockchain ledger technology that cryptocurrencies are based on as the future of multiple industries such as healthcare, transportation, and cloud storage.
Cryptocurrency ATMs does a wonderful job of exposing the public to the existence of cryptocurrency and makes it possible to introduce a rather eclectic piece of technology in an easier to use interface. CoinFlip currently operates the most numerous Bitcoin ATMs in the country with instant support, low fees, quick transactions, and easy verification process. The ATMs operates like a kiosk with an interactive screen that has been vastly upgraded from the models that came before.