CoinFlip ATMs Bring Accessibility to Bitcoin

Cryptocurrency is a de-centralized form of currency, created by an anonymous programming entity in 2009. Since then, cryptocurrency has gained popularity globally and continues to grow as a profitable venture. The de-centralized nature of the currency allows it to operate without servers, on a peer-to-peer system similar to file sharing. There is no central controlling agency for cryptocurrency. While the de-centralized aspect of cryptocurrency means that no third parties are required to keep track of transactions, a non-traditional system is necessary. The solution is called the Blockchain. The Blockchain is a public ledger of every transaction completed in the network, including the account balances of every Bitcoin owner. Miners solve cryptographic puzzles to finalize transactions and ensure their legitimacy before being recorded in the Blockchain. Storing Bitcoins through an online service is one way to keep your cryptocurrency, or you can store your assets on a hard drive or hardware wallet. It is much more secure to store your cryptocurrency on your own hard drive, where only you have access to it.

Since the rise of the popularity of cryptocurrency, the demand for a quick and easy way to exchange traditional currency for Bitcoin has risen accordingly. Currently, Bitcoin ATMs are being built at a respectable pace of 6.5 per day. Most of these are in North America, but are present worldwide in more than 70 countries. Using a credit card, debit card, or cash, a customer can buy Bitcoin and transfer it to their digital wallet. This, like any other transaction, is confirmed and finalized on the Blockchain. Of the 3,423 Bitcoin ATMs, there are two types. One-way Bitcoin ATMs only allow the user to purchase Bitcoin. Two-way ATMs are more advanced, giving customers the option to both purchase Bitcoin and exchange Bitcoin for traditional currency. These ATMs facilitate Bitcoin and cryptocurrency transactions. Online merchants such as Bitify and OpenBazaar only accept cryptocurrencies, and a popular practice is to purchase gift cards to use the currency. Investment is also a popular use of cryptocurrencies. They are high-risk investments with unchecked fluctuation but can be extremely profitable.

Daniel Polotsky is the CEO of CoinFlip, a cryptocurrency ATM company that aims to make cryptocurrency more accessible and convenient with a user-friendly system. Polotsky had an unsuccessful experience with a Bitcoin ATM in Chicago. At the time, most Bitcoin exchanges occurred in person. Polotsky and his trading partner envisioned a Bitcoin ATM that could take the place of a human trader, with multiple benefits. The ATM system was familiar and convenient, allowing newcomers to quickly get the hang of trading Bitcoin. In addition, it took away the necessity for in person meetups, allowing for hundreds of virtual meet ups per month. CoinFlip trades not only Bitcoin, but 5 other cryptocurrencies. They currently trade Ethereum, Dash, Tron, Litecoin, Komodo, and Bitcoin at their 120 locations across the United States. Consumers can use a CoinFlip ATM without a bank account and almost immediately exchange cash for the cryptocurrency without the customary waiting period, which can take months. They also offer the lowest Bitcoin ATM fees. All of the CoinFlip ATMs are legally approved by the state that they operate in.

Adam Torkildson