Daniel Polotsky, the CEO of CoinFlip, used his real-life experience to create change. At one point, he tried to make a cryptocurrency exchange at an ATM, but the transaction was a debacle. It wasn’t that his trade was lost or he lost his cryptocurrency, but it just did not pan out with the ATM. Polotsky eventually had to turn to a face-to-face transaction to get the exchange done. As with all challenges, an individual can take the event and turn it into an opportunity, and that is just what he did.
Polotsky and a group of like-minded tech people got together and set out to create cryptocurrency ATMs that were easy to operate. CoinFlip became their invention. CoinFlip is a company that created a new, easy to use ATM to exchange six types of cryptocurrency. Polotsky and the team members spend time tracking the ever-evolving landscape of regulations that goes along with cryptocurrency exchanges, maintaining the equipment, and keeping up with the funding of the transactions. Along with all of that, they must also understand blockchain and keep up on new technology and uses for cryptocurrency.
Cryptocurrency ATMs work very similar to traditional bank machines. CoinFlip modeled their ATMs to look like the bank’s platform, which proved to be a brilliant concept. When a user walks up to a CoinFlip ATM, they can easily understand the prompts and how to facilitate the transaction because it is almost like depositing or withdrawing money from your local bank machine. The only difference is you will need a virtual wallet or cryptocurrency wallet.
Virtual and cryptocurrency wallets are accounts held in the cloud where cryptocurrency and other types of money can be stored. These types of wallets can be formed by anyone with an internet connection and an email address. The wallet acts like a holding tank where an individual can keep Bitcoin and other cryptocurrencies. There are several forms of wallets that can be accessed via an app, mobile devices, laptops, or tablets.
Once you have a cryptocurrency wallet and some cryptocurrency or cash, you can make an ATM transaction. To buy some virtual currency, you will need to find an ATM. CoinFlip offers a map on their website, or you can access the locations through their app to find your best local bitcoin option. You will need the cash or have a credit or debit card. Make sure the ATM takes your form of money or credit. Go to the ATM and select the buy button. The machine will prompt you the entire way through the process. It will ask you what type of cryptocurrency you want to buy and how much.
If you want to sell your cryptocurrency, it is almost the reverse. Have your wallet ready and find a machine. If you are selling, you can request a cash payout at some ATMs. There may be limits on how much the machine can payout in one day or one cash transaction, so be sure to check before moving forward. Select the sell option and follow the prompts. You will be given a QR code at some machines, which you will scan once the transaction becomes authenticated. The code links the deal to your cryptocurrency wallet.
Cryptocurrency ATMs, such as CoinFlip, can be found in malls and businesses across the United States, and they are becoming established around the world, developed using custom software development companies. It is a new way of doing business that uses an old model. The transactions are convenient, just as regular ATMs were, and they keep the world of cryptocurrency fluid.