Finding Crypto Solutions with Bitcoin ATMs
If you are getting into cryptocurrency, you will want to learn how to use cryptocurrency ATMs. Daniel Polotsky is in charge of CoinFlip, a company that deals in these nontraditional ATMs. The machines are similar to your bank’s. Polotsky states that was on purpose because everyone already knows how to use those machines, so if CoinFlip kept the look and feel the same, there would be no learning curve in that aspect.
CoinFlip machines are popping up in malls, fueling stations, and other convenient locations around the United States. For CoinFlip to reach this level of success, it took a team of dedicated employees. Daniel Polotsky says his crew is made up of young individuals who have a thirst for technology, change, and life. He describes them as pleasant to work with but eager.
Cryptocurrency is slowly becoming a mainstream form of currency. It is often called digital or virtual money also. In the early 1980s, the fad was started, and the reason why was so that people could have a completely untraceable barter system. When an individual uses Bitcoin or other cryptocurrencies, there is no record of the transaction that any government or tax agency can trace. As you can imagine, this caused a big stir in organizations, such as the IRS and big banks. This did not deter fans of the money. It seemed to turn the fad into a viable form of trade. Bitcoin is probably the most popular form, but there are many available. CoinFlip’s ATMs handles Bitcoin, Tron, Dash, and others, providing local bitcoin and crypto options to users.
Purchasing cryptocurrency is easy today with ATMS, but in the past, it was a hassle. That is why Daniel Polotsky started CoinFlip because of his experience trying to perform a transaction through an older machine. In the end, he finally had to do a face-to-face deal. With that inspiration, CoinFlip was born.
To buy cryptocurrency from a CoinFlip ATM, you will need a virtual wallet. Find an ATM, which you can do from CoinFlip’s website. Once you get to the machine, select the type of virtual money you want to purchase. The screen will give you some details about the transaction to read, understand, and approve. After you agree, you will need to input your cell phone number on the touch screen. In a moment, you will receive a text message with a code. Enter that code in the ATM. Once the machine recognizes you, it will need to scan your virtual wallet key. Next, insert your traditional money. The currency of your choice will be deposited into your virtual wallet. If you want to use a credit or debit card, the CoinFlip site can facilitate that transaction directly for you.
When it is time for you to sell some of your Bitcoin, the steps are similar. To begin, find the ATM, select the currency you wish to sell, read the agreement, enter your cell phone number, and input the code you received in the text message. Now, the machine will print out a QR code for you to scan into your virtual wallet. You will need to wait for confirmation, but once the system confirms that you own that currency, you will get a text message. The process can take several minutes. If you have waited longer than 20 or 30 minutes, you can call CoinFlip for advice, but it usually takes about 10 minutes. Once you have confirmation, return to the ATM, and scan the QR code the machine printed for you. Your funds will be dispensed, like a regular bank machine.