Due to the recent pandemic, ATMs have become a necessary tool to avoid crowds. Since their inception, they have been popular for late-night and weekend transactions. Today, ATMs can do more than dole out cash. They can handle cryptocurrency transactions through companies such as CoinFlip. CoinFlip smoothed out the learning curve by using ATMs because most everyone understands how to operate one. CoinFlip’s machines walk you through the transaction just as your bank’s ATM does, but with a few nuances.
Cryptocurrency ATMs are popping up right next to cash machines. An easy way to locate one through CoinFlip is to head over to their website. You are not required to log in or provide any information to access the map. Once the map is up, click on your location. The names of the stores that have them will be displayed as well as a picture of the establishment, the physical address, phone number, and a redirect to a preset Google map. It is a point-and-click system.
To do a virtual money transaction, you will need a cell phone and possibly a virtual wallet. There are two common forms of virtual wallets: hot and cold. A hot wallet is stored on the net. This form is convenient and has many layers of encryption, but because it is in the cloud, it could get hacked. Cold wallets are safer because they are not linked to the internet, but they are not accepted as much as hot ones. Developers have created plenty of free hot wallet apps. There is a fee to use cold wallets. When using CoinFlip, you do not have to use a virtual wallet. The company is linked to cryptocurrency exchanges, which are similar to stock exchanges. Except, they deal in Bitcoin, Tron, and other cryptocurrencies.
To purchase cryptocurrency from an ATM, have your cash and wallet QR code ready. Select the type of virtual money you want and the amount. The machine will prompt you to enter the cash, and you will see the currency in your wallet. It is a straightforward way to buy bitcoin.
If you want to buy virtual currency with a credit or debit card, CoinFlip’s site is set up to handle the transaction. Once you enter your card number and buying details, it will take approximately half an hour before you will see the cryptocurrency in your virtual wallet.
When you need to sell it, return to any machine and select which form of cryptocurrency you want to sell, such as Bitcoin or Dash, then enter the amount. The ATM will print you a QR code. You will need to wait for the sell to be verified via the blockchain. You will receive a text message once it is approved. Once authorized, return to the ATM and scan your QR coded receipt you initially received from the machine. The ATM will dispense the cash.
Daniel Polotsky started CoinFlip. The idea came to him after a failed attempt to use an old-style cryptocurrency ATM. As an entrepreneur, he figured that if he was having trouble trying to complete a transaction, everyone else must be too. With that thought, CoinFlip was born.
Polotsky made CoinFlip user-friendly. The customer service team is available all day, every day. They are placing the machine in convenient locations and adding new spots often. Your privacy is serious business for the company. They never sell your details or information.