As we get further into the 21st century, many new technological advances are beginning to take place. Phones are becoming smartphones, Cars are going electric and money is going digital. The emergence of cryptocurrency has changed the way we look at money as a society, and it has also changed the way we interact with money as well.
A cryptocurrency is a form of digital currency that is secured by cryptographic encryption. This form of currency has gained a lot of popularity in the recent years, mainly due to the fact that cryptocurrency exists separately from the government and authorities, meaning that the owners of cryptocurrency can be completely anonymous if needed, and easily transferable between two people without having to have a third party involved such as a bank.
This has also made cryptocurrency a very popular currency to trade, many are gravitating towards it because they find it simpler than stock trading. There are multiple different types of cryptocurrency and they all have their values, some of the most used types are Litecoin, Ethereum, Dash, Tron, Ripple and Bitcoin, with Bitcoin being by far the most popular.
Bitcoin was created in 2008 by an anonymous person or group of people in Japan disguised under the name Satoshi Nakamoto. The goal of the project was to create an electronic cash system that was decentralized and outside of government interference. This means that when you’re using Bitcoin, you won’t need to use your name, Tax ID or Social Security number, all you’ll need is an encryption key. After Bitcoin launched in 2009, the creators of the currency disappeared and became untraceable.
With how dramatically different cryptocurrencies and Bitcoin are to the standard currency in many countries, there has been a new type of ATM emerging to cater to Bitcoin users. These are known as Bitcoin ATMs, and they’re starting to pop up everywhere. Currently, there are over nine thousand Bitcoin ATMs spread out over 90 different countries, and about two thousand of them are in the United States.
The purpose of a Bitcoin ATM is to be able to use cash to buy Bitcoin that’ll be transferred to your Bitcoin Wallet or your email address. Certain Bitcoin ATMs will also give you the option of selling Bitcoin in your possession in return for standard currency, but these types of ATMs are less common. As the demand for these ATMs grows larger, one company stands out among the rest, a company is known as Coinflip.
Coinflip is a Bitcoin ATM company that has the goal of becoming the best and most convenient option for Bitcoin users. They currently have 120 ATMs across the United States that all trade Bitcoin as well as five other types of cryptocurrency: Litecoin, Komodo, Dash, Tron, and Ethereum. Their ATMs also accept wire transfers and card purchases if you are far from a terminal.
The company’s CEO Daniel Polotsky stated that he had the idea for the company when he tried using a Bitcoin ATM in Chicago but was confused by its lack of simplicity. He and his trading partner then decided to create their own ATMs, but with a focus on simplicity and customer service. They allow their customers to purchase currency without a bank account and high ATM rates. Registration typically takes five minutes or less, and they pride themselves in always answering the phone.