A cryptocurrency is a medium of exchange that has been developed digitally and operates all around the world. All that is needed is tools to access the internet. It mostly involves virtual currency and works as a substitute for the common tangible currencies. They never need a centrally controlled economic system such as banks. They use the distributed ledger technology where users can be involved in the transactions without the presence of a middleman.
Bitcoin is considered as the first form of cryptocurrency. Crypto ATMs have been recently introduced to enhance the cryptocurrency transactions and make local bitcoin more accessible. Mostly, they involve the purchase of bitcoins; hence they are also known as Bitcoin ATMs where an exchange of bitcoin for cash or vice versa is carried out. Currently, the kiosks are a few thousand in numbers with the highest percentage in North America followed by Europe and then Asia.
Coinflip is a company involved in the cryptocurrency business offering an exchange of cash to cryptocurrency by putting up Crypto ATMs. The service provides a variety of cryptocurrencies of up to six in number. They include the bitcoin, Tron, Dash, litecoin, Ethereum, and Komodo where a user can buy or sell any of those cryptocurrencies in their kiosks all over the United States.
The good thing about Coinflip is that it allows consumers to be involved in the cryptocurrency activities without a bank account as a requirement. It also takes an instant to be approved for transactions. Coinflips also offer unbelievably low bitcoin transactions rates compared to other companies in the United States. It also has simplified the use of the ATMs hence they are user-friendly compared to other systems.
Many eCommerce sites have already started to accept bitcoin and others are starting now. Last year the percentage of websites that accept bitcoin as a payment method increased by 25%, and this is just the beginning. At the moment you can pay and buy with bitcoin using many services already, and many more pop up every day, so we can be pretty sure that if this trend continues in the future it will be normal to use cryptocurrency for our daily shopping.
Daniel Polotsky is the CEO of Coinflip. In an interview with Base.info, he explains how the idea of the company came to him. He describes an experience he had while using a Bitcoin ATM in Chicago. He found the kiosk not to be a user-friendly gadget which resulted in him using other means of transactions at that particular time. It was then that Daniel with a business partner arrived at the idea in a conversation. After some time, they put up their first ATM kiosk hence launching their business. Now they have up to 120 booths in the United States.
Daniel reveals some of the significant difficulties that his company face in its operations. Firstly, he mentions the world regulatory schemes on bitcoin that are ever changing which are a tough job to keep with. Another challenge is maintaining a cash flow into the ATMs every other day due to constant transactions that are carried out from time to time. Daniel also points out that it’s pretty tough to keep every kiosk in an operational conditional.
Daniel states out the importance of having a reliable team for any project to be successful. He says that he was well acquainted with most of the people on his Coinflip team were well before establishing the company. They are people that Daniel met either through work or school. He describes them as individuals with a lot of potential and energy to see the success of their own lives as well as that of Coinflip.
Coinflip’s CEO believes that cryptocurrency will affect almost every world’s system in a significant way. So his advice is that people should consider investing in cryptocurrency.