The use of cryptocurrency to purchase items or pay bills in the US is still far from mainstream as plenty of skeptics still aren’t on board with it, and many banks are not too friendly towards it either. One reason for the latter is because cryptocurrency effectively cuts around banks since it is digital currency that is not managed by any central bank and is not created by the Mint or Federal Reserve. There is still a lot of weakness and volatility around cryptocurrencies like Bitcoin which is why you probably shouldn’t just convert all your cash holdings into it, but if you are interested in learning about it and using it, you may want to see if any cryptocurrency ATMs like CoinFlip are located near you.
” Why Cryptocurrency ATMs | Buying Bitcoin, Ethereum, BitcoinCash, Ripple or Zcash “
Why use an actual ATM to buy or sell cryptocurrency when you can do it online? While buying Bitcoin, Ethereum, BitcoinCash, Ripple or Zcash can be done fairly easy online through an online exchange, there are a few reasons why ATMs may be better places to buy or sell them.
- You can use cash in the transaction, which is not something you can do when you’re buying online.
- Some online exchanges have high minimums of cryptocurrencies you have to purchase while ATMs like CoinFlip allow you to purchase very small amounts albeit with low fees included
- Purchasing cryptocurrency online in large quantities using bank account or credit card information has sometimes led banks to close accounts because they do not like their customers buying it.
Usually using a crypto ATM like the ones in the CoinFlip network is very easy, though you will need the correct cryptocurrency wallet for the coin you want to purchase, and if you’re conducting a transaction of over $900 you will need your photo ID. But usually the process is very quick as compared to some exchanges that take quite a while – not to mention, this provides a local bitcoin option for those interested in building their crypto wallet.
CoinFlip ATMs include the purchase and selling of Bitcoin, LiteCoin, Tron, Komodo, Ethereum, Dash and Binance coin. The CoinFlip ATM network was founded by their current CEO, Daniel Polotsky who recognized the growing market for cryptocurrency and believed having quality ATMs would help introduce people to it who may still be new and unsure about using it. His ATMs are not the first to be used for buying Bitcoin with cash, but he realized from personal experience that many of the current ATMs took too long and had too many bugs in them making purchases difficult, and most didn’t have the option to sell cryptocurrency back. So Polotsky set out to change that by investing in his own ATM with a partner he had at the time, and though it took finding the right manufacturer to get it working right, they were able to get a working ATM in downtown Chicago up and running just a few years ago.
Today, CoinFlip’s ATM network has hundreds of machines located across the country and they now have an online purchase interface powered by the Simplex platform. Polotsky has become a spokesman for cryptocurrency and blockchain technology speaking at various seminars and conferences about its value and how there can be adequate regulation while also respecting the consumer’s privacy, although he does mention there is never a such thing as full anonymity even with crypto wallets. But CoinFlip has taken a hardline approach to protecting user privacy and does not ever sell or market data to third parties.