Global Business News

Coinflip – Making Cryptocurrency ATMs Easy

3 min read

Maybe you thought having a cryptocurrency ATM, like those found here, at your business would be just another useless novelty. On the other hand, maybe you really wanted one but had no idea how to get one. Coinflip can answer both of those thoughts.

Coinflip has been around for the past five years and has around 120 ATMs across the country. That works out to about two dozen new ATM installations per year and that number can only increase as cryptocurrency adoption and use becomes more mainstream in the U.S. One of the reasons that Coinflip is enjoying such a strong growth is the ease of use of its ATMs for buying and selling several cryptocurrencies while still maintaining low fees.

There are only a handful of steps needed to get cash out of a Coinflip ATM, so when payday is too far away, you can still fill up your gas tank or get whatever else you need. The same goes for buying any of the six cryptocurrencies that Coinflip supports – there are only a few steps required. Right now, they support Bitcoin, Ethereum, Litecoin, Dash, Tron and Komodo.

The global adoption of cryptocurrency ATMs is definitely expected to continue growing, especially in the U.S., Canada and Europe. These regions currently hold just over 90% of the world’s cryptocurrency ATMs. Unfortunately, there are still a few barriers to increasing the installation of new cryptocurrency ATMs – local financial regulations, the lack of more widespread knowledge of cryptocurrencies in general and the usual money-laundering worries are concerns that will have to be addressed in order for cryptocurrency ATMs (and cryptocurrencies in general) to enjoy a more widespread use.

Some cryptocurrency ATMs are bidirectional, or “two-way”, machines. These particular ATMs allow the user to convert their crypto to cash as well as convert cash to crypto. Still need that gas in your car? Stop at the ATM, convert your crypto to cash and fill up the tank. Or, did you just sell that car for a cash payment and are hesitant about carrying several hundred dollars in your pocket? Stop at the ATM, convert some or all of it to crypto and go on about your business. Simple.

In addition, more and more features and services are being utilized. Depending on the configuration, a cryptocurrency ATM may also support multiple languages, altcoins and currencies, providing convenient and local bitcoin purchasing options. AML/KYC integration is typically painless, with most systems only requiring SMS or fingerprint identification unless higher amounts of crypto or cash is desired – a feature which anyone who has ever had to endure the sometimes lengthy (and seemingly too intrusive) process of personal identification required by websites.

Cryptocurrency ATMs (for example, a Bitcoin ATM) might also helping to mitigate the risk of volatility that have been associated with cryptocurrencies by using the exchange rate that is concurrent with the time that the ATM is being used and by updating that exchange rate at a highly frequent interval (such as once or twice per minute).

But despite legislative obstacles and other barriers, the demand for adoption of cryptocurrency into our everyday financial activities is strongly solid. ATMs are demonstrating that cryptocurrency is, and will continue to be, a valuable part of our normal lives.

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