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CoinFlip ATMs, Cryptocurrency, and Local Purchasing Options

The current world virus crisis may bring cryptocurrency to the mainstream, and if that happens, cryptocurrency ATMs, such as the type CoinFlip operate, will soon be in more malls and markets. The Covid-19 pandemic has caused mandatory closures, and people are being forced to stay at home and indoors. The situation has caused stock markets to crash, and many people are becoming wary of banks.


During the last great recession caused by the housing and mortgage fallout, many individuals saw the banks getting massive bailouts. The whole process tarnished traditional lending institutions, and cryptocurrency began to become more popular. Moving away from banks and credit unions seem to be the best and safest option, and cryptocurrency was available.


Without bank tellers and vaults, how do you store the virtual money? Where do you get it? CoinFlip has answered that question for us. CoinFlip operates a cryptocurrency ATM business. The company was established when the now CEO, Daniel Polotsky, attempted to use an older-style cryptocurrency ATM machine. The process was cumbersome and ultimately unsuccessful. To complete the deal, Polotsky had to resort to a person-to-person meeting.

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Daniel Polotsky took the negative experience and turned it into a modern-day enterprise. CoinFlip owns and operates virtual money ATMs across the United States. Through CoinFlip’s portal and app, individuals can locate the machines. This feature is particularly handy today as American’s are avoiding large crowds. For example, in California, people that live near Fresno can find a machine at a corner gas station. Fueling stations are allowed to remain open during the crisis. For states that are not entirely shut down, like Texas, CoinFlip has machines scattered in all of the major metropolitan areas.


CoinFlip deals in the well-known Bitcoin, Tron, and more. The development team made the machines easy to use, and they resemble traditional ATMs. The interface is similar too. In order to work with cryptocurrency, you will need a virtual wallet. As the name implies, it is like a regular coin purse, but it is held in the cloud or service site. Instead of holding paper bills, the virtual wallet keeps virtual currency.


If you want to purchase a currency, locate a machine, and select the buy option. Follow the screen prompts. It will ask you to identify your virtual wallet with a QR code then you will need to insert your dollars in exchange for the cryptocurrency. Once completed, you will see the deposit into your other account. If you want to buy Bitcoin or other currency with a credit card, CoinFlip has a secure portal through its website. It takes regular cards and debit cards.


When it is time to sell your supply, the cryptocurrency ATMs will assist you in the reverse fashion with some subtle nuances. Locate the machine, and select the sell option. Select the type of coin and amount. The system will need to verify that you have the cryptocurrency, which takes about 15 minutes or so. When you use a CoinFlip ATM and want to know the status of your transaction, you can always call their customer service line. Once the cryptocurrency sale is approved, you will receive a text message, and you can retrieve your funds from the cryptocurrency ATM.


Amanda Peterson: Amanda is an economist turned blogger who provides readers with an in-depth look at macroeconomic trends and their impact on businesses.