With the Cryptocurrency Sector expanding with every passing day, the need to develop more number of Crypto ATMs has sequenced.
An interview between Coinflip exponent, Benjamin Weiss and CCN has been briefed below for a better understanding of Cryptocurrency ATMs.
WHAT IS COINFLIP AND WHAT DOES IT DO?
CoinFlip was established in December 2015 with an aim to bring about the physical aspect of something out in the forefront, that is unknown to people. They provide ATMs to several states and are expanding their trading to many more states, in the coming few months. People having no bank accounts are using Bitcoin as the primary Bank account with the help of coinflip. People who have send money to other countries, say Mexico, can send Bitcoins, since it is cheaper than wire transfer services. On certain ATMs there is an inbuilt option to sell Bitcoins as well. However, developments on the sell feature in the ATMs are going on since the buy/sell ratio will turn out to be equal, eventually.
HOW IS COINFLIP UNIQUE?
CoinFlip ATMs’ sell feature makes it distinct from other ATMs. They are working towards attempting more sell options to their ATMs’, since Bitcoin prices are surging up and people are going to want to sell out. Benjamin also said that the sell feature in Bitcoin ATMs is an expensive model. Cash recyclers are added to the machines so that restocking is not a difficulty. It is a harder aspect but despite that, developments will go on.
WHAT HAPPENS IF LARGE AMOUNT OF CASH IS WITHDRAWN?
According to regulations, a limitation of $7500 cash withdrawal has been imposed. Online wiring allows larger cash transfer but these measures are taken to establish a better security. A transaction above $3000 shall require a security number, source of funds, purpose of funds and strict validation is maintained to check on money laundering issues.
WHAT CURRENCIES CAN BE BOUGHT AT COINFLIP?
Bitcoin, Litecoin and Ethereum are the ones which can be bought through Coinflip ATMs but the team is planning on adding some more, since the interest in Cryptocurrencies are on the rise.
Coinflip has developed ATMs so that cryptocurrencies are easily accessible to commoners. In this age of technological revolution, Crypto ATM is a necessity. It shall make cryptocurrency a step closer to everyone. The network has also enabled decrease in pricing and faster transactions are possible through it. Benjamin also said on behalf of Coinf lip that Bitcoin shall stay and he can see it rise to $100,000 in no time.