Have you ever walked into a shopping mall or even a gas station and saw a machine that somewhat mimics an ATM? Well, you may have already seen what is known as a cryptocurrency ATM or a Bitcoin ATM. This machine is the new type of ATM which allows customers an easy way of buying cryptocurrency with either cash or through credit card.
According to CoinTelegraph, the number of these cryptocurrency automated teller machines (ATMs) that are actually installed globally has gone beyond the 4,000 mark. Currently, it possesses a growth rate of about 4.9 newly installed machines every day.
The report states that the total number of cryptocurrency ATMs worldwide is 4,167 – 7.8% of this number is located in North America, 15% in Canada and 56% in the United States. Moreover, 23% of this number is in Europe and 2.6% is in Asia. About 1.1% are in South America and Oceania, while, 0.2% are located in Africa.
Truly, with the vast majority of cryptocurrency ATMs worldwide that support Bitcoin, experts are stating that the number 4,167 is expected to rise over the succeeding years.
If as stated the number of these ATMs is expected to rise, it is important that you familiarize yourself with what they are and what they can do for you. Basically, instead of withdrawing fiat currencies, like what most traditional ATMs do, cryptocurrency ATMs function as a stationary exchange booth where you can easily and anonymously exchange fiat for cryptocurrencies such as Bitcoin.
With the rise of the number of cryptocurrency ATMs, it’s no surprise that CoinFlip, a national network of Bitcoin ATMs, is also slowly gaining recognition. One of CoinFlip’s main goals is to provide the best cash-to-crypto experience to their customers as much as possible. Nonetheless, CoinFlip has managed to utilize the technological advancements of our era to ensure this is a possibility.
With CoinFlip, you can now eliminate the long onboarding process of a traditional exchange. This retail technology company was the one who initially built the first cloud-based adjudication engine. They were able to successfully integrate it with a number of loyalty platforms as well as retailer POS systems.
In addition, CoinFlip promotes a kind of payment technology platform that will support its goal of providing the best cash-to-crypto experience to the world. With this platform, navigating your way through a complex retail technology ecosystem is possible; all the while delivering an optimal experience for its customers.
Beyond this objective, a number of firms in the various industries can now properly and effectively execute, measure, as well as fully optimize their savings, benefits, and of course, their loyalty programs; all of this is possible through CoinFlip.
Buying coins through a cryptocurrency ATM entails that you follow a step-by-step procedure. Moreover, do take note that there are some pre-requisites in buying cryptocurrency. You need to have your virtual wallet for storing the crypto coins that you’ve just bought. In addition, it is highly recommended that you use a smartphone app for your first deposit.
Should you plan to trade with another cryptocurrency immediately, it is suggested that you move your funds to an exchange or cold storage, a device that will let you store cryptocurrencies offline.
Do take into account that wallets are one way of storing cryptocurrencies. There are two categories when talking about wallets – hot and cold storage. Hot storage is connected to the internet, and as explained, cold storage functions offline. Out of the two, cold storage is deemed by many as the most secure option for storage.