The idea of using an Automated Teller Machine (ATM) for crypto trading sounded far-fetched five years ago. However, it is now possible to buy and sell digital assets using the machines. CoinFlip Bitcoin ATMs offer more than convenience when it comes to trading crypto for Fiat currency.
Buying and selling of crypto without having to step into a banking hall has been a big challenge. With Bitcoin and altcoin popularity, ATMs are increasing the uptake. The simplicity of use and anonymity that comes with crypto ATM uptake is on the rise.
You can now use CoinFlip ATMs to buy and sell digital assets using fiat currency. As a crypto adorer, it is important to understand how the ATMs work before adopting the technology.
CoinFlip Overview
CoinFlip is a firm that provides a fiat to crypto services. Their next-generation Automated Teller Machines are highly intuitive and come with an amazing simplicity that anyone can use. These machines enable you to purchase or sell your cryptocurrency for traditional fiat currency.
CoinFlip is the leading Bitcoin ATM operator in the US. At the time of preparing this guide, you are able to buy and sell six different digital assets. With low interest rates, there is growing interest in the convenience the machines offer and more ATM enthusiasts are getting connected around the globe.
The company’s next-generation ATMs are extremely intuitive. They are easy to use for both purchasing and selling digital assets. The goal of the ATM project is to act as the entry point for new crypto investors and convenience for those already trading in digital assets.
CoinFlip ATMs gives the user the best experience in currency conversion. Unlike traditional exchanges, these machines reduce the onboarding process. Cryptocurrency is highly risky and using a trusted system is a surefire way for adoption.
CoinFlip Bitcoin ATM Fees
CoinFlip Bitcoin wallet transaction fees are relatively affordable. The ATMs rates for BTC are 3.99% above the Tradeblock XBX index spot for buys and 6.99% for sells. However, the rates might be lower in some locations depending on operational costs.
CoinFlip standard fee to cover for mining expenses is $0.99 but this fluctuates depending on user demand. Mining fee increases ensures optimum transaction processes. For altcoins, base prices are calculated using the CoinMarketCap portal.
CoinFlip Bitcoin ATM Withdrawal Limits
Like any other ATM, CoinFlip ATMs have daily withdrawal limits. It is easier to purchase or withdraw small amount than huge amounts on the system. If you are buying $900 and below, all you need is an SMS and name identification.
Amounts up to $3000 a day require ID verification. If you are withdrawing amounts up to $8000, you go through an enhanced verification process which requires your social security number and a chat with the CoinFlip compliance team. These limit automatically reset at midnight depending on your location.
Ease of Crypto Trading on CoinFlip Bitcoin ATM
The CoinFlip Bitcoin ATM dashboard is straightforward. It only takes a few clicks to complete a transaction
- Go to the Buy Bitcoin, Litecoin or Ethereum Option
- Use the ATM scanner to scan your Bitcoin/Litecoin or Ethereum address QR code.
- Depending on the machine and amount you are transacting, some form of identification will be required.
- Select the amount you want to buy.
- Insert the right cash amount to the CoinFlip ATM
- Wait for the transaction to complete
- Check your wallet new balance.
CoinFlip Customer Service
CoinFlip has a discerning customer service team which is available 24/7. In the event that you run into problems, you can get in touch with the ready to assist team. The have three contact channels; Phone call, email or text.
CoinFlip customer support team response rate is average. Their team is fast at troubleshooting and feedback is sent to you conveniently and on time. CoinFlip website chat is the fastest and convenient when you have issues with the terminals or other related queries.
Key CoinFlip Bitcoin ATM Benefits
- CoinFlip Bitcoin ATMs are easy to use and ideal for both new users and experienced ones as well.
- The verification process is straightforward and there are no Know Your Customer procedures. This makes the convenient and your privacy is guaranteed.
- CoinFlip ATM supports multiple currencies. This is a one stop shop for users holding different digital assets.
- Compared to conventional ATMs, CoinFlip rates are competitively low. This is great savings for the user.
- Transactions on the machines are fast. This saves you on waiting time
- CoinFlip ATMs guarantee user privacy
CoinFlip Bitcoin ATMs Locations
CoinFlip Bitcoin ATMs are evenly located across the US. However, depending on where you reside, you can use the terminal locator to identify the nearest. What’s more, the map will also indicate the types of cryptocurrency the machine processes.
Currently, the US plays host to over 160 CoinFlip Bitcoin ATMs. These are set to increase as more users adopt the new technology.
Pros and Cons of Using CoinFlip ATMs
Pros
Easy to Use- the ATM concept is not a new technology and the CoinFlip Bitcoin ATM are not different from the traditional systems. They are easy to use since they target users who are not banked or those without credit cards.
They offer a fast and convenient gateway between the crypto and fiat economies. The exchange rates are also affordable to the crypto goer. If you have used an ATM before, the Bitcoin terminals are not different.
Good Access Speeds- Use of QR codes and a smartphone makes accessibility fast. QR codes are what identify you and the process takes minutes. When networks are not congested, the transactions are completed in seconds.
Cons
Logistical Issues- Cryptocurrency ATMs is a new concept thus the ATM network is still in its infancy. Most of the terminals are located in high traffic areas including airports, hotels and entertainment zones and this limits usage for those residing outside the range.
Technical Failures- Just like traditional ATMs, CoinFlip Bitcoin ATMs software malfunction, depletion of funds and error messages do occur. This takes time for the technical teams to rectify. This means loss of revenue to the service provider and wasted time for the user.
Final Thoughts on CoinFlip Bitcoin ATMs
CoinFlip Bitcoin ATMs are quite convenient and easy to use. They offer the best avenue to buy and sell cryptocurrencies especially for the unbanked population. However, you can only get the terminal location but cannot tell whether the machine is operational until you are on-site.
With increased crypto awareness and adoption, Bitcoin ATMs are set to give the user additional convenience, anonymity and accessibility that has been lacking. The verification process is faster compared to that of exchanges. ATMs are poised to offer the user an alternative to spend their hard-earned crypto.
