For the past ten years, we have witnessed the rise of the cryptocurrency industry. The journey started in 2008 when anonymous inventor Satoshi Nakamoto invented bitcoin. It became the first cryptocurrency and holds the highest value to date. The past ten years have seen the process of bitcoin fluctuate considerably. At some point, the price of one bitcoin was compared to $20000. However, despite these price fluctuations, the acceptability of cryptocurrencies as a means of financial transaction is getting stronger by the day. For the past five years, we have seen a positive trend in the growth of crypto ATMs. Crypto ATMs are simply automated teller machines where customers can buy or sell cryptocurrencies anonymously.
In 2018, the number of crypto machines went up significantly. Currently, there are over 3400 crypto ATMs in the world. With the acceptability of cryptocurrencies getting better by the day, the number of crypto ATMs is expected to go up. Also, the prices of cryptocurrencies are likely to resume the upward trend.
2018 marked the year that the highest number of crypto ATMs was installed. Of all the crypto ATMs that exist today, almost all of them offer customers a platform to buy or sell bitcoin. There is a significant number which also offers other cryptocurrencies such as Litecoin, Ethereum, and Dash. 2018 also became the year when other cryptos such as Monero, Dogecoin, Zcash, and others recorded impressive gains. The highest number of crypto ATMs in 2018 was installed at the beginning of the year when all the cryptocurrencies recorded a significant price hike.
The cryptocurrency industry has recorded improvement as far as locating crypto ATMs is concerned. With Coin ATM Radar platform, it is now possible for customers to locate the nearest ATM with ease. With over 3000 crypto ATMs found in North America, about 1200 of them are in the United States. Other regions which have a significant number of crypto ATMs include the United Kingdom, Central Europe, Australia, and South America. The gain in the number of crypto ATMs in 2018 is an indication that more people have accepted cryptocurrencies as an alternative to fiat currency.
CoinFlip is an American bitcoin ATM company headed by CEO Daniel Polotsky. In an interview with BASE.INFO, Polotsky said that the first bitcoin ATM they created was installed in Chicago. Although the idea was awesome, the ATM did not meet all the expectations of the customers since it did not offer user-friendly interface. The idea crypto ATMs was revolutionary since one ATM could automate the work of local bitcoin traders since an ATM can be used to perform hundreds of transactions every month.
Today, CoinFlip has installed over 120 ATMs in different parts of the United States and offers customers a platform to purchase and sell six different cryptocurrencies in cash or using a credit card. The cryptocurrencies offered by CoinFlip include Dash, Tron, Ethereum, Komodo, Litecoin and Bitcoin.
The idea of CoinFlip differs from others in that we have made it possible for customers to buy cryptocurrencies even without bank accounts. Also, the transactions take the shortest time possible even for cash transactions. With CoinFlip crypto ATMs, it typically takes 5 minutes for transactions to be completed. CoinFlip aims to add more crypto ATMs in the United States in the coming years.