Cryptocurrencies are a new form of investment that is being favored by a lot of people around the world because it is easy to learn and it yields a lot of income. There are many ways on how someone can invest in cryptocurrencies, and the easiest one would be downloading an application that allows the user to buy Bitcoins and then trade it later on to the market. Another way on how to trade using Bitcoins would be using a dedicated automated teller machine (ATM) which would prompt the user to insert cash and convert it to cryptocurrencies. Users can finish a simple task in a few minutes, and people would be able to see the reflection of their accounts showing that they already have credited their cryptocurrencies.
The most popular Bitcoin ATMs today would be CoinFlip, and it is known as a digital peer to peer cryptocurrency system. It offers an easier way to transfer bitcoin credits to different digital wallets, and every transaction is secured thanked the technology called blockchain. Blockchain was developed decades ago, and it keeps a record containing the information about the total number of Bitcoins that are in existence. All of the broadcasted transactions can also be found on the blockchain, and individuals known as miners are the ones who are verifying every single transaction, making sure that the cryptocurrency would not be spent twice.
Using the CoinFlip Bitcoin ATMs requires a small amount of fee. For those who would like to use the system for buying Bitcoins, the price that they offer would be 6.99% higher than what is offered at the market. For those who would like to sell their Bitcoins, the amount will be 3.99% lower than what is offered at the market. The rate for selling Bitcoins is slightly different in the states of Nevada and California, as the system is required to pay 5.99% lower than what the market offers. There is also a $0.99 miner’s fee, and it will be used for the system’s maintenance. Using these Bitcoin ATMs would assure you of the best value for your money, and you would enjoy using this machine because it has a simple interface and the instructions are easy to follow.
CoinFlip Bitcoin ATMs require registration for those who will be transacting amounts that are higher than $900, and the system would ask for the depositor’s name and cellphone number. If you will be transacting amounts that are in the range of $901 to $3000, you would need to register your name and cellphone number, as well as taking a photo of your state-issued ID. The system would also take your portrait. This registration process only happens once, and it is solely for security purposes. The Bitcoin ATM machine would never give out the information supplied to any third-party entities. The registration process would usually take from five to ten minutes, depending on the condition of the system. Sometimes, it may take longer than that, so people are advised to pack a lot of patience when registering into the system.
There is also a minimum transaction amount when using the Bitcoin ATM. Users are required to transaction a minimum of $10 for Bitcoins and $5 for other cryptocurrencies. In the end, the convenience and the efficiency of using the system are comparable to using an online app for trading Bitcoins and other cryptocurrencies.