As cryptocurrencies continue to grow in popularity, users
will seek more secure and attractive ways to complete their transactions. This
is demonstrated by the growing demand for crypto dedicated hardware devices.
Everything from hardware wallets to Bitcoin ATMs and blockchain phones, users
now have more options available to them.
Dedicated hardware is not necessary for a blockchain system
to exist. It does however, make things much more practical. Consider validating
the Bitcoin blockchain alone. Without dedicated miners, Bitcoin would not
resemble close to what it is today.
Hardware wallets and Bitcoin ATMs also illustrate this
point. Not only do they make blockchain transactions easier, they also make
them more secure. These devices provide security from an Internet which was developed
based on permissions. By using hardware wallets alone, users can be assured of
removing several steps from the control of large technology companies and other
entities that surveil and collect data.
Cryptocurrency ATMs can provide even greater security. They
are completely dedicated to securing a blockchain transaction. What has been
termed a two way ATM offers users the ability to sell their Bitcoin or other
coins. This is just another link in the chain that adds liquidity to the crypto
industry. Liquidity is as important to crypto as it is to any other aspect of
finance.
The cryptocurrency industry’s problem is not so much one of
liquidity as it is of functionality. It is true that depending on how stressed
the Bitcoin blockchain is, transactions could take an excessive amount of time.
While much has improved since the craziness that ensued at the end of 2017, the
system that will streamline Bitcoin transactions is still in development.
Termed The Lightning Network, this system promises to match or exceed that of
our current credit card system for transactions.
Remember though, the issue is one of functionality. So even
if transactions were lightning quick, that does not necessarily mean that users
will flock to using Bitcoin. In its current state, many still find it
cumbersome to use without a wallet provider. This is why second layer
applications like The Lightning Network concentrate on user-friendly
connectivity.
When it comes to hardware devices for the public, one
company stands out. CoinFlip was created to respond to a need that was sorely
lacking in the early crypto industry. At the time, crypto was so very young and
developers were only beginning to understand the power of blockchain. Most
people looking to complete a cryptocurrency transaction were tech savvy. For
this reason, when the average person became interested in crypto, the glaring
shortcomings in the user interfaces of Bitcoin
ATMs became apparent. CoinFlip sought to tackle this problem and others by
bringing the masses an ATM solution that was more suitable for everyday
transactions.
About CoinFlip
CoinFlip is an operator of cryptocurrency ATMs. It has
placed hundreds of kiosks throughout the United States. Founded by Daniel
Polotsky, CoinFlip was expressly created to make the interfaces for these
machines more user-friendly. The company’s business model focuses on securing
transactions for decentralized finance in a way that is accessible to the
average person. Here is a shortlist of popular cryptocurrencies that are made
more available through CoinFlip ATMs:
- Bitcoin
- Binance Coin
- Litecoin
- Dash
- Tron
