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.
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:
- Binance Coin