With Bitcoin ATMs, CoinFlip Is Banking The Unbanked – Bitcoin Magazine

This is a promoted article provided by CoinFlip.

There are now many ways to obtain bitcoin and join the growing revolution in sovereign digital wealth. Among them, you can mine bitcoin, you can earn bitcoin in exchange for goods or services and you can buy bitcoin for fiat currency through a credit card or bank account on an online exchange.

But perhaps no other vehicle for gaining bitcoin is as frictionless for the underbanked and unbanked around the world than Bitcoin ATMs.

As their name implies, Bitcoin ATMs are automatic teller machines that are quite similar to traditional ATMs, except that they allow users to buy and sell bitcoin, rather than withdraw fiat currency from their bank accounts. They serve those around the world who want to onboard to Bitcoin — a system designed to remove the financial gatekeepers that create inequality in the traditional economic system — by providing all of the interfacing needed to convert cash in hand into the world’s preeminent digital currency.

CoinFlip, which operates 750 Bitcoin ATMs across the United States as the highest-volume provider in the space, maintains some of the lowest barriers to buying bitcoin for those who could use it most.

In addition to a bitcoin wallet and any fiat cash they are hoping to convert, users can begin buying bitcoin at a CoinFlip ATM with as little as a mobile phone number and a name.

“Bitcoin ATMs are general tools for banking the unbanked because unlike other cryptocurrency onramps, people are able to get access to bitcoin with cash and do not require a bank account,” Dustin Wei, CoinFlip’s head of business development, said. “While many other cryptocurrency onramps claim they want to foster the idea of banking the unbanked, an unbanked customer would not actually be able to use their services.”

CoinFlip has found that a significant portion of its Bitcoin ATM user base is comprised of underbanked and low-income individuals who want to transact primarily in cash. By…

Read More