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The first cryptocurrency ATM appeared in 2013. Today there are more than 5,000 and that number is quickly growing. Coinflip is an innovative company that helped pioneer this space. Make no mistake, Coinflip did not set out to ride on the coattails of the success of Bitcoin. Rather, the company was founded on some important principles. Coinflip is a company that sees the long-term benefits of crypto. It knows that onboarding new users is one of the industry’s greatest challenges.
How Coinflip Succeeds in Putting Crypto in the Hands of Consumers
Coinflip focuses on three important areas that are rarely addressed in the crypto industry. These are:
*maintaining low rates
*streamlining the registration process
*high-level customer service
There is much more to the company, but what these areas have in common is that the consumer is being thought of from the very beginning. This policy did not arise by accident. Nor is it a clever marketing scheme. Coinflip’s user-friendly machines were born out of the founder’s own experiences. Maintaining reasonable rates are important in an industry that has received bad press for this very thing. Crypto is complex enough that a simple procedure like registration needn’t detract a motivated consumer. Great customer service is a chance to support new users in several areas.
The Founding of Coinflip
Daniel Polotsky, CEO of Coinflip, recognized a need in the crypto industry. His disappointing experience with what seemed like a great idea fueled the growth of a young, exciting company. After discussing the concept and potential with a fellow crypto trader, Daniel set out to recruit people he knew and trusted. Together they would amass the resources that would lead to more than 120 Coinflip ATMs at 120 locations across the United States.
Today, crypto users have six options when visiting a Coinflip machine. These are:
Like Daniel Polotsky, Coinflip consumers are seeking a satisfactory physical transactions. Daniel would resort to finding a trader via LocalBitcoin.com following his disgust with a Bitcoin ATM. This was what motivated his founding of the company. He recognized that a machine, like a meetup, offer a physical interaction with cryptocurrencies. Obviously, a machine can offer many other advantages. As Daniel and one of his early partners discussed, an ATM makes Bitcoin real. It can serve to onboard new crypto users, as well as, create an allure of convenience.
The innovation and products that Coinflip brings to the crypto industry are more important than they appear on the surface. At the moment, most people dismiss cryptocurrency as background noise. Many are not even aware that the industry once amounted to over 1% of the world’s GDP. By making crypto a physical thing that consumers can see and touch, public interest is allowed to take fruit where it might otherwise dissipate.
We live in a tech-centric world. Crypto is at the center of this. So too is the need for money to keep pace with Internet transactions. Coinflip delivers both awareness and functionality that consumers can feel safe using.