Bringing Bitcoin ATMs to Every Corner - An Interview with a Crypto-ATM Manufacturer
Bringing Bitcoin ATMs to Every Corner - An Interview with a Crypto-ATM Manufacturer
Chicago, IL - Correspondent Eric NCF Eissler had a chance to talk with COO of Benjamin Coinflip at his Chicago headquarters to learn more about the company, ATMs, and general perspectives on cryptocurrency.
Benjamin Weiss: We try to bring a physical aspect to something that is very abstract to people and that's why ATMs have been a big hit so far. We have machines in more than seven states currently with future national expansion and a plan to be in many other places in a short time.
CCN: When did you form Coinflip?
BW: December 2015 is when the company started and I would say it has really taken off since 2016.
CCN: Who is your demographic of the main user?
BW: The demographics that use ATMs are crazy! He runs the Gambit: people who do not have bank accounts and use Bitcoin as their main bank account, to people who send remittances to Mexico and other countries because it is cheaper than wire transfer Traditional high-net-worth people -worth people who do not want to buy Bitcoin from their computers and would rather just get easily with money by going to an ATM. As a result, the spectrum is full, from one end to the other of the different demographics that use ATMs. There is no "average" user, he is everywhere on the map.
CCN: In addition to buying Bitcoin, you can also make withdrawals? Essentially, selling Bitcoin and taking the money.
BW: Yes, on some ATMs there is the put option. However, it is so early in the game that most of the transactions we have are buys and not sells. But the number of people withdrawn is now because prices are getting more crypto increased. I think the market is maturing and as the market grows you will see a report of buying and selling.
CCN: Your ATMs are unique because they are, from what I've seen, the first ones to offer withdrawals. Can you give details on this function?
BW: At the time, it's really rare to see the sales functionality on Bitcoin ATMs, but the price keeps increasing, our strategy for the future is to continue working on the withdrawals capabilities to ensure that people have this option to cash.
CCN: Can you clarify the sales function? How are you able to do it?
BW: It's a more expensive operational model. We are adding features such as cash recyclers, to avoid having to go replenish ATMs in cash. Of course, it is a little difficult from the point of view of execution, but it is something that can be done. We continue to develop this feature.
BW: Due to compliance and regulation with federal laws, we have a cap of $ 7,500 on withdrawals. We are dealing with hundreds of thousands of dollars in online transfers and wires, but most people would not be comfortable with making that much cash. And of course, we took these and other protective measures against money laundering. To go beyond the minimum requirements, we have added more security, such as transactions over $ 3000, which require a Social Security Number (SSN), source of funds, purpose funds, and we run software that can validate SSNs if false those can not be accepted. However, we never let users tap into their safety nets in an ATM, this is done once, over the phone with our customer support team.
CCN: So, you have to have an account to use the ATM?
BW: No, if the amount is over $ 700, then you must pass your ID and we run a check to make sure you do not get a sanctioned person and you are allowed to use US financial institutions. You just have to register and this step is to prevent money laundering.
CCN: What currencies can you buy at your ATMs?
BW: Bitcoin, Litecoin and Ethereum. We are working on adding more parts, but I can not say who.
CCN: What is your view of cryptocurrency?
BW: Very positive. That's why we created these ATMs to make it easy for the average person to buy it. For the average person, it can be difficult to buy cryptocurrency. There is this incredible financial technological revolution going on and we want everyone to be part of it; we want an ATM on all corners. We are motivated by bringing to everyone cryptocurrency.
In addition, the use of Crypto varies by country. For example, in the United States in Bitcoin is more of an asset or store of value, but in Venezuela, where the currency has been completely debased, Bitcoin is a rescue payment system. Remittances are great for us because it is cheaper, faster and more efficient. With the implementation of the lightning network costs have dropped, around $ 2.00 now and transactions are much faster than they were a few months ago.
CCN: Bitcoin Cash was ready to take care of the speed and cost a few months ago, but now, after SegWit and Lightning, what are your thoughts on the longevity of Bitcoin?
BW: He is here to stay. Period. I could see Bitcoin at $ 100,000. I mean it's so early in the game. I'm a big believer in this long run. It is difficult to have a serious investment portfolio that does not include Bitcoin.
CCN: What are your thoughts on the Illinois Blockchain Initiative? State agencies want to create a better, safer system for record keeping.
BW: I think the government, no matter what they think of cryptocurrencies, they know that blockchain is amazing and they want to benefit from it. I think they should because watching the Equifax shot took with this data breach. If you had this information on a blockchain, it would be much safer. So, I think what you are going to see in the short term, the Government of Illinois and all the other governments are going to adopt this technology. You will see medical records, title deeds, property records, and all sorts of sensitive data will end up on blockchain. Once the government and the states do, we hope they will come to recognize that cryptocurrencies are another amazing facet of blockchain. There is room for companies like us, citizens, and the government to work together to take advantage of this technology.
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