Cryptocurrency ATMs Are CT Everywhere, But Are People Using Them?

There are hundreds of cryptocurrency ATMs in the state, but how does the technology work and do people actually use the machines?

ATMs, usually located at gas stations and convenience stores, allow a user to purchase bitcoins, or sometimes other cryptocurrencies, with cash or debit card.

CoinFlip co-founder and president Daniel Polotsky says a transaction starts when the user enters their personal information – the information needed depends on the amount they buy – then scans a QR code linked to their digital wallet, inserting the payment. and confirmation of purchase. CoinFlip then sends the cryptocurrency from their digital wallet to the user’s digital wallet.

“Technically, it goes from one bitcoin wallet to another,” Polotsky said. “As if he was actually sent. We know where to send it based on the QR code associated with their wallet address.

He said the company, which has machines nationwide, generated $50 million in transaction fees in 2020 and nearly $100 million in 2021.

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