CoinFlip is a product leader. It is a potential first contact point for how the public will interact and become aware of cryptocurrency. The company was born out of a need for greater user functionality at cryptocurrency dispensing kiosks. It is this experience that begins the journey of its founding by Daniel Polotsky.
A Disappointing Experience
When Daniel approached a Bitcoin ATM years ago, the experience he encountered was disappointing to say the least. He described the machine as not being very user-friendly. A reasonable response to a product that lacked user attention during the design process might be to look for another ATM. However, cryptocurrencies, especially back then, are not widely available. This is why the alternative for Daniel was so cumbersome by comparison.
Lack of Alternatives
Indeed, the Bitcoin ATMs at the time were likely to discourage some excitement among potential new crypto users. For Daniel who was committed to a transaction on that particular day, he instead went online to LocalBitcoins.com to schedule a meetup. Talk about a lack of alternatives. Credit cards, that represent a sort of lending mechanism, were much easier to use back then, as opposed to the similarities to cash that crypto offers.
A Better Solution
After all of the effort for a simple peer-to-peer Bitcoin transaction, Daniel was further motivated. This time the result of Daniel’s conviction was the founding of CoinFlip. The company would focus on putting users first. It established the following principles:
- low rates
- registration process
- customer service
For the crypto industry, maintaining low rates is important. Historically, rates are known to skyrocket with sudden spikes in demand. Another critical issue is onboarding. Streamlining the registration process helps immensely with onboarding new users to the world of crypto. However, all of these efforts could falter if not supported with excellent customer service. Even a modest trend of bad publicity can cascade with diminishing consumer demand.
Development of CoinFlip
Now with a group of young people who Daniel knew from his youth, CoinFlip set out to connect the public with the world of crypto. It was no small feat for the company to achieve what it has today in managing 120 machines across the United States. Imagine the impact that an enjoyable experience at a crypto ATM has on a public that often witnesses the industry under attack by regulators and the upper 1%.
Like many crypto services today, CoinFlip is not limited to Bitcoin. Users have several coins available to them through a CoinFlip machine. These are:
Since different blockchains have divergent approaches to development, it is important for CoinFlip users to have options.
Daniel’s efforts with CoinFlip are indeed making a difference. From the first Bitcoin ATM introduced in 2013 to more than 5,000 in existence today, more people are having a positive experience with crypto in the real world. Public perception is one of the greatest obstacles to the mass adoption of cryptocurrencies. CoinFlip both improves the industry in which it operates, as well as, sets the stage for exchanging real world goods for crypto.