Why Cryptocurrency ATMs Are Secure
When handling cryptocurrency, one of the things that people focus on is security. It becomes even more important when you get to that stage when you have to give your personal financial information. In such a situation, you will want a system that has features that protect you. However, when you use a cryptocurrency ATM, you do not have to worry about such things. These are machines that allow you to deposit cash and convert it into cryptocurrency or withdraw cryptocurrency and convert it into cash. Here is a look at how these machines have enhanced security in this industry.
No Third Parties
If you have ever had to go through a third party service provider for you to access cryptocurrency or buy bitcoin, you know how hectic it can be. You are never sure of who is handling your data, and this becomes a security concern. Indeed, many people have recorded losses because of this, and there is nothing much they can do about it. However, if they had used an ATM, there would be less complaints because of the way the process bypasses third parties. Once you log into your account and access your portal at the ATM, you will be in charge of everything that takes place. It gives you the peace of mind of knowing that only you have control over your personal data.
There are several technologies that cryptocurrency ATMs use to ensure that customers are safe from fraud and other activities related to transactions. One of this technologies is data encryption which ensures that only authorized parties can see the information. Therefore, when you make a transaction at any of these machines, only you and the customer you are transacting with will see it. Not even the ATM company can see it. Because of that, you can always follow the list of transactions that you made and get information about anything that seems suspicious.
The speed with which cryptocurrency ATMs effect transactions is another reason they are secure more than ever. You will only need to complete a few steps at the machines and you are done. Because of that, you will be through with the process before anyone thinks of capturing your information. This kind of speed also means that lots of transactions are being completed at the same time making it difficult for fraudsters to focus on your information regardless of the technology they use.
CoinFlip is one of the companies that have heavily invested in cryptocurrency ATMs. For example, they have more than 1200 of them across the United States making them one of the biggest providers of these services. Over the years, they have been investing in technologies that help their customers to stay safe even as they have enjoy the convenience that the machines bring.
CEO Daniel Polotsky says that the company deals in six virtual currencies including Litecoin, and they are in the process of adding some more. In addition to that, the company is constantly looking for new technologies that can make their ATM machine even better.