Cryptocurrency ATMs are CT everywhere, but do people use them?

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

ATMs, which are mostly located at gas stations and grocery stores, allow a user to buy bitcoins, or sometimes other cryptocurrencies, with cash or debit cards.

CoinFlips co-founder and president Daniel Polotsky says a transaction starts with the user entering their personal information – the necessary information depends on the amount they are buying – and then scanning a code. QR linked to his digital wallet, the deposit of the payment and confirmation of the purchase. CoinFlip then sends the cryptocurrency to the user’s digital wallet from their digital wallet.

“Technically, what happens is that it goes from one bitcoin wallet to another,” Polotsky said. “As 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 spread across the country, generated $ 50 million in transaction fee revenue in 2020 and nearly $ 100 million in 2021.

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