January 20, 2020

BlogCoinz

Cryptocurrency and Technology

CoinFlip & Chinese

Evergreen

JMack, My Wife, and I visited Evergreen Oriental in Ann Arbor Michigan to have lunch and meet with the owner about a possible Coinflip ATM. First off this restaurant is great! Actually great is the wrong word, Fantastic would be a better description. The food is some of the best I have had and the prices are very fair. The decor is higher-end which makes you feel like your in a gourmet restaurant and not your typical run of the mill Chinese place. To top it off the owner, Kenny is very proud of his restaurant and that pride shows throughout his location. Again, great place and a must-visit if you’re in Ann Arbor and hungry.

CoinFlip

After hanging out at Evergreen we headed down to a local convenience store to check out their CoinFlip ATM and I got to try it out. First of the style of the ATM was aesthetically appealing. It wasn’t super big and stood out next to the fiat ATM standing next to it. The orange screams Bitcoin!

After approaching the machine I picked which currency I wished to buy (Bitcoin) and then put in my phone number. I then got an SMS text message with a 1-time code to use to verify that it is me standing there. Then I enter my name, scan my QR on the reader and insert money. Once I’m done inserting as much money as I want I confirm the buy and pick my method of receipt. The Bitcoin was in my wallet after a few seconds (pending) and went through 100% not long after that.

Cheaper than Coinbase

This option cost 6.99% which from most online exchanges is a little higher but it is cheaper than Coinbase for me and not too high compared to most. For instant cash to BTC the fee isn’t bad. Coinbase for me cost quite a bit because they only let me buy $10 with my debit card. So with $1 off the top, I’m already at 10% with Coinbase and that doesn’t include their other fees. (I’d pay around 13% with them if I still used them). So the price is very fair.

Conclusion

I found CoinFlip to be fairly priced and extremely easy to use. Honestly, if I see one near me and have free cash I would use it again. I’m not sure if I would go out of my way since I have CashApp to find and use one but if I was out and about and had some spare cash in my pocket and saw one I would dump some money into the machine. It’s also a great option for people who don’t want to do KYC as they don’t have your SSN or much information in general. A very cool product!