Simple and Thorough Explanations of Cryptocurrency Transactions

Image for post
Image for post

Similar to nearly every other cryptocurrency in the market, Bitcoin relies on a universal ledger system called the “blockchain” to facilitate transactions. Every transaction executed creates a set of data, which is stored on the blockchain as part of a “block” of code. This block not only contains the information for your transaction, but also for the block that comes before yours and the block that comes after yours.

So, each block links together to form a chain of validated, verifiable information within which no single block can be tampered with or changed without, effectively, altering the entire chain — which is currently deemed as impossible. …

How Coin Cloud Prevents Crime at Digital Currency Kiosks

Image for post
Image for post

In Part 1 of this article, we were speaking with Raquel Shingleton, VP of Compliance and Chris McAlary, CEO of Coin Cloud, about criminal activity at Bitcoin ATMs.

We ended off with:

“We see all walks of life at our machine. What is sort of counterintuitive is that most people perceive the Bitcoin user to be a young, tech-savvy male who is an early adopter,” McAlary explains. “That’s widely true of Bitcoin usage generally. But in terms of who is actually using the Bitcoin ATM product, it actually skews older and female because we think that user base actually finds more familiarity and convenience as their top priorities when using Bitcoin.”

“My grandma doesn’t want to set up an online cryptocurrency brokerage account. She wants to access the Bitcoin but she just doesn’t want to go through that process and our product makes that very, very easy,” he continues. “It’s not only for the young, tech savvy people, it’s for everybody.”

Are BTMs for Criminals, or Alpaca Farmers?

Image for post
Image for post

Do BTMs Attract Criminals?

BTMs are Bitcoin Teller Machines (also known as Bitcoin ATMs). But in the eyes of many, BTM should probably stand for “Big Time Magnet,” or even “Bad Thug Magnet,” because all they do is attract criminal activity, right?

You’d be surprised, actually. We talked to Raquel Shingleton, VP of Compliance and Chris McAlary, CEO of Coin Cloud, to get the real scoop.

“We ensure that the company is compliant Federally, state and local level,” explains Shingleton. “We research business license requirements. …

Imagining a Borderless Global Economy

Image for post
Image for post

I believe the traditional financial system needs a total facelift. If not now, then sometime very soon.

Based on central reserve banks and liquid stocks, the current system isolated a significant portion of the global population … even before COVID-19 entered our collective world.

An economy that relies on the foreign exchange rate of the dollar puts international markets at risk of volatility and instability. If one of the critical stakeholders fails to uphold the system, we can easily topple into a recession. That ground is way too shaky to sustain a scalable global economy.

In the case of fluctuating political scenarios, natural disasters, pandemics (ahem!) or other such unforeseeable events, the dollar-backed global financial system teeters on the fine line between stability and complete decimation. …

“Familiarity” is Only Part of the “BTM” Story

Image for post
Image for post

You see them in the corner store, the gas station and the casino. Those Bitcoin ATMs, also known as BTMs, are pretty cool. There’s no denying that. But really, why do we need them?

Well, the demand for Bitcoins and other cryptocurrencies has steadily increased worldwide. So, cryptocurrency providers have been forced to figure out ways to integrate this “new frontier” into the daily lives of the population.

Before Bitcoin ATMs hit the market, it was kind of like the Wild West. All transactions, no matter how large or small, were conducted in “less-than-regulated” ways. At Coin Cloud, we call that era the “last mile problem.” Why? …

Why Do We Need Physical ATMs for Digital Currency?

Image for post
Image for post

They’re everywhere! In all 50 states, and probably in a city near you.

Bitcoin ATMs (or BTMs) are relatively new, but they’re the bank machines of the future. So, you should not only get used to seeing them, but learn how they work — and how they can benefit you.

It might seem strange to have a physical machine for a virtual currency. However, these innovative cash machines provide a modern solution for bringing secure digital money into the real world. …

Why Bitcoin ATMs Are The Future Of Money

Image for post
Image for post

Digital currency kiosks (“Kiosks”), more commonly known as Bitcoin ATMs or BTMs, provide people with the most convenient way to go from cash to Bitcoin or other forms of digital currency. There are over 7,000 Bitcoin ATMs around the world with more being installed every day. Digital currency’s popularity is continuously rising, and Kiosks make this form of currency accessible to everyone.

Coin Cloud’s CEO, Chris McAlary, and VP of Compliance, Raquel Shingleton, shared some of their thoughts about the future of Kiosks.

What is the purpose of the Kiosk?

“The Kiosk provides customers the ability to purchase digital currency with cash, and as our Kiosks allow, it provides the ability to convert digital currency to cash. Coin Cloud’s goal is to make the transaction process simple and safe while providing a world-class experience. It is not an online phenomenon. Bitcoin is being used in people’s day-to-day lives,” McAlary said. …

Dividing up Litecoin, the Silver to Bitcoin’s Gold

Image for post
Image for post

Litecoin was launched on Oct 13, 2011. Happy 9th Birthday, Litecoin!

Creator Charlie Lee (@SatoshiLite) tweeted the following price breakdown an hour ago to illustrate its growth:

Litecoin price on its birthday:

  • 10/13/2012 — $0.09
  • 10/13/2013 — $2.08
  • 10/13/2014 — $4.07
  • 10/13/2015 — $3.13
  • 10/13/2016 — $3.88
  • 10/13/2017 — $63.91
  • 10/13/2018 — $53.93
  • 10/13/2019 — $56.49
  • 10/13/2020 — $50.00

The Creator

While Bitcoin was developed by an anonymous person or team using the pseudonym Satoshi Nakamoto, Litecoin was developed by computer scientist Charlie Lee, a.k.a. SatoshiLite. …

Two Ways to Buy Litecoin with Cash

Image for post
Image for post

Bitcoin’s great, but there are so many other digital currencies you can buy, trade and sell. In particular, we often find people asking how to buy Litecoin. Especially how to buy Litecoin with cash.

What is Litecoin?

Litecoin (LTC) was launched in 2011 as the “lite version of Bitcoin.” Its developers have always maintained that they were creating the “Silver” to Bitcoin’s “Gold.” Because of that, it keeps many of the features of Bitcoin while changing what the founders felt could be improved.

Like Bitcoin, Litecoin is an open source, peer-to-peer decentralized global payment network that lets people control their own finances. But it has faster transaction times and improved storage efficiency. While BTC’s transaction confirmation process takes almost 10 minutes — the time to verify a block and add it to the blockchain — Litecoin takes only 2 ½ minutes, or 25% of the time. …

The Partnership of Technology and Modern Art

Image for post
Image for post
Portrait of a Mind by Robert Alice

While Bitcoin is firmly planted in the technology world, recent trends show a bigger adoption of the art scene as well. Whether you want bitcoin-themed artwork, tokenized artwork, or just to buy regular art with cryptocurrency, it’s now possible.

NFT Artwork Sold

Recently, the first non-fungible token (NFT) “digital portrait” work of art was sold at Christie’s, along with a physical Bitcoin-related painting. Block 21, part of the “Portraits of a Mind” series by Robert Alice, sold with its NFT for a whopping $131,250 after expecting to bring in $10,000–18,000. …


Coin Cloud

The world’s leading bitcoin ATM operator.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store