Coin Cloud entered the market as a cryptocurrency company specifically designed to trade Bitcoin. Over the last 5 years, we’ve been able to scale our business to over 200 locations nationwide, making Coin Cloud the largest network of two-way crypto ATMs in the nation.
Building off of that success, this year we opened our ATMs up to accept over 30 different altcoins. Having traded only Bitcoin since inception, we felt it was appropriate to broaden our service offering, and launch a solution that allows our customers to trade some of the other leading altcoins.
While Bitcoin remains the largest and most used cryptocurrency in the world, there are a few altcoins that have popped up and rightfully carved out their position in the market. With each altcoin presenting its users with its own unique set of advantages, we wanted to write a blog post that goes into brief detail about some of the altcoins we’ve added to our system.
Ethereum is the second-largest cryptocurrency with a market cap of roughly $15.6 billion. In its simplest terms, Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. The difference between Bitcoin and Ethereum is found in their purposes and function. Bitcoin allows for peer-to-peer transactions whereas Ethereum provides the network for other decentralized applications to run on. The Ethereum coin is called Ether.
Litecoin is the fifth-largest cryptocurrency with a market cap of about $3 billion. Litecoin is frequently compared to Bitcoin because of its similar function. However, Litecoin is different as its transactions costs are a lot cheaper than Bitcoin — roughly 1/50 of the size. Because its fees are less than those of credit cards or bank transfers, Litecoin presents international buyers and sellers a promising alternative for sending and receiving payments.
Augur is a decentralized prediction market which can forecast the outcome of an event based on the ‘wisdom of the crowd’ principle. This cryptocurrency is trying to change the way people receive and verify ‘truth’. It assumes that more accurate results will come from large groups of people, rather than a small team of experts. It is the first fully-decentralized app developed using Ethereum, and was really the first application to prove Ethereum’s technology. The tokens that are traded on Augur are called Reputation (REP).
Zero-X, or 0x, is another cryptocurrency that utilizes Ethereum’s technology. With a market cap of just $387 million, Zero-X is a much smaller altcoin than the three listed above. Its decentralized nature helps combat some of the drawbacks that centralized exchanges are plagued with. The cryptocurrency offers customers a solution through an “off-chain order relay with on-chain settlement.” This mean that its network only records transactions that have been settled on the blockchain, making the speed of its transactions a lot faster.
We’ve added far more altcoins to our ATMs than the four listed above. We’re excited to provide this update for our customers, and will continue to add more altcoins in the near future. To find the nearest Coin Cloud Bitcoin ATM to you, please check out our ATM locator. For any other questions, please send an email to email@example.com.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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