You’ve heard of a digital currency machine, right? If you haven’t, you’re missing out. A digital currency machine (DCM) is a kiosk that allows you to buy or sell virtual currency with cash. Amazing, right? You can take the dollars out of your pocket and turn them into Bitcoin, Ethereum, various Stablecoins and more. And then turn those assets back into cash, because Coin Cloud’s machines are all two-way… and extremely easy to use.
When using a Coin Cloud machine, one of the first things that you agree to is that you are purchasing your digital currency for personal use and personal use only. This means the wallet that you’re putting it into absolutely has to belong to you. So, our terms of service don’t allow you to scan somebody’s else’s QR code or enter their bitcoin address. This is primarily for your safety, which is one of Coin Cloud’s biggest concerns.
But don’t worry! This doesn’t mean that you can't send Bitcoin to your mom in another country or to your friend as a gift. The Coin Cloud DCMs let you take the first step, which is turning cash into digital currency. Then the Coin Cloud Wallet brings you to your destination by allowing you to send that digital currency wherever you please.
In case you’re confused, a wallet in the digital currency world is similar to a wallet you use for physical money; both are tools used to hold your funds. The main difference is that with a digital wallet you can send these funds to anyone, anywhere, at any time.
We know that the math surrounding digital currency can be complicated. That’s why there’s a built-in feature that will calculate everything for you when sending Bitcoin to others.
Let’s say you have $550 dollars in your wallet, and as a gift for Mother’s Day, you want to send it to your mom. When you go to send the Bitcoin and type in $550, there’s an issue. You haven’t taken into account the exchange rate and mining fees required when sending Bitcoin. So the app will tell you there isn’t enough money.
You could try to figure out what those numbers are, but there’s a shortcut. Instead of having to do the math and typing in the exact amount of Bitcoin left after everything is calculated, Coin Cloud does it for you with the “Send Max” feature in the app. Clicking “Send Max” at the top right of the send screen will automatically enter the maximum amount of Bitcoin available in your wallet, so you don’t have to worry about it.
All Bitcoin transactions have to go through blockchain confirmations, which could be as fast as 10 minutes, or could take a lot longer. But there’s an option in the Coin Cloud Wallet to tap on the section that says “Miner Fee” and select your own custom “transaction speed.” Basically, the mining of Bitcoin is what makes your transaction valid and traceable. So, let’s compare this to the shipping of your Amazon package. You can just get it delivered at the normal speed (which is pretty fast already), or choose to pay a little bit more and get it shipped faster. It’s a similar concept with transaction speed on the blockchain. You can even enter your own custom speed to get a custom price!
So, while it is against Coin Cloud's terms of service to put your funds into someone else's wallet using our machine, you can use a combination of our machine and our wallet app to send your newly bought Bitcoin anywhere in the world, and as quickly as you'd like!
Not only that, but if you need help while using one of our machines, there’s 7-day support just a call or text away. And if you can’t figure out how to set up your wallet, we wrote a blog post just for that!
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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