Since the launch of bitcoin in 2009 it has been gaining various milestones. The world is hyped by bitcoins. With time development has been made in this industry and today bitcoin ATMs are widespread around the globe. These ATMs are different from the conventional ATMs and Africa has a handful of bitcoin ATMs.
Bitcoin ATMs have become necessary because people cannot rely on online exchanges anymore. These exchanges often connect your bank accounts with them. This interferes with the privacy of the person. They get access to your personal information. Moreover, they take long weeks to verify the identity with banks. This becomes tiring and bitcoin ATMs with their fast services come to the rescue and helps you in buying selling bitcoins in minutes.
Africa ‘s largest country having the highest economy has also welcomed the bitcoin ATM. Although the legal status of bitcoin is ambiguous in Nigeria in 2020 the country had the highest bitcoin trading volume. People have been using bitcoins and trading with the help of Immediate Edge has made their lives much easier. Such platforms have helped people to yield handful amounts of profits.
Nigeria has become the eighth country to welcome bitcoin atm among others. It has welcomed the 15th bitcoin atm of Africa. Nigeria has also ranked in one of the famous google trends. Blockstale BTM, the company that installed the ATM in the Dazey Lounge and Bar in Lagos state, plans to launch more than 30 more terminals across Nigeria.
What is a Bitcoin Atm?
Bitcoin atm is similar to the traditional ATM but rather than cashing out money you can buy or sell your coins against the local currency cash by using these ATMs. The first bitcoin ATM was launched in 2013 in Canada. Then later it was installed in the USA. Now, most of the countries have bitcoin ATMs including Africa but the highest number of these ATMs are in North America.
Benefits of Using Bitcoin ATMs.
Bitcoins ATMs on the one hand helps the users to avoid all those hurdles linked with the online exchanges. On the other hand, the basic benefit it has given people is the accessibility. Bitcoin ATMs are installed in all the casinos, shopping malls, liquor places, and restaurants. Even the grocery stores have these machines. People come out of all other hassles and feel comfortable buying and use these machines at the place. It also allows the users that have no bank accounts to buy and sell their bitcoins.
- Comfortable usage
The best part of a bitcoin atm is that it is comfortable to use and familiar. Often people do not sell their bitcoins because of the struggles they have to face in other exchanges. Many people are not tech-savvy to go through these obstacles. Therefore, they find these ATMs as reminiscent of the traditional ones and use them easily.
Although the system of the bitcoin industry is decentralized but still it is meant to be the securest industry. Similarly, the bitcoin ATMs are secure because they ask for the identity of the person and the person not having the key password of your digital wallet would not have access to it. Therefore, this would keep the coins safe and secure.
Every side has a darker side. Bitcoin ATMs are popular among people but they can have some issues as well. The technical issues can occur at any time so the person should be well aware of them. Machines have a time when they stop functioning. This technology is new and people are attempting to know all the fixes for it. Moreover, they charge some transactional fees as well. There are not available everywhere but cover most of the important places.
Therefore, bitcoin ATMs provide speed, familiarity, and easy usage but the transaction fees they charge are one of the biggest shortcomings. However, the person should be prepared before using it. With time people evolve so these atm innovations must be used to take advantage. In the near future, they will be in abundance in all countries around the world.