Yes!!! You read it right. We have always traded fiat currencies with crypto currencies via peer to peer trading system or via an exchange platform and sometimes these deals are usually not fair or you stand the risk of been defrauded of your money or cryptos.
Nigeria gets its first Bitcoin ATM in Lagos as Blockstale begins plans to install over 30 Bitcoin ATMs across the country.
Bitcoin ATMs have increased in popularity around the world due to the need for more options to buy and sell bitcoin.
Until now, Nigeria, one of the biggest cryptocurrency markets in Africa, has not had any Bitcoin ATMs installed. The first Bitcoin ATM in Lagos was installed by Blockstale, a new Bitcoin ATM startup in Nigeria.
The Bitcoin ATM in Lagos is located at Dazey Lounge and Bar, Ajah, Lagos State, and allows users to buy bitcoin with the Nigerian Naira.
Source : https://blocknewsafrica.com/first-nigerian-bitcoin-atm/
When this wonderful news got to myself and my friends. We knew the bright future we predicted for crypto currency and its global adoption is almost upon us.
How does this Crypto Atm looks like and How does it operate?
To get a sneak peak on how it works and how transactions are carried out on this beautiful technology. You might want to take a look at this video.
What does this mean for prospective investors in Bitcoin cash and crypto in general?
This gives investors in africa more confidence in crypto currency due to the legal uncertainties that has undermine the trust and adoption of crypto. This new found confidence would mean more activities in the crypto space in the coming months and could futher increase the price of cryptos.
However, the number of Nigerians on LocalBitcoins has dropped by about 50% since the peer to peer platform strengthened its know your customer requirements around September 2019.
Goodnews is that bitcoin can be bought via the atm without the need of the "know your customer requirements". This eliminates the need to provide any means of identification before any transaction can be done as you have watched in the video above.
As at the time of writing this i have not had the priviledge to carry out a transaction on the bitcoin atm but when i do i will be sure to update this and give you guys statistics on daily transaction limit and confirmation period into individual wallets.
The future of crypto is bright. Spread the good news.
Cheers.
Drop your username on telegram?? I want to discuss business with you. Mine is @cryptoboygh