Bitcoin Forum

African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.
Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

I've read it about 3 days ago in Cointelegraph as Africa's  largest country is setting up a bitcoin Automated Teller Machine (ATM) in one of the place there and is planning to add more than 20 of ATMs across the the whole Nigeria. Nigerian government has been very uncertain on this move since they know how volatile the bitcoin is, but the fact that Nigerians are very knowledgeable about it, I can tell yes because there are lots of projects that have been developing in that country for a long time, so it might be less problematic for them to solve issues containing bitcoin. And maybe this time we should know belittle African countries, we already know the high poverty rate but it does not mean that they cannot do things like this.

This is good news for Bitcoiners in Nigeria, I for one have not used a Bitcoin ATM to buy bitcoins before and would be stoked to try it out.
Although I fear patronage would be low, due to the lockdown in some states in the country and the current health situation of the world. But with steady expansion and reliability, more Nigerians can be made interested in the Bitcoin network.

The growth of bitcoin in the region would also influence the status of the government on it's credibility.

Yes, that's cool. I remember creating a topic about it and posting the video on how it works here: https://bitcointalk.org/index.php?topic=5226816. I knew it was at Lagos but... I didnt know the exact place. Neither did I know who brought it into play. Thanks for giving out those information. 🙂

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This is a good news among all the bad news that has been about covid 19. African continent is on the top position on Google trends when people search about Bitcoin. This initiative will surely make Bitcoin more common in Nigeria. More people will nowcome to know about it.

Exactly! Something made me confused for a moment, I knew I read somewhere about the 1st ATM in Nigeria months (apparently only weeks) ago. But is it the same one I knew from the thread you've linked us to? Because otherwise it would be pretty unfair for that guy from March to be the 1st but not take credits from anyone for it.

The ATM from the March thread looks very similar to the design on the Blockstale official website (https://blockstale.com/) though.

Congrats, Nigeria! :D

I doubt you would be if you are already use to bitcoin wallets for transactions. And if you are use to fiat ATM, I think you are good to go. I hope to use it one day myself anywhere in the world, I don't have to fidget.

Good news...
but I'm still curious about what will happen in Nigeria if BTC ATMs are circulating a lot there, are they increasingly helped or vice versa because of what I know they are still behind in education and technology compared to countries in Asia and Europe.

I just hope the governmemt of Nigeria will just allow the automated teller machine should function normal cause I've read times without number that the government frown sternly at cryptocurrency reason being that there is a high corruption rate among the citizens of Nigeria,  so legalising an anonymous, decentralized currency is like adding fuel to fire as it will become more difficult to fight the corruption rate. I hope the cryptocurrency enthusiasts over there will be able to device various means that will prevent the corrupt minds over there from using the anonymity of cryptocurrency as there next tool in looting money. This is indeed another good news towards mass adoption of this dear sector

Many have been criticizing African countries as small and poor but here is the initiative and bomb that'll wake those who criticize them. As we all know, most countries in Africa have been struggling to keep up with deveoped and developing countries due to their weak government and system. But thinking of how Nigeria and other African countries put up and Automated Telling Machine for Bitcoin is already a big step. It shows how smart they are because this is certainly a way for them to cope up with their system. It'll affect other countries for sure and adopt the same system also. Who knows, that this small step can create a large impact for Bitcoin users and investors.

This is good news of course not just to Nigerians but also to everyone else in the Bitcoin community especially those who are using Bitcoin and are constantly travelling there.

But this made me a bit curious. The first BTC ATM in Nigeria? Really? What could have been the reason that other African countries such as Uganda and Djibouti have installed theirs first? Is Nigeria behind these countries in terms of technological development?

There is a saying that Dont judge a book by its cover the fact that they launch an bitcoin blockchain ATM means they improving, and if you will compare them to a lot country Im sure they are way more advancing. Technology is evolving and countrys are growing and fast track development and innovation.

I think their government are doing their utmost effort to caught up with the world. African regions showing their interest on blockchain and this is a good news already. One at a time can be good step.

It's is not a question or debate of which country is ahead of the other in technological advancement, I'll give you an example, no African country can match China in advancement in technology, but they do not have any bitcoin ATM, they had earlier installed one, but the country shut it down since they are not interested in crypto activities in their country, but a country like South Africa has more than five bitcoin ATM's.

So Nigeria just installing their first BTC ATM is more of a result of their government regulations than their state or level of advancement in technology. Though cryptocurrency activities isn't banned in Nigeria, it is also not fancied by the govt either.

This is one good step from a South african countries specially Nigeria that we have known to be one of the biggest Bitcoin user in that region.

African countries is promising in terms of cryptocurrencies and they are getting larger as years goes by.

actually i have seen this days ago in Cointelegraph but did not even bother to read(maybe i have something important reading that time)
thanks for the share OP.

Obviously, Nigeria has already showed their admirable activities for the development of cryptocurrency and their people are now enjoying Bitcoin trading, investment and so on. Now they are in the advanced era by launching ATM which is the pioneer in Africa and also in the world. I hope this step will encourage other countries to implement Bitcoin as a legal currency.

Also, planning to install about 30 btc ATMs is a lot for one country. I hope they will really use it and not just a display machine. But in any case, if people will see that they have bitcoin ATMs, I think they will try to learn about crypto and how to transact using bitcoin. If it is already infront of them, they will at least be curious about it.

Africa is a very important region for cryptocurrencies. Many exchanges and projects that are already aware of this are working in that region. It is very nice that ATMs are put into service. Apart from this, a project that I know closely has established a bank partnership in Nigeria and Ghana and started to serve as crypto-FIAT-crypto. While people living in the region can pay with First Kudi, the first product of Ferrum Network, sellers can also withdraw their payments to their wallets with either crypto or FIAT.

I think there may be good breakthroughs for African economy development.

Great news, and proof that the interest in Bitcoin ATMs keeps growing. I was dead sure there would have been one already in Lagos before so it is a bit of a surprise that this is only the first one... just a bit of an unfortunate name don't you think though? Blockstale. Or is that meant to be Blocks Tale?

Yes, of course. It is not just about which is more technologically developed, but it seems a bit odd to me personally to see one less developed country looking more updated and open-minded than the other more developed ones. It is good that the government of Nigeria has opened up to such technological advancement. Others have yet to realize the benefit of Bitcoin and remain hostile toward it.

This kind of progress is very important to crypto community because the crypto users the same with investors will surely grow if they have the easiest way to cash out, cash in and convert their crypto money into fiat and vice versa. I also heard that our country is planning to launch a bitcoin ATM and I am hoping that it will come into reality someday so many users will become curious about crypto currencies.

Congrats to Nigeria that they are very open to crypto currencies and I am sure users in Nigeria will be very happy to this announce as they can easily cash out their crypto earning.

While having some ATMs is better than having none, and I guess in case of adoption there should be ATMs around (at least, because people are used to having them when it comes to fiat), I would not praise the company for doing that. I mean, clearly they're doing it to profit immensely from the trading that's already going on in Nigeria. ATM fees are famous for being very high (around 10%), and I am quite sure that what this ATM offers is no exception. Not to mention that in an unstable country it might put a person in more danger to perform operations at the ATM instead of trading online.

Yes, it is the same thread I linked (I hope that wasn't wrong for doing so). I actually don't know which is the first but I believe the one I posted is the first. However, let's forget about which is the first or not and celebrate the progress!!! 🎊 🎊 🎊

I have many friends from Nigeria and almost all of them live in crypto, and they said crypto is the first priority in their region for making money! People between 16-40 aged are much involved in crypto and it's growing everyday! You are right that Africa is advance enough and if we list the top ten crypto endorsed countries, Africa will take top place there! With this new ATM, crypto will be spreading widely and more people will show interest in it!

Nigeria is really advancing in the blockchain technology as well as other African countries but about Ghana having a bitcoin ATM machine. I am not too sure but I have this Ghanaian friend who would have boasted of this to me about this but he has not said anything about this. But I know the other countries have bitcoin ATMs operating in their countries especially South Africa, Uganda and Kenya

Even though they have their first bitcoin ATM recently, they are accepting bitcoin and other cryptos like ethereum for payment even in places like small street corner shops so they are moving towards something alternative to their currency to be honest but they are also famous for their Nigerian price story so anyone from other countries will be afraid of dealing with people from Nigeria until now.

Hopefully, they can prove that not everyone in that country is looking to scam or hack your cryptos.

Great news, I wish other countries follow the same thing as this initiative should spread across other developing nation as well I know it still bears some serious challenges if authorities change their mind towards crypto as last time an enthusiast had opened Bitcoin ATM in India but unfortunately he was arrested and I hope this does not happen with anybody else.

What you mean by this? Do they have sort of some big scandal or huge scam history that has been done on their country? I do hope you can share some reference or event why you come up with the statement that until now they cant be trusted by foreign crypto users.

This will likely happen on future, but we should be aware how crypto works on these ATMs. I think even with physical transaction on these machines, some prefer to deal online since its much easier rather than going to its location and transact bitcoin but of course this is good but still many prefer a deal not using your btc atm card to withdraw. As risk of breached can still happen.

BTCitcoin ATMs is a useful tool to give future Bitcoin users the knowledge and interest to use it as a means of exchange. The massive adoption should start there because that is how we learned to use the ATMs of our local currency around the world.
Of course, Nigerians with their first Bitcoin ATMs will give them that security, trust and new learning to do personal and commercial transactions in the crypto space.

If you are curious like me to know the Bitcoin ATMs by Country. Follow the link:
https://coinatmradar.com/countries/ (https://coinatmradar.com/countries/)

It's quite nice that we're still seeing more development even in this state of the market.

I've been dreaming on having more Bitcoin ATMs here in my country although there are couple of ATMs here but those aren't within my reach and it is quite inconvenient for me to go to the metropolitan area just to buy and sell Bitcoin.

I quite agreed with you that the Central Bank of Nigeria will kicked against Nigerians who might have a motive of investing in crypto currency  knowing the decentralized feature of it invariably if adopted by many Nigerians consequently centralized banking sector will suffer for it due to lower patronage thus resulting in drop of revenue and income to that sector, while the corrupt ones might have a tough time in laundering funds vis the BTC ATM due to strict regulations by the operator of the machine.

Setting up btc ATM machine in Nigeria makes it one step forward for them for adoption.  Probably, they will gonna test it first before putting up another one. I remembered our btc atm machines within the city here. It's not mostly used, that's the sad part. But then, people who are lack of knowledge about bitcoin will become interested once they see some bitcoin atm machines around the area.
 
 I do hope this will put bitcoin in a  good reputation since Nigerian's btc regulations were not fixed, yet.

I hope more countries too are going to have bitcoin ATM because that is one of the way to popular the bitcoin and Nigeria for sure to their country bitcoin will start famous because they are now buying and selling a bitcoin . Good for the continent of africa of having a lot of Bitcoin ATM.

In the Philippines my country has more bitcoin ATM machine but the place where it place is very far but  I hope soon I try to use it.

This is a great news for the cryptocurrency community, I really love that this helps in making the situation alleviated, I wish my country will try to embrace the power of bitcoin, there is no ATM that accepts crypto in my country though there banks that accept a transaction but you still have to use a middle man like app to gain an access.

Really good to know they have set up a Bitcoin ATM in Nigeria. When there are lots of good things like these happening there, I believe that more people will be convinced to try out Bitcoin and see how it works. I can remember that the last time I saw someone asking about if there are any Bitcoin ATM in Nigeria there was none there. They should try to set up more of that in their different states so that more people can have access to it, and not just in one state.

One other thing you have to know is that Bitcoin doesn’t change the situation of a country. If the really do have a bad government, then it is up to them to stand and fight for themselves. When it’s time to vote they should come and vote out the bad leaders and always protest against bad things that the government do. That’s if they have the mind to.

Hah i dont think that nigeria is important country for adoption

Agree that BTC might help out somehow for the further development. Nigeria did made a wise decision their however I don't really see the need of the following countries to follow up, and install some stuff out their believing it could sort things out. Nigeria, however, kind of late but it seems they assess necessary stuff first; like it needs to be work fine, and smooth and so the installment like ATMs won't go to waste. In addition, I am really glad that the government there aren't against with such ideology.

Well this is a very good news for bitcoiners in Nigeria and i think its a very good move by the government of Nigeria i can finally see bitcoin getting promoted by government well i hope in my country there would be atms soon would love to use one asap 🔥

@Utoy101, there is corruption everywhere. one of the best way to fight against corruption ( by this i mean corruption among citizen, not among govt- because we do have two group of corruption) is to create more opportunities.

In italy, just within 1-2 months lock down the security team have registered series criminal attempt by people who on a normal condition will not think of committing crime.However, most people are tempted to commit crime due to hardship & starvation.

Thanks
Solderwitlittlefaith

Sorry,in which of the Nigeria. The NIgeria where Buhari is the president?

well, it's a good news if, so. Atiku did mention legalization of virtual currency in Nigeria if, he's elected as the president Unfortunately, he lost the election.
However, it will be great if, BUhari has same idea!


Thanks
Soldierwitlittlefaith

Ofcourse, Is there someone who should ?

Nigeria has come to judgment and I love what they did. We know Nigeria for too long and I can really say that they are true to their ambition with bitcoin and everything that will progress their country. I know because back in the day, crypto related projects were full of Nigerian directors almost every project that I joined the CEO is Nigerian or Indian and this must be the reason why they achieve to let this things happen in their country. I haven't use any of ATMs that support bitcoin yet, but I hope there will be a good result.

Most of the developing countries are ready for Taking the risk when we talk about the cryptocurrencies and this has made them stronger for the long run .
I do congratulate all the Nigerians because this is no small step with one ATM will come 100' other people who Will be interested in the crypto Currencies and soon enough it will be very helpful because it will generate more jobs and more opportunities for everyone alike .
Also I think it is the best way to shush the corruption and give people their free will .

How about the license and approval ? I thought those ATM are regulated by financial institution own by government. I will like to see how it works. Hopefully it get to the northern region soon.

The last time I heard government making public address about crypto was during the ponzi scheme popularly called MMM. I could remember the CBN was warning everyone that they should stay away from it because it is unregulated. I do not think the government will regulate it neither will they ban it

The Nigeria you know, or do you know another?.


Yes, or you have another President?


Sure it is a good news for us. We should be careful with our politicians and not to be scam again. These politicians know how to get through us with their fictional plans for the country: they're all the same guymen. We should be happy that, it has come to saty and we're going to benefit from it.


The President has nothing against Bitcoin even though they're not open to either negative to Bitcoin or not. Certainly, the government has seen how beneficial the technology is to our teeming youths.

Nigeria is a developing country, I searched a little about Nigeria on Google but didn't find anything interesting and there are still many people who don't know that country

I'm not sure Bitcoin will succeed there, even though there is already a Bitcoin ATM

hi buddy, why don't you make your posts be one, it looks like spam

Actually, it is 11th year of Bitcoin now and there hasn't been any clear case of it regulations across the globe in regard to it ATM. But what I still remember is that, there are two level to Bitcoin license which are primary and the state level. The secrecy bank act (BSA) and the operators register with FINCEN.


Although, these laws and regulations are to curb the Money Laundering and other financial related crime from taken place. Also, a surety will be needed before allow for full operation. Don't worry, the ATM machine will be extended to the Northern parts, believe me, after Lagos next will be Abuja FCT.

This is a great news for Nigerian users and the crypto environment in general. However, i doubt if it's the right good time to lunch it. All the world is in quarantine and ATMs are one of the best options for the corona to spread between many people without being able to identify the direct origine of infection. Isn't better for Negirian Gov to postponed the lunch and encourage people to use online crypto paiement?
I hope no one get infected after touching ATM keys. Online apps can do a better role during the actual world crisis.
It's also discussable how Nigerian gov find time to lunch new projects while all world countries are focusing in the fight against the virus spreadness.

Yes of course, like any other country in Africa.

 
Frankly speaking, you have to research the Google again and ask more about the Giant of Africa(Nigeria) in terms of digital currency. Remember, garbage in, garbage out, that's what Google is, so, ensure to ask rightly and you will get the needed answers to your questions.


Well, speak for yourself comrade, though you can ask my brothers why they love to visit the Black Nation(Nigeria) often. If you are listening to the recent WHO on covid-19 news then you will get more exposure to what extent the Nigeria country has gone so far.


Kindly ask Binance and remitano about Nigeria in terms of Bitcoin and cryptocurrency in general, they will feed you with the needed information. Nigeria is well known to be a country of Bitcoin and cryptocurrencies. We the youths have already taken the opportunities.

I doubt if the automated teller machine is being lunch by the government because the last time i checked, Nigerian government doesn't legalise the activity of cryptocurrency investments in as much as there's isn't an official ban over cryptocurrency related activities. Since the rampant of ponzi platforms in 2016, the Nigerian government has stayed off any online related investment option and would you blame them? After so much scam we've seen in ponzi schemes, HYIPs investments as well as cryptocurrency ICOs it self. However, i hope government regulations will stay off the operation of the bitcoin ATM in the country

ATM is important for African countries, and it is also a way of advertising

Besides, Ferrum Network is also about to launch their UniFyre wallet, which has a lot of interesting functions. I like the LINK DROP TECHNOLOGY -Send crypto as easily as a text feature. This makes things easier and avoids wallet address confusion.

If developing economies like Ghana, Botswana, Nigeria , Kenya could see the future of the block chain technology and its evolution that means alot to the cryptocurrency industry.

The adoption of cryptocurrency by these countries will lead to new set of job creations and development of new skill sets.
This will in the long run affect the price and value of bitcoin positively because more people will start using the coin for payment purpose.

That's a good news to the cryptocurrency network.

Perhaps, that would become easy, as if your thought is correct regarding ATM's regulated by financial institution owned by their Government, there is surely a way to make this easy. But the question here is, if the government supports these bitcoin ATM, what is their thought about BTC being mainstream in their country, how about their fiats? Are they going to officially allow digital currencies such as crypto? Well, that is just a start of bitcoin and digital currencies revolutionizing each country. Soon, we can expect and see BTC atm in our country as the worlds moves towards it for making transactions even better.

I dont think that ATM adoption is very important in current situation

Crypto is going to completely revolutionize african conutries like Nigeria.
All the smart money knows this

For example look at creditcoin & Aella

invested in by coinbase and y combinator

providing financial services to nigerians

this is a huge untapped market with tons of growth potential and the smart moeny is already investing

Not important if you don't appreciate small things that can contribute to bitcoin adoption. With this BTC ATM that's being installed in Nigeria, this is just the start and initiation of people who will get into it.

It may take time for them to adopt it but the important part is that there's already one. Investors or entrepreneurs that have started this business sees the potential into the area and IIRC, Jack Dorsey eyes the continent of Africa to be a very good place to start for blockchain and crypto related businesses.

More and more countries put such machines, and if a year ago, for example, there were not many such countries, now countries such as Nigeria are already joining them.

ATM is not that important they are everywhere. Look at Aella and Creditcoin offering microlending to the poor in Africa. Invested in by Coinbase and Y combiantor. This is the type of stuff that will change personal finance for africans.

That was quite a good news because today the number of the user into the world of cryptocurrency want to make a more comfortable and faster withdrawal and by that kind of bitcoin atm makes the quicker and secured transaction and also they can now lessen the transaction fee because it is bitcoin and the government does not regulate on it. Still, we are looking forward to other countries that would like to start the adaptation of cryptocurrency but still, it is a long process before they agree with the use of crypto. But even as a country does want to make the more faster and innovative transactions, they would like for sure to adopt this kind of transaction.

I think it does. Maybe you think it is the general ATM machine you see around but this is a BTC atm so I think it will create more awareness especially in Nigeria where a lot of people are very much into using cryptocurrency. Having BTC atm makes it easy for merchants and offline stores to further boost their interest in accepting crypto as payment option