Bitcoin Forum

Nigeria got their first Bitcoin Atm in 2020 but since 2021 After the crypto ban,am wondering if The Atm still works? And was anyone here fortunate to use it before the ban? .
It was installed by Blockstale in Dazey Lounge and Bar, Lagos State. Their goal was to install more across Nigeria
but this was halt by the crypto ban

According to Coinatmradar (https://coinatmradar.com/countries/), there are two bitcoin ATMs in Nigeria, both located in Lagos: https://coinatmradar.com/city/772/bitcoin-atm-lagos/

On the later (not former) above link, you can check the details of the ATM service providers, you can just call the number to ask for details if the ATM is still functioning or not.

It would be a good deal if bitcoin ATM works across the country, but the wallet transfer and ATM transfer which of them is faster. Since bitcoin can not be withdrawn to the physical world to see and use to buy someone, I will still prefer the online wallet transfer than the ATM.

 The ban of bitcoin in the country did not affect the ATM machines in the country, it is in this ban period dat Nigeria youths increase in the in the use of bitcoin and transaction is going on everyone second, so the 🏧 ATM machines are working perfectly. Nigeria is still the highest country uses bitcoin in Africa.

Bitcoin ATM fee is always very high, it can be up to or more than 10% of the total transaction amount. The fee is for maintenance, profit and bitcoin transaction fee. But the transaction is still processed in a way that a very high fee rate is used. On wallet, the fee can be customized, which makes low fee possible, also that you can have your privacy and/or anonymity.

Bitcoin is not even banned in Nigeria at all. CBN is not the government and can not go beyond being CBN. Only the government can ban bitcoin in Nigeria.

Wallet Transfer would likely be but its more secure than p2p and its preferably than CEX because it doesn't require more of your personal details for kyc verification

It depends:

https://coinatmradar.com/bitcoin_atm/12113/bitcoin-atm-lagos-dazey-lounge-and-bar/

Bitcoin ATM machine in Lagos at Dazey Lounge and Bar – Cryptocurrency ATM
Operator's name: Blockstale
 +2349044201930
support@blockstale.com
Address: 80 Oke-ira Ajah, Lagos 105101 Nigeria
$0 - 100 SMS Verification
$101 - $2000 ID scan verification

Even very possible that only SMS can be used to trace someone. For high amount, you need to provide ID document.

For best privacy, the best is still the use of noncustodial wallets and decentralized exchanges.

if the Bitcoin ATM Machine charges higher than di e-wallwet transaction then is there anyway to use it? U know sae in 9ja we dey like cheap something, nd anything wey go do consume our money we no dey 2 like am. But since di fee na 4 di maintenance of di device and 4 di transaction service, e gud small. Bcoz di device has be maintained.

dis one na gud thing wey u do 4 providing all dis things, so dat we go dey call am dey confam and di location so pple go go there dey do am.

Probably the reason bitcoin ATM is not common in Nigeria and many other countries.

Yes na. I think so. Di machine is 2 expensive nd if dat machine come to some states, pple no go use am sef, na 4 only big cities like Lagos, Abuja, Rivers nd few states go dey use am.. it would have been a gud development bcoz dey way I look at it, ATM machine is good with hardware Wallet and not software wallet, so with day pple for buy hardware Wallet wella. Once di code is scanned transaction is successful

This bitcoin ATM,I no think say e go dey very safe for we country o. I guess say e no be like that normal fiat ATM,because the one wey I see for picture na very small one. According to wetin I read,say u fit put dollar inside the ATM to use buy bitcoin. I beg make nobody laugh o,I won know weather this bitcoin ATM dey dey very y cumbersome just like our fiat own. Na nice swag be this and I dread am die,if say this ATM still dey available, I for like to go use am and see how e dey operate.

In most cases, bitcoin ATMs are the same size as fiat ATMs, and like fiat, they are expected to be located in an open area where users can benefit from protection. Your understanding of the exchange use is correct, but I don't have information about the type of currency used by the ATM in those years. The ATM might not thrive since the alternative with of phone/PC is simpler, faster, more private, and portable, and there have been many discussions on why most cryptocurrency holders try to stay anonymous.

Well, understand you. As na bitcoin ATM wey be say money no dey inside, e no for big like fiat ATM wey money dey inside.
But I come thinkam the other way like say the reason why dem make am to big like that na to prevent criminals to carry the machine.
If you design am to dey small like laptop, person fit pocket am waka go him way without notice by anyone ;D

I don't know where you read and got the information of the small size.. you would have add the link from where you read it. These are some the machines with different shapes.
http://
http://
http://

You can see more from here (https://www.google.com/search?q=bitcoin+ATM+machine&prmd=isvn&sxsrf=AJOqlzVlmUznU2rsU2u8vJvEskAG7zUBYg:1678826781274&source=lnms&tbm=isch&sa=X&ved=2ahUKEwiLrb-Ppdz9AhUUQvEDHZ0PCNUQ_AUoAXoECAIQAQ&biw=360&bih=664&dpr=2)

https://i.ibb.co/hf0P6Jk/Screenshot-20230314-234717-1.jpg (https://ibb.co/BNkXp5m)

This is the picture of the first bitcoin ATM machine in Nigeria and I think the size is moderate. It also has security features like a door alarm system, a remote tracker and bio scanners to ward off thieves.              

https://www.legit.ng/1303481-daniel-adekunle-young-entrepreneur-designs-nigerias-bitcoin-atm.html

Thanks alot everyone, I really learnt alot. At first I was just using one sided view but now I can see that there are still issues that  arise from using the bitcoin Atm like the Transaction fee, Id verification and others.
But I still have some questions from this :
So there are more laws against citizens using crypto in a country where the government officially banned crypto?
Also what kind of ban is Nigeria facing in cryptocurrency.

Nigerian Government e no ban bitcoin or crypto, the Government only instructed CBN not to make any transactions with bitcoin or Cryptocurrencies. The government cannot stopped pple 4rom using bitcoin or Cryptocurrencies bcuz they can't control it and bitcoin uses p2p which means one on one transfer. Nd in Nigeria no law is restricting or stopping pple to use bitcoin or Cryptocurrencies. Wen u look at di whole scenario, u came to understanding dat it Banks dat r not allowed 2 do di transaction, bcuz b4 pple used 2 make selling and buying through di Fiat banks but after di endsars protest, govt discovered dat di protest was majorly sponsored with bitcoin so it asked di CBN 2 stopped the transaction with di asset. And individuals use p2p and exchange platforms to do their transactions.

Perhaps this is one good reason why the network coverage for online transactions is limited this election period. Government fearing another uprising that might be too much to handle.
The Bitcoin ATM is one that will soon be a norm. It is just because of its decentralized system wherebeit government can't track that makes it an issue.
Other countries use the ATM already, let's just give it time, because as more physical structures are established to authenticate its presence, so will of its innovation as well as ATMs find ground.

Yes, to the extent that the citizens may not be able to access the centralized exchanges.

CBN banned bitcoin and other cryptocurrencies, but they can not go beyond being bank, I mean direct crypto to bank transaction and not enable bank to crypto transactions. That was the reason Nigerians were not able to make direct transfer to centralized exchanges, also not able to make use of master card and other credit card transaction after CBN declared the ban, but Nigerians resorted to P2P. Because of that, P2P transaction (even mostly on centralized exchanges) become come in Nigeria among crypto traders.

If there is anything that they will do to speed up the transfer process, and also increase their network capacity, even the charges should be look into then atm will be better in future. But I prefer the wallet transfer because of the security, and also the charges fees is affordable, Including their network.

Our leaders does not want us to be happy that why they take away anything that will bring happiness to us. We also studied them to always go opposite direction.

Talking about bitcoin ban in Nigeria, can you quote or cite for me where the Nigeria government put a ban on bitcoin or Crypto currency, is CBN Nigeria government or the national assembly to pass law? All these ban on bitcoin Crypto in Nigeria I wonder if people really do research to get proper clues before making comments on what they know nothing about. From what I know CBN only placed banks on restrictions from dealing with Crypto currency exchange or trading and possibly accounts related to Crypto currency exchange or trading that does not mean it was banned in Nigeria. The national assembly never sat one day to ban bitcoin  and I have never heard such before but if you think otherwise I will like you give us the source ( legit source not online bloggers with no validity) to the ban of Crypto and bitcoin in Nigeria so we can see for ourselves.

The koko be said which card you want to use with the ATM?

-Because the Bitcoin ATM is almost the same as our traditional ATMs. Machines, unless some like POS machines for the retailers, but then if you have a bitcoin ATM card you can operate and make payments direct but not that the regular Bitcoin ATM requires ID verification on each transaction and transaction fees are also very high.

-frankly speaking,  I don't think there is any functional Bitcoin ATM in Nigeria currently.

There was actually no official statement of ban of cryptocurrency from the government but there are internal policies of CBN that prohibits dealing on cryptocurrency and they push these through the commercial banks. For instance, GTB, Access and some other banks go as far as closing the accounts of anyone associated with cryptocurrency trading as reported by Sahara Reporter : https://saharareporters.com/2021/02/12/access-gt-banks-close-accounts-cryptocurrency-traders.

The uncertainty in government policies is also one factor that is hindering the penetration of cryptocurrency in mainstream as I have come to noticed. According to some of my friends that trade crypto, their fear is that government fit just wake up one day ban everything forcing them back to square one. So they gat shine their eye and remain anonymous.

Sincere I dey hear about bitcoin atm for the first time, I never hear am before, and I no still use am too, but if the machine for dey e for really good as e for help bitcoiners to make easy transactions,
But in another way too I still know say the Bitcoin machine no for really dey safe for our naija, as criminals go always want temper with am..

I don’t think they are functioning and even if they are Nigerians get trust issues and until proven other wise people may not patronize the bitcoin atm very much.

The ban is also an important factor to look at and also the atm may have some bits of centralization and the privacy status of its users can or may be compromised.

e dey Lagos, check for it in Lagos u go see am, di machine dey bt di price 4 transaction na die. When try once, u go dey prefer 2 use phone wallet or app to do am. Tif piple 4 no fit carry am. Di thing e dey like normal ATM, so dem no go fit carry am.

but people were using it before the ban. And di ban didn't affect the machine, it is only affect direct bank transfer nd not individual transfer. Yes the machine is centralized, and that is why the phone wallet transfer is the best because nobody would control the process.