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Author Topic: [2018-06-26] Breaking New Ground: South Africa Gets Its First Bitcoin Atm  (Read 60 times)
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June 26, 2018, 01:47:35 PM
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South Africa, whose citizens are increasingly interested in investing and trading in cryptocurrencies, is to have its first functional bitcoin Automated Teller Machine (ATM), following up on Zimbabwe and Djibouti.

The country has the most sophisticated financial services sector in Africa and has been the front-runner in cryptocurrency taxation on the continent. This is in stark contrast to Zimbabwe which has banned banks form dealing in cryptocurrency payments and transactions.

In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.

The latest attempt is by Northwood Spar, whose general manager, George Neophytou, is optimistic that the timing is just right now. South Africa has also become a hub for digital ventures and innovators, with Zimbabwe’s Golix.com crypto exchange platform saying it will open a new office there as it expands into Africa.

Neophytou said:

“It is all awfully exciting. It will take away much the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies mainstream.”

According to a report, there is an estimated “200 000 to 300 000 people in South Africa involved in cryptocurrencies” as of the end of 2017.

The new bitcoin cash machine for South Africa will allow trade and purchases of cryptocurrencies such as bitcoin, which is the most popular virtual currency. CCN reported this week that about 47% of South Africans plan to invest in cryptocurrencies and cryptocurrency mining.

According to those spearheading it, the ATM will “take away much of the frustration of buying and selling cryptocurrency, and hopefully help make cryptocurrencies” breakthrough onto the mainstream as trade, investment and payment options.

A website www.coinatmradar.com which tracks crypto ATMs across the world mentions Djibouti and Zimbabwe as the other African countries that have bitcoin cash machines. The website says there are about 3042 bitcoin ATMs in about 68 countries across the world, highlighting that these are run by about 424 operators.

https://www.ccn.com/breaking-new-ground-south-africa-gets-its-first-bitcoin-atm/
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June 26, 2018, 02:30:58 PM
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In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.

Can't blame them for not having much interest in 2004 considering the ATM would have been selling a currency that did not even exist at that point. Should have much better results now that the company doesn't have to defy the laws of time and space to provide the service

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June 26, 2018, 02:51:51 PM
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Good start for South Africa but I don't think that Bitcoin ATMs don't give the best value for their money. As these ATMs will give you exchange rates that are different to what the world market is offering, and the rates are always in favor of the ATM business owner. I see rate differences to go up to 6-7% in certain atm machines which are obviously high, this rates also account for the fee of using the machine.  But nevertheless having a physical option to be seen in South Africa is a good way to boost their presence in the country.

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June 26, 2018, 03:03:29 PM
 #4

Good start for South Africa but I don't think that Bitcoin ATMs don't give the best value for their money. As these ATMs will give you exchange rates that are different to what the world market is offering, and the rates are always in favor of the ATM business owner. I see rate differences to go up to 6-7% in certain atm machines which are obviously high, this rates also account for the fee of using the machine.  But nevertheless having a physical option to be seen in South Africa is a good way to boost their presence in the country.
This is somehow already anticipated where rates would really be more than on some percentage compared to overall market price. We have seen some of it in the past.If the demand is high and theres no other way to accumulate it then owners of such bitcoins will sell out depending on their own rates.On Africa we do know their current economic state which BTC isnt really too rampant or do have high awareness of existence. If this bitcoin atm do already exist on that place then it would add up.


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June 26, 2018, 04:03:39 PM
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In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.
No wonder there was no significant user interest.  Cheesy

Good start for South Africa but I don't think that Bitcoin ATMs don't give the best value for their money. As these ATMs will give you exchange rates that are different to what the world market is offering, and the rates are always in favor of the ATM business owner. I see rate differences to go up to 6-7% in certain atm machines which are obviously high, this rates also account for the fee of using the machine.
It's not as bad as it looks. In the continent of Africa local markets are very much thriving where premiums of 10-20% are paid in some cases. Based on that I think they will be able to handle the fees this ATM will charge. It might even result in a situation where the insane local premiums will come down significantly now there is a possibly cheaper option.

I think the steeper fees that ATM's charge are more of an obstacle to spoiled western Bitcoiners that are used to buy all their coins through exchanges with low fees.

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June 26, 2018, 05:20:45 PM
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The location of the Bitcoin ATM is wrong, they have a international airport and it should have been located there. A lot of

people do not want to walk around with a lot of cash in some convenience store to buy bitcoins. A lot of international tourists

on the other hand, might be traveling back to their countries and want to sell some of their converted currencies, before they

leave the country. They might even want to buy bitcoins before they enter the country, because South Africa has a very high

crime rate and it is not a good idea to travel there as a tourists with bags of cash.  Roll Eyes

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June 26, 2018, 10:33:44 PM
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I think the steeper fees that ATM's charge are more of an obstacle to spoiled western Bitcoiners that are used to buy all their coins through exchanges with low fees.
That. I have the option to buy Bitcoin via an exchange which would take a day or two to wire money to, or to have it instantly bought from one of the several local services allowing me to pay through internet banking.

The fee in the first case would be close to 0.5%, while the convenience offered by local services will cost me like 3%, but I can get it to drop all the way to 1.5% if I buy thousands of Euros worth of Bitcoin.

For that reason I won't consider using an ATM. If I need Bitcoin, regardless of where in the world I am, the local services allow me to instantly buy them. Am I spoiled with all this luxury? Hell yeah!

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June 27, 2018, 12:51:42 AM
 #8

A few weeks ago, a new Exchange was opened in South Africa, it is now stated that ATM was launched. These reports show that there's much interest in South Africa for cryptos. It's a nice development for cryptolvers who live there. But higher commission fees are not good at all, if they reduce fee, the rates of use will increase.

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June 27, 2018, 06:33:12 AM
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In 2004, South Africa got its first ever bitcoin ATM at Kyalami in Johannesburg but reports say it was closed as there was no significant user interest in it.


Ok I think this is a typo since the first cryptocurrency which is Bitcoin started in 2009. How in the world would they put up an ATM for something that has not existed yet? Unless we involve time machines and stuff lol.

Ok I researched this a bit and it is indeed 2014 that they had their first BTC ATM. Here is a tweet from an article:

https://www.coindesk.com/africas-first-bitcoin-atm-ready-may-launch/

1st African BTC ATM
@ZABitcoinATM
 Our next Bitcoin ATM will land in Cape Town, soon. We are open to suggestions as to the most convenient place for our users?

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June 27, 2018, 05:23:17 PM
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But higher commission fees are not good at all, if they reduce fee, the rates of use will increase.

It's a business that needs to make money, but more importantly, it first needs to get its initial investment back. On top of that, there are very expensive licenses that need to be renewed annually in order to legally keep operating them. I'm quite sure that if there are decent volumes being generated consistently, the fees will end up going down. I can see banks at some point use their existing ATM infrastructure to totally destruct the business model of all these Bitcoin ATM's. There has been a Slovenian bank that actually did it, and I can definitely see it become a common occurrence everywhere in the world later on.
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June 27, 2018, 09:40:02 PM
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They are much more developed than my parents and I expected to hear that they will have many ATM bitcoins, however they will only have one ATM bitcoin?

Quote
According to a report, there is an estimated “200 000 to 300 000 people in South Africa involved in cryptocurrencies” as of the end of 2017.

they have many users, they should bet on having more ATM bitcoins. I do not know what the cost of these ATM bitcoin is and who manufactures and if need some license to be installed in any country, why they are so few in the world?


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June 30, 2018, 07:08:07 PM
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South Africa's people income allows them to invest into cryptocurrencies and use bitcoin ATM
while Zimbabwe and Djibouti can not boast floursishing economy,Zimbabwe held all time records for the inflation figures
ATMs are businesses,the rate there is often outrageously high and they do not have customers queing to buy bitcoins there
it is a good thing,of course,but I see it more as an expensive boutique at a mall,rather than a supermarket chain shop,especially in poor african countries

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July 01, 2018, 01:51:42 AM
 #13

It's a business that needs to make money, but more importantly, it first needs to get its initial investment back. On top of that, there are very expensive licenses that need to be renewed annually in order to legally keep operating them. I'm quite sure that if there are decent volumes being generated consistently, the fees will end up going down. I can see banks at some point use their existing ATM infrastructure to totally destruct the business model of all these Bitcoin ATM's. There has been a Slovenian bank that actually did it, and I can definitely see it become a common occurrence everywhere in the world later on.

They are just starting so they need to have high fees first for them to get a Return on Investment but after the adjustment period and more people use their service then I am pretty sure they will adjust the fees. As for the banks, they would definitely do something about it as they can see a flourishing income opportunity so eventually they would have an ATM that would serve those people with lower fees so that they can get the share of the market. It would be good for the market though if this would happen as more people would be entice to buy cryptocurrencies and for others who don't have an idea about cryptos be aware of it.
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