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Author Topic: Bitcoin ATM Machine in Nigeria.  (Read 531 times)
Kaizam
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August 05, 2018, 08:00:07 PM
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Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?
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nikiknowsnothing
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August 07, 2018, 07:14:47 PM
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Two years ago the Bitcoin ATM was one of the most popular hardware devices Bitcoin had to offer. While miners remain financial viable, Bitcoin ATMs have sadly been left behind as the cryptocurrencies further innovates and integrates into current systems. Found in railways and shops a Bitcoin ATM would be tucked away in most cases gathering dust and increasing maintained costs forcing many to cease offering its services.
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August 07, 2018, 07:23:14 PM
 #3

Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?


ATMs are ok, but I think in these situations where it's affordable to hire real people it's better to have a kiosk with a realy staff member that people can speak to and receive help from. In place like the US of course it's quite different. But people should try to take advantage of their human resources first when they can.
12tribes
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August 07, 2018, 08:07:47 PM
 #4

While this is a welcome news if true, I am yet to find where this ATM is located and I am quite sure the patronage it will receive is going to be staggering. However, there is a snag. While the ATM is to facilitate the speedy transaction, we need to ask who have set this up and what are they into? How does the user interact with the machine. Overall again I think that the cyber security around this kind of unit MUST be airtight.

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August 07, 2018, 08:26:46 PM
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Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?

Nigeria as an underdeveloped countries will wait for some time before having a bitcoin ATM due to the low level of technology and industrialization in Nigeria, because bitcoin ATM is a new development in the bitcoin network and just few developed countries are having bitcoin ATM at the moment and it the responsibility of the blockchain to installe bitcoin ATM since the blockchain is the bitcoin bank.
oseikuf44
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August 07, 2018, 09:05:15 PM
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Bitcoins is seen as a luxury goods in developing economies like Nigeria and I don't think there will be a good demand for an ATM machine of bitcoins since the development of blockchain in Nigeria is in infancy stage.

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nick_nick
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August 07, 2018, 09:09:06 PM
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Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?

Having bitcoin ATM's in Nigeria could be awesome and a step in the right direction for Africa as a whole. If acceptance for bitcoin and other cryptos is increasing expanding, having ATM to that effect would enhance transactions. Banks introduced ATM as a solution for queuing, hence having bitcoin ATM would also reduce traffic and increase awareness 
jhayness18
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August 07, 2018, 09:10:47 PM
 #8

Well, I think it will give much convenient to Bitcoin users to have that ATM machine therefore they can easily get money thru this. As we can see, as of now there are a huge of people using btc so it can be a big help to them that bitcoin ATM is possibly anywhere.

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ololajulo
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August 07, 2018, 09:22:30 PM
 #9

Asides south Africa that looks a little improved in the use and exchange of bitcoin, all other countries in Africa are really struggling  due to low mass acceptability/ADOPTION and internet deprived access. ATM machine shouldnt be the next move to increase acceptability.


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peacefulpeace
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August 07, 2018, 09:26:18 PM
 #10

looking at the economy of nigeria holistically, and with the low interest and information of bitcoin to nigerians, establishing an atm mechine for bitcoin wont be advisable for now. yes bitcoin will thrive in the nearest future, a lot still need to be done, publicity of bitcoin should be made utmost and maybe in the nearest future nigerians will embrace a bitcoin atm mechine.
mohammedmattar
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August 07, 2018, 09:31:41 PM
 #11

I see this development as very positive
Will promote awareness of the idea
And make it easier for cryptocurrency dealers there
Africa has a lot if it spreads awareness
jojohamasa
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August 07, 2018, 09:56:02 PM
 #12

Decision has a positive effect
But let's be realistic
Nigeria is a poor country and its digital currency market is small

We need such decisions in other countries
Awoben
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August 07, 2018, 10:17:41 PM
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 #13

Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?


Having a bitcoin ATM machine In any country is definitely a step and great opportunity for cryptocurrency investors to convert their coins/tokens to fiat easily.  The last I know of Nigeria is that, the government over there is yet to give to an approval  to cryptocurrency.  This would have made it easy for banks In that country to invest in Bitcoin ATM, banks can be in charge and make profits from it.
Reports have it that huge money are being exchange in Nigerians local exchange, with bitcoin ATM, there will be less scam and easy of conversion.
hash25
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August 08, 2018, 03:06:36 AM
 #14

The benefits of these ATMs are to make it easier to do bitcoin transactions when someone does not carry a cellphone and does not have an internet connection, the ATM also acts as a crypto use campaign, the general public will better understand crypto via the ATM, because the ATM usage method is almost the same as ATM Bank.
Pr3ko
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August 08, 2018, 03:12:26 AM
 #15

the establishment of bitcoin ATM machine is not really a bad idea because some folks think that we should not really put the world into a cashless state but we can run them both at the same time. So bitcoin ATMs are being established to prevent the long standing hours and the trouble of having to sell at exchange.
florianuhlemann
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August 08, 2018, 06:03:56 AM
 #16

there are a lot of such as, just not everyone can place on the card. it's not official. The sense is simple-advertising and Commission
Sandus_Cryptolover
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August 08, 2018, 06:49:33 AM
 #17

Having Bitcoin ATMs installed all round the globe isn't an issue but personnel's to act as support to any challenges while accessing the ATMs will be great as well. Nigeria as I was made to understand is doing great with the blockchain technologies, so having ATM isn't a bad idea.


Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?


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Awhore
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August 08, 2018, 07:34:44 AM
 #18

If one can be able to cash out Naira equivalent of its coins from these machines, that will be great you know, plus Nigeria is definitely recommended for one because more and more people from this region keeps entering the crypto world each day. So an ATM machine for BTC will be well utilized; a welcoming development.
nguyenhoven
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August 08, 2018, 07:42:05 AM
 #19

Bitcoin is a digital currency that is decentralized with no regulatory control. Over the years a number of Bitcoin ATM boot have sprang up in some developed and emerging economies. Since bitcoin is a digital currency I don't understand the rationale behind the creation of bitcoin ATM with so many crypto exchanges around the globe.
Now which organisation is responsible for the setup of this ATM machine? What is the benefits of having a bitcoin ATM in Nigeria?


it makes perfect sense. It is easier for local people to purchase bitcoin for cash this way, rather than going online trying to buy on exchange for the currency that might not be acceptable, not speaking of KYC

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August 08, 2018, 07:44:25 AM
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I think this is more for promoting and creating awareness of bitcoin rather than focusing on the actual usage of it. Every country should really make their first step to show that they are supportive to crypto currency .
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