Bitcoin ATM in Nigeria(How to locate and use a Bitcoin ATM)
Bitcoin ATM looks like a normal atm machine, with some key differences and they also perform different functions.
The first ever Bitcoin ATM was opened on October 29, 2013 in canada.
Bitcoin ATMs usually comprises of a cash dispenser, a scanner and a computer to manage the transactions.
Bitcoin are usually dispensed either to the buyers own wallet (via scanned QR code on the buyers mobile device or paper wallet) generated and printed by the ATM.
Before we go into details about Bitcoin ATMs, let us talk a little about Bitcoin itself.
What is bitcoin
Bitcoin is a decentralized cryptocurrency that was created by Satoshi nakamoto in 2009.
The identity of Satoshi nakamoto is till this day unknown.
Bitcoin’s value over the years has risen significantly, and that has created alot of attention towards cryptocurrency.
Think of Bitcoin as money, except that while with money, central banks can decide to print more in case of inflation, Bitcoin is not controlled by any central authority.
Early adopters of this cryptocurrency are now millionaires. Although there are lots of other cryptocurrencies, bitcoin remains the most valuable.
Bitcoin is very volatile, time and time again, the value has risen and dropped also.
What exactly “Bitcoin ATM” is?
Bitcoin ATMs also known as BATM allow you to buy bitcoin and pay cash or sell Bitcoin and receive cash.
Bitcoin ATMs unlike regular ATMs are not controlled by any banking organization, but rather exchanges or a group of people who decide to run one.
This exchange or organization might require you have an account with them before you can use the ATM.
The draw in using Bitcoin ATMs lies in anonymity it can guarantee you, although this is not always possible as some Bitcoin ATMs ask for some kind of identification (KYC) before you can use them.
You should also know that the transaction fee of a Bitcoin ATM can be as high as 10% on each transaction
How to locate Bitcoin ATMs around you
Now that you know what a Bitcoin ATM is, we are going to be looking at how you can locate one around you.
You can find a Bitcoin ATM near you by using the coin ATM radar service that provides you the option of searching nearby ATMs using the live worldwide Bitcoin map. This service is called coinatmradar. With this service, you can
i. Locate Bitcoin ATM machines closest to you
ii. Find Bitcoin ATM map
iii.Get all the needed details about that ATM e.g the fees, the limits, if it is buy only, sell only or both.
iv. Get directions from your location to the chosen ATM machine.
The steps for doing this on the website:
i. Add your location/city and click enter to search ATMs.
ii. Choose the nearest ATM and click to see the details.
iii. Click “Get directions” to get the Google maps location and direction.
As you can see in the screenshot below, I tried searching for a Bitcoin ATM in Nigeria and found out that there isn’t any, which is kind of sad.
But in the future, when there is greater exposure and acceptance for cryptocurrency, am 100 percent sure there will be numerous bitcoin ATMs.
Bitcoin ATM in Nigeria
How to use a Bitcoin ATM
You can buy Bitcoin on almost all Bitcoin ATMs by following these steps:
1. Select “Buy Bitcoin”
2. Scan the QR code of your Bitcoin address with the BATM scanner
3. Depending on each individual ATM, you may need to provide some kind of identification.
4. Enter the amount you want to purchase
5. Insert cash into the Bitcoin ATM
6. Wait for the machine to process the transaction.
The selling process on Bitcoin ATM is much different and can very with each machine, so you should just follow the instructions on the screen, and you should be on your way to selling your Bitcoin with a Bitcoin ATM machine.
Types of Bitcoin ATMs
There are different types of Bitcoin ATMs, each with it’s own way of operation, in the below videos are some of the Bitcoin ATMs and how to use them.
1. Genesis1 Bitcoin ATM
2. Satoshi1 Bitcoin ATM
3. Satoshi2 Bitcoin ATM
4. Lamassu Bitcoin ATM
5. Lamassu with SantoTirso
6. BATM2 Bitcoin ATM
7. BATM3 Bitcoin ATM
8. BitAccess Bitcoin machine
9. Bitxatm Bitcoin machine
10. Robocoin kiosk
11. Skyhook Bitcoin machine
This list is not exhaustive as there are also other types of Bitcoin ATMs.
There are very few Bitcoin ATMs available for use in the world today.
Unlike the normal atm where it is almost impossible not to find one close by, Bitcoin ATMs are usually only found in major cities.
You can use to coinatmradar service to find the closest one to you.
I assume there will be more of these Bitcoin ATMs in the future, and it will obviously be a welcome development.
Bitcoin ATMs will make transaction on Bitcoin easier in the future, and when Nigeria does get it’s first Bitcoin ATM, you will be well equipped to use it in buying and selling Bitcoin.
I hope I have helped you understand what Bitcoin ATM is, please do not hesitate to share with your friends, and leave your comments below.Follow us on social media