Africa’s crypto enthusiast can now buy the Bitcoin effortlessly as Kenya’s first Bitcoin ATM is up. The new digital currency Automated Teller Machine is up in Nairobi (East Africa) which streamline the process of buying bitcoins and Litecoin easily through cash.
Purchase Cryptocurrency with Cash at Bitcoin ATM in Kenya
According to local media, the new ATM enables users to buy cryptocurrencies via fiat currency such as dollars or Kenya shillings. These virtual coins are available in small tokens for as low as $5.
Although South Korea has installed first cryptocurrency ATM four years ago the new ATM by BitClub, the Nairobi-based fintech company offers transaction in less than two minutes.
Wangechi Kariuki, Bitcoin entrepreneur at BitClub states; “You get as many bitcoins as the value of your cash”
Considering the skyrocketing demand of cryptocurrency by Kenyans, BitClub installed a new Bitcoin ATM in the Westland’s area, three kilometers from the central business district.
Cryptocurrency Accessible on Cash, But How?
One can buy Bitcoin with digital currency ATM by just setting up an account. The source states that a user must have a trader account with a trusted Bitcoin exchange by providing them two names, an email address, and a password.
Moreover, the Bitcoin ATM has an inbuilt wallet which can be available on App stores to download. Since wallet stores the digital currency and contains a bitcoin address with QR Code, one can easily scan it in ATM to identify the account. Using this procedure, the user can simply scan the QR code and deposit the cash with the ATM. By doing this, the system opens a buy Bitcoin option which will also be shown in buyer’s wallet. Additionally, the purchase receipt is sent via e-mail or SMS.
Ms. Kariuki, Bitcoin entrepreneur at Bitclub notes;
“Bitcoins function just like the loyalty points we earn from shopping at supermarkets or the reward points we get from talk time. You can also use them to buy goods or pay for services,”
Research reports reveal that the ATM rates are quite higher than market rates. Also, there is a talk between BitClub and Safaricom, a telecoms giant in Africa to add M-Pesa money serves as a payment option. The aim of adding M-Pesa is to reduce the risk associated with online virtual trading for Kenyans.
The recent report reveals that Africa is becoming more potential continent to start cryptocurrency business. In this regards, Golix, a Zimbabwe-based cryptocurrency exchange is expanding its business across three more location of Africa which also include Kenya.