A Cryptocurrency is a digital asset made to work as an agent of exchange, just like money. Each of the cryptocurrencies works through a distributed ledger technology implemented with decentralized control, typically a blockchain, which acts as a financial transaction on the database. The first decentralized Cryptocurrency is the Bitcoin. Since its release, over 6000 alternative variants of Bitcoins have been created. A blockchain provides each Cryptocurrency’s validity. Digital currencies are not legally permitted in several countries globally, but many of them are undecided because of the inability to regulate them. A significant problem of this is that it is untraceable anonymous, which makes it susceptible to misuse.
However, tremendous growth is occurring in Nigeria, and a few other African countries experienced the effect of Cryptocurrency. This growth rate shows how much the young generation is interested in these virtual currencies. Nigeria has unarguably has become the largest source of Bitcoin trading in Africa. Many of the recent studies have shown that Nigeria has a better and brighter future dealing with Cryptocurrencies. In 2020, Nigeria has even installed the first crypto Automated Teller Machine (ATM) in Lagos. This ATM can be used for getting cash by giving Bitcoin and for converting cash into a Bitcoin.
How do the cryptocurrencies ATMs work?
Bitcoin ATMs are of three kinds, allowing you to withdraw Bitcoins, which convert Bitcoins into fiat currencies, which help you with both. The notable feature of these ATMs is that it allows us to buy or sell Bitcoins. You can protect your identity and privacy as it does not require KYC or AML. The privacy you get is not free; there is a charge for buying or selling the Bitcoins. Sometimes, buying or selling Bitcoins through these ATMs may seem confusing to you because of their different types of Bitcoin ATMs. You can follow these steps if you are using Genesis1 Bitcoin ATM:
For buying Bitcoins,
- Firstly, click the “Buy Bitcoin” icon. Then choose the coin.
- Then, click scan QR and insert the cash bills.
- Select “Finish” and take the printed receipt.
For selling Bitcoins,
- Select the ‘withdraw cash’ option and then choose the Bitcoin.
- Send the Bitcoins from your mobile wallet to the given address through the QR code.
- You can then collect your cash from the ATM.
How to locate a Bitcoin ATM nearby you?
You will get many benefits by first searching the nearby ATMs like:
- First of all, you need to find the Bitcoin ATM map.
- Then, you will be able to locate the available Bitcoin ATMs near to you.
- You will get all the details about it like the fees, limits, buy only, sell only, buy or sell.
- You can get the directions from your location to the chosen ATMs.
For finding the Bitcoin ATMs near you, go to the main website, which has a live map of these. Then,
- You need to add the location of your place on the website and then search for it.
- Choose the ATM, which is closer to your location, and see all the details about it.
- Then, get directions for getting the Google maps location and direction.
Bitcoin ATMs in Nigeria
Bitcoin Automated Teller Machines (Bitcoin ATMs) have increased their popularity worldwide because of the more accessible options they provide consumers to buy or sell a Bitcoin. In Nigeria, they have already installed their first Bitcoin ATM. South Africa has become home to seven such ATMs, two of them in Ghana, Kenya, Uganda, Zimbabwe, Djibouti, and Botswana have single each. Nigeria is the country with the largest population and economy in Africa, so it was an excellent option to install these ATMs first. The topic recently topped in Google searches. These Bitcoin ATMs are built with industry-standard components, have brought recognition to the country. The Nigerian machines do not usually accept credit or debit cards; instead, they work by the QR code, directly linked to the mobile Bitcoin wallet.
Uses of Bitcoin ATMs
- You can complete transactions and payments quickly. These ATMs execute the purchase and sale requests instantly.
- You do not need any Internet access or coverage. You only need to find out the ATMs which are near you. It has accessibility.
- It is easy to handle as it does not have any of the questions. Also, there are no particular records based on it.
- These ATMs allow you to buy Cryptocurrency by directly using cash.
- Transactions carried out by these usually cost lower.
Benefits of having a Bitcoin ATM in a company
- By keeping a Bitcoin ATM in a company, you can attract many new customers, helping to grow your business. Customers who are crypto-lovers and crypto-curious will be visiting that place regularly.
- It can create business expectations and new opportunities by granting an excellent reputation to your company.
- There is no risk from fluctuation as the price of Cryptocurrency changes; it does not affect you.
- Guaranteed commissions are there for your top-up. You will receive a commission amount for each of the management in your ATM.
Best ways to keep Bitcoin safe
Getting a Bitcoin wallet that is best suited for your operating device is the first thing you have to do when you want to receive, store, or send Bitcoins. This wallet stores a private key, a security code that is only known to the owner. There are some ways for keeping your Bitcoins secure, like:
- Choose hardware wallets for the storage of Bitcoins. They will have pre-installed security layers, giving cybercriminals a hard time trying to access your private key.
- You can protect your wallet by keeping the private key offline. Try not to save the private key on electronic devices
- Always use a secure and safe Internet connection, as most public networks are prone to have security flaws.
- Make sure that you use excellent and up-to-date anti-virus software to protect your device from cyber-attacks.
- Protect your online wallets using strong passwords, avoid using birth dates, names, etc.
- Try to use two-factor authentication for your online wallets, which provide adequate security.
- Never share your private key with anyone as they can misuse it. So, be careful with it.
- Ensure backup, which will allow you to get access to the wallet if you lose your device or it fails to work.
Conclusion
Crypto adoption is seen to be on the rise in Nigeria, which shows technological development. Several companies in Nigeria have already started to accept transactions and payments in Cryptocurrency. It is much easier compared to other transactions as it is digitalized. Bitcoin ATM technology has a great future ahead as the young generation loves it in the world. Using a Bitcoin ATM is an easy option if an ATM for that is available near you. The security related to the Bitcoin wallet solely is yours. It would help if you took care of your wallet by taking the necessary precautions. Be up to date with the latest safety measurements and updates available. By this, you can keep a secure Bitcoin wallet.
