Bitcoin ATM in Nigeria – How to locate and use a Bitcoin ATM

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Bitcoin ATM in Nigeria – The first Bitcoin ATM was opened on October 29, 2013, in Canada. All bitcoin ATM looks like every normal machine with some key difference and they also perform different functions.

Bitcoins are usually dispensed either to the buyer’s own wallet, through scanned QR code on the buyer’s mobile device or paper wallet, generated and printed by ATM.

Bitcoin ATM in Nigeria

What is Bitcoin?

Bitcoin was created in 2009 by Satoshi Nakamoto. The identity of Satoshi Nakamoto is still unknown. Bitcoin’s value over the years has risen significantly, and that has created a lot of attention towards cryptocurrency.

Early adopters of cryptocurrency are now millionaires, think of bitcoin as money except that bitcoin is not controlled by any central authority, that while with money, the central bank can decide to print more in case of inflation.

However, there are lots of other cryptocurrencies, bitcoin remains the most valuable.

What is Bitcoin ATM?

BATM that is bitcoin allows you to buy bitcoin and pay cash or sell bitcoin and receive cash.

Unlike the regular ATM where you withdrawal note currencies, bitcoin ATMS are not controlled by any banking organization, but rather or a group of people who decided 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 always possible as some Bitcoin ATMs ask for some kind of identification before you can use them.

How Many Bitcoins ATMs are in Nigeria?

The company that installs Bitcoin in Nigeria is planning to expand and install over 30 ATM terminals across Nigeria.

How can I buy bitcoin with ATM in Nigeria?

Choose naira in the sell field and BTC in the recipient gets field, provide the amount of naira you would like to sell or making of BTC you will like to receive proceed to make a purchase.

Where is the nearest bitcoin ATM?

The simple way to locate the closest bitcoin ATM is to use a tracking website, and Coinatmradar is the most popular.

How much are bitcoin ATM fees?

Currently, every average bitcoin ATM charge 8.4% for buying bitcoins from machines, and 5.4% for selling bitcoins for cash.

Do Bitcoins ATMs make money?

A good bitcoin machine on a regular month could do about $30.000 in transactions. So every profit you make will be the predetermined percentage of that sum, these fees are usually around 10% – 12%.

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