Bitcoin ATM launched in Nigeria by Blockstale – See How it Works

 

Bitcoin ATM launched in Nigeria by Blockstale – Bitcoin is waxing and trending in all nooks and crannies. If you don’t have bitcoin you are making mistake as when Bitcoin will increase to a certain level, you may not be opportune to have it. Today, Blockstale has launched the first bitcoin ATM (Automated Teller Machine) in Nigeria. We earlier told you that bitcoin is a legal tender and soon every market man or woman will accept it as a means of payment.

Blockstale is a principal developer and distributor of intuitive blockchain software and standard hardware component in Africa. Our mission is to distribute, facilitate and enhance bitcoin BTM industry, by providing seamless and creative solutions, taking the industry beyond the usual trading (buy/sell/exchange) by offering creativities and providing additional income streams to its operators and partners.

Recap of what Bitcoin is all about

Bitcoin is a type of digital currency in which a record of transactions is maintained and new units of E-currency are generated by the computational solution of mathematical problems, and which, operates independently of a central bank.

Importance of the Bitcoin machine

The bitcoin machine can help you buy bitcoin without having a bitcoin wallet, the machine would help you print a barcode which you’ll use to sell bitcoin and get cash at the machine. Isn’t that amazing?!!

What is a Bitcoin ATM?

Bitcoin ATM (abbreviated as BATM) is a kiosk that allows a person to buy Bitcoin using an automatic teller machine. Some Bitcoin ATMs offer bi-directional functionality enabling both the purchase of Bitcoin as well as the sale of Bitcoin for cash. Bitcoin machines are not exactly the same as traditional ATMs but work in a similar fashion.

Bitcoin ATM kiosks are machines which are connected to the Internet, allowing the insertion of cash or a credit card in exchange for Bitcoin. They look like traditional ATMs, but they do not connect to a bank account and instead connect the customer directly to a Bitcoin exchange for a localized and convenient way to purchase Bitcoin in person. Common locations for Bitcoin ATMs are inside of a retail store, shop, tavern, restaurant, mall or airport.

Follow us to see how to use Bitcoin ATM and how it works – security measures and withdrawal processes.