The first BTC ATM in Nigeria - page 3.

Periodik

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Quote from: Coyster on April 05, 2020, 01:00:52 AM

Quote from: Periodik on April 04, 2020, 10:39:26 PM

But this made me a bit curious. The first BTC ATM in Nigeria? Really? What could have been the reason that other African countries such as Uganda and Djibouti have installed theirs first? Is Nigeria behind these countries in terms of technological development?

It's is not a question or debate of which country is ahead of the other in technological advancement, I'll give you an example, no African country can match China in advancement in technology, but they do not have any bitcoin ATM, they had earlier installed one, but the country shut it down since they are not interested in crypto activities in their country, but a country like South Africa has more than five bitcoin ATM's.

So Nigeria just installing their first BTC ATM is more of a result of their government regulations than their state or level of advancement in technology. Though cryptocurrency activities isn't banned in Nigeria, it is also not fancied by the govt either.

Yes, of course. It is not just about which is more technologically developed, but it seems a bit odd to me personally to see one less developed country looking more updated and open-minded than the other more developed ones. It is good that the government of Nigeria has opened up to such technological advancement. Others have yet to realize the benefit of Bitcoin and remain hostile toward it.

buwaytress

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Great news, and proof that the interest in Bitcoin ATMs keeps growing. I was dead sure there would have been one already in Lagos before so it is a bit of a surprise that this is only the first one... just a bit of an unfortunate name don't you think though? Blockstale. Or is that meant to be Blocks Tale?

vycl87

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Africa is a very important region for cryptocurrencies. Many exchanges and projects that are already aware of this are working in that region. It is very nice that ATMs are put into service. Apart from this, a project that I know closely has established a bank partnership in Nigeria and Ghana and started to serve as crypto-FIAT-crypto. While people living in the region can pay with First Kudi, the first product of Ferrum Network, sellers can also withdraw their payments to their wallets with either crypto or FIAT.

I think there may be good breakthroughs for African economy development.

Twinkledoe

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Indeed this is great news. It show that Africa is also catching up and not relenting on global happenings, cryptocurrencies included. I knew of South Africa and Kenya leading in Africa. But know that Nigeria has joined them it will make the support and awareness base thicker.

Also, planning to install about 30 btc ATMs is a lot for one country. I hope they will really use it and not just a display machine. But in any case, if people will see that they have bitcoin ATMs, I think they will try to learn about crypto and how to transact using bitcoin. If it is already infront of them, they will at least be curious about it.

Malam90

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Obviously, Nigeria has already showed their admirable activities for the development of cryptocurrency and their people are now enjoying Bitcoin trading, investment and so on. Now they are in the advanced era by launching ATM which is the pioneer in Africa and also in the world. I hope this step will encourage other countries to implement Bitcoin as a legal currency.

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This is one good step from a South african countries specially Nigeria that we have known to be one of the biggest Bitcoin user in that region.

African countries is promising in terms of cryptocurrencies and they are getting larger as years goes by.

actually i have seen this days ago in Cointelegraph but did not even bother to read(maybe i have something important reading that time)
thanks for the share OP.

Coyster

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Quote from: Periodik on April 04, 2020, 10:39:26 PM

But this made me a bit curious. The first BTC ATM in Nigeria? Really? What could have been the reason that other African countries such as Uganda and Djibouti have installed theirs first? Is Nigeria behind these countries in terms of technological development?

It's is not a question or debate of which country is ahead of the other in technological advancement, I'll give you an example, no African country can match China in advancement in technology, but they do not have any bitcoin ATM, they had earlier installed one, but the country shut it down since they are not interested in crypto activities in their country, but a country like South Africa has more than five bitcoin ATM's.

So Nigeria just installing their first BTC ATM is more of a result of their government regulations than their state or level of advancement in technology. Though cryptocurrency activities isn't banned in Nigeria, it is also not fancied by the govt either.

bgaf

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Quote from: Renampun on April 04, 2020, 05:29:41 PM

but I'm still curious about what will happen in Nigeria if BTC ATMs are circulating a lot there, are they increasingly helped or vice versa because of what I know they are still behind in education and technology compared to countries in Asia and Europe.

There is a saying that Dont judge a book by its cover the fact that they launch an bitcoin blockchain ATM means they improving, and if you will compare them to a lot country Im sure they are way more advancing. Technology is evolving and countrys are growing and fast track development and innovation.

I think their government are doing their utmost effort to caught up with the world. African regions showing their interest on blockchain and this is a good news already. One at a time can be good step.

Periodik

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This is good news of course not just to Nigerians but also to everyone else in the Bitcoin community especially those who are using Bitcoin and are constantly travelling there.

But this made me a bit curious. The first BTC ATM in Nigeria? Really? What could have been the reason that other African countries such as Uganda and Djibouti have installed theirs first? Is Nigeria behind these countries in terms of technological development?

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Quote from: Sanugarid on April 04, 2020, 12:35:28 PM

I've read it about 3 days ago in Cointelegraph as Africa's largest country is setting up a bitcoin Automated Teller Machine (ATM) in one of the place there and is planning to add more than 20 of ATMs across the the whole Nigeria. Nigerian government has been very uncertain on this move since they know how volatile the bitcoin is, but the fact that Nigerians are very knowledgeable about it, I can tell yes because there are lots of projects that have been developing in that country for a long time, so it might be less problematic for them to solve issues containing bitcoin. And maybe this time we should know belittle African countries, we already know the high poverty rate but it does not mean that they cannot do things like this.

Many have been criticizing African countries as small and poor but here is the initiative and bomb that'll wake those who criticize them. As we all know, most countries in Africa have been struggling to keep up with deveoped and developing countries due to their weak government and system. But thinking of how Nigeria and other African countries put up and Automated Telling Machine for Bitcoin is already a big step. It shows how smart they are because this is certainly a way for them to cope up with their system. It'll affect other countries for sure and adopt the same system also. Who knows, that this small step can create a large impact for Bitcoin users and investors.

Utoy101

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Quote from: Coyster on April 04, 2020, 10:35:25 AM

Quote

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

I just hope the governmemt of Nigeria will just allow the automated teller machine should function normal cause I've read times without number that the government frown sternly at cryptocurrency reason being that there is a high corruption rate among the citizens of Nigeria, so legalising an anonymous, decentralized currency is like adding fuel to fire as it will become more difficult to fight the corruption rate. I hope the cryptocurrency enthusiasts over there will be able to device various means that will prevent the corrupt minds over there from using the anonymity of cryptocurrency as there next tool in looting money. This is indeed another good news towards mass adoption of this dear sector

Renampun

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Good news...
but I'm still curious about what will happen in Nigeria if BTC ATMs are circulating a lot there, are they increasingly helped or vice versa because of what I know they are still behind in education and technology compared to countries in Asia and Europe.

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Quote from: Upgrade00 on April 04, 2020, 12:44:42 PM

This is good news for Bitcoiners in Nigeria, I for one have not used a Bitcoin ATM to buy bitcoins before and would be stoked to try it out.

I doubt you would be if you are already use to bitcoin wallets for transactions. And if you are use to fiat ATM, I think you are good to go. I hope to use it one day myself anywhere in the world, I don't have to fidget.

20kevin20

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Quote from: Chris Barth on April 04, 2020, 12:54:48 PM

Yes, that's cool. I remember creating a topic about it and posting the video on how it works here: https://bitcointalksearch.org/topic/bitcoin-is-getting-more-adopted-in-my-country-5226816. I knew it was at Lagos but... I didnt know the exact place. Neither did I know who brought it into play. Thanks for giving out those information. 🙂

Exactly! Something made me confused for a moment, I knew I read somewhere about the 1st ATM in Nigeria months (apparently only weeks) ago. But is it the same one I knew from the thread you've linked us to? Because otherwise it would be pretty unfair for that guy from March to be the 1st but not take credits from anyone for it.

The ATM from the March thread looks very similar to the design on the Blockstale official website (https://blockstale.com/) though.

Congrats, Nigeria! Cheesy

pakhitheboss

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Quote from: Coyster on April 04, 2020, 10:35:25 AM

African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.

Quote

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

This is a good news among all the bad news that has been about covid 19. African continent is on the top position on Google trends when people search about Bitcoin. This initiative will surely make Bitcoin more common in Nigeria. More people will nowcome to know about it.

Chris Barth

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Yes, that's cool. I remember creating a topic about it and posting the video on how it works here: https://bitcointalksearch.org/topic/bitcoin-is-getting-more-adopted-in-my-country-5226816. I knew it was at Lagos but... I didnt know the exact place. Neither did I know who brought it into play. Thanks for giving out those information. 🙂

Upgrade00

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This is good news for Bitcoiners in Nigeria, I for one have not used a Bitcoin ATM to buy bitcoins before and would be stoked to try it out.
Although I fear patronage would be low, due to the lockdown in some states in the country and the current health situation of the world. But with steady expansion and reliability, more Nigerians can be made interested in the Bitcoin network.

The growth of bitcoin in the region would also influence the status of the government on it's credibility.

Sanugarid

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I've read it about 3 days ago in Cointelegraph as Africa's largest country is setting up a bitcoin Automated Teller Machine (ATM) in one of the place there and is planning to add more than 20 of ATMs across the the whole Nigeria. Nigerian government has been very uncertain on this move since they know how volatile the bitcoin is, but the fact that Nigerians are very knowledgeable about it, I can tell yes because there are lots of projects that have been developing in that country for a long time, so it might be less problematic for them to solve issues containing bitcoin. And maybe this time we should know belittle African countries, we already know the high poverty rate but it does not mean that they cannot do things like this.

Coyster

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African giant Nigeria has set up it's first Bitcoin automated teller machine in the country, citizens of Nigeria are famous for bitcoin trading and investment and they are top in that aspect in Africa. Though this is not the first BTC ATM in the continent(Africa)as countries like South Africa, Kenya, Ghana Botswana, Uganda, Djibouti and Zimbabwe all have bitcoin ATM's in their countries. Many parts of Africa still remains underdeveloped, due to bad government, but bitcoin and cryptocurrencies can help alleviate the condition and state of things over there for the individuals taking the opportunity.

Quote

A Bitcoin startup in Nigeria, Blockstale BTM, has installed the very first Bitcoin Automated Teller Machine in Nigeria.
According to the startup, the ATM was installed at Dazey Lounge and Bar in Lagos and the company is planning to install at least 30 BTC ATMs across the nation.

Source of information: https://investorsking.com/blockstale-btm-installs-bitcoin-atm-in-nigeria/

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