With no clear cryptocurrency regulation in Nigeria, but with the CBN warning citizens to avoid all forms of risky crypto investments, Nigeria has grown in the cryptocurrency business such that in July 2020 alone, Nigerians traded over $10 million of cryptocurrencies in just 2 exchanges.
In fact, looking at Google Trend on the keyword “Bitcoin”, you will see that the searches in Nigeria have been at hits peek for the last 12 months.
The same is what you will find if you back forward the year to 2019.
But it’s sad.
Yes, it’s sad that when it comes to human development in Nigeria, as a Nation she is at the back but as far as survival of the youthful (mostly unemployed) generation is concerned, the glimpse of crypto in Nigeria 2015 was just an introduction of a new dawn.
The new dawn was set in 2016 although many losses were recorded.
Be it as it may, the growth of digital currencies in Nigeria has seen Nigeria being the 8th country in Africa to have an ATM for crypto enthusiasts.
Let’s get in as we learn more about bitcoin ATMs in Nigeria.
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The First Bitcoin ATM in Nigeria and All You Need
The news on Bitcoin ATM in Nigeria was firstly reported by Weetracker.
According to the news site, they documented how Daniel Adekunle designed and flew in Nigeria’s first bitcoin ATM from Shenzhen, China.
Also, as the news became mainstream, on 1st April 2020, Blocknewsafrica reported how in a bid to make Bitcoin payments easy in Nigeria, the founder, and CEO of Blockstale, Daniel Adekunle brought the first Bitcoin ATM to Nigeria after finding out there was little or no cryptocurrency hardware on the continent.
In a conversation with BlockNewsAfrica, Daniel Adekunle cited that despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Blockstale BTM was developed specially to facilitate adoption, transparency, and security in Nigeria.
With the excitements of Nigeria being listed among the countries with Bitcoin ATMs, the first Bitcoin ATM in Nigeria was mounted in Lagos state.
Bitcoin ATM in Nigeria location
The Bitcoin ATM machine in Lagos is at Dazey Lounge and bar.
The exact location of the Cryptocurrency ATM is Dazey Lounge and Bar, 80 Oke-Ira Ajah, Lagos 105101 Nigeria – coinatmradar.com.
The Type of Operation of the Bitcoin ATM in Nigeria
The crypto ATM helps users buy and sell Bitcoin with a fee of 5% only.
With a 24hr operation, you can use Google Map to locate the BTC ATM center here.
And for Google Street, if you’re in Lagos, you can use this link.
Using Bitcoin ATM vs Crypto Exchange in Nigeria
The introduction of an ATM for Bitcoin transactions is good news for crypto users who are willing to take control of their BTC transactions (Buy and sell).
If the number of bitcoin ATM users in Nigeria grow, unfortunately, a lot of Bitcoin Exchanges will suffer?
How to use Bitcoin ATM in Nigeria
Below is an overview usage from a crypto enthusiast in Nigeria who is seen pointing his BTC QR code to the machine where it is captured and recorded in the Ledger.
Who is Daniel Adekunle, the founder of Bitcoin ATM in Nigeria?
Daniel Adekunle is unarguably a crypto investor, but more importantly, he is the CEO of Blockstale.
The company, Blockstale provide solutions that enhance fully decentralized, seamless and secure cryptocurrency payments and settlements in Africa.
A list of questions and answers relating to BTC ATM in Nigeria
Q. Is there any Location of a Bitcoin ATM in Abuja?
No. there isn’t.
There is only 1 ATM location in Nigeria, which is in Lagos for now.
Unless you are interested in being the next to bring to Abuja, you can learn how to start a Bitcoin ATM business here in Nigeria.
Q. Is there a Bitcoin ATM card in Nigeria?
No. With cryptocurrency not yet considered as a Legal tender in Nigeria, this might be difficult unless a crypto ATM card company like Wirex crypto card will do the work.
It is what it is with Bitcoin ATM in Nigeria
So, when next you’re in search of a bitcoin machine location near you, just use the Google Map or Google Street as highlighted above and go to the Lounge and trade your Bitcoin in grand style.
Welcome to the Never-Going-Back-Era-of-Cryptocurrency-in-Nigeria.
Over to you, have you ever heard of Bitcoin ATM or used one in Nigeria? Let me know what you think.