NIGERIA First Nigerian Bitcoin ATM launches in Lagos 3 years ago Iwo Bulski Post Views: 515 Nigerian financial company, Blockstale BTM has installed Nigeria’s first Bitcoin Automated Teller Machine- ATM in the financial capital of the country, Lagos state. The machine was installed at Dazey Lounge and Bar in the Ajah area of Lagos. According to Africanews.com, on April 1st, 2020, Daniel Adekunle, Blockstale’s Chief executive and founder said – Despite all the legal uncertainties about cryptocurrencies in Nigeria, Nigerians happen to be the highest crypto traders in Africa. Although the laws and policies on cryptocurrency are yet to be structured and fully outlined by the Nigerian government and leading financial institutions, there is evident growth, use and even investment in bitcoins across the country. According to Google trends, Nigeria has consistently topped Google searches for ‘Bitcoin’ by generating nearly twice the traffic as the second-ranked country, Austria. Over time, investors may be more eager to capitalize on it. Also, the Nigerian currency (Naira) is highly vulnerable to fluctuation when considering exchange rates, and devaluation by its apex bank. Thus,this makes the average person less secure about the future value of the currency. Recent events have also led to a dependency on other currencies (mostly, the United States Dollar and British Pounds) to safeguard the value of money. With more financial structures like the ATM, Bitcoin may be able to create a niche for itself as an alternative currency. Following the launch of this Bitcoin ATM in Nigeria, the African continent now has 15 recorded bitcoin terminals, the other 14 are spread across South Africa (7) Ghana (2) Kenya (1) Botswana (1), Zimbabwe (1), Djibouti (1), and Uganda (1). Bitcoin is a cryptocurrency, a decentralized digital currency that functions, without a central bank or a single administrator that can be transferred from one user to user leveraging on the peer to peer bitcoin network system without a need for intermediaries. Source: http://venturesafrica.com About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: ATM, bitcoin, Lagos Continue Reading Previous What is the current state of gambling in Nigeria?Next Will betting in Nigeria return to normal times? More Stories NIGERIA ONLINE Benefits of gambling with minimal investment in Nigeria 2 days ago Szarlot BETTING NIGERIA 10 secrets of successful online football betting 3 days ago Samuel NIGERIA ONLINE SEC of Nigeria will not make cryptocurrencies part of its targets 4 days ago Samuel HOT NEWS NIGERIA Overview of the Nigerian gambling market 4 days ago Szarlot EXPERTS NIGERIA MoMo taps bill payment to broaden offerings, promote financial inclusion 1 week ago Samuel NIGERIA ONLINE Nigerian Fintech solution improves access to pay bills 1 week ago Szarlot EXPERTS NIGERIA Eventus International to Cover South, East & West Africa in 2023 1 week ago Samuel BETTING NIGERIA FSB Boosts Global Strategy with New Partnerships and Key Hires 2 weeks ago Samuel EXPERTS NIGERIA Games that pay real money in Nigeria 2 weeks ago Samuel NIGERIA ONLINE Nigerian Fintech Solution introduces Bill Payment for the unbanked population 2 weeks ago Szarlot EXPERTS NIGERIA Five instances you will need to use MoMo to pay your bills 2 weeks ago Samuel BETTING NIGERIA Nigeria’s interest in sports betting to Lotto revealed 2 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.