NIGERIA First Nigerian Bitcoin ATM launches in Lagos 3 years ago Iwo Bulski Post Views: 551 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 EXPERTS NIGERIA GamStop And Responsible Gambling in Nigeria 22 hours ago Szarlot EXPERTS NIGERIA Is the Cryptocurrency Noise in Nigeria Gradually being Silenced? 2 days ago Samuel NIGERIA ONLINE Are Offshore Casinos Competing for a Share of the Nigerian Gambling Market? 3 days ago Samuel BETTING NIGERIA Can Nigeria Return to the World Cup Finals in 2026? 7 days ago Samuel NIGERIA ONLINE The Legal Landscape for Nigerian Online Casinos 7 days ago Samuel NIGERIA ONLINE Three Most Popular Payment Methods For Online Casinos 1 week ago Samuel BETTING NIGERIA Nigerian players running rings in foreign leagues 1 week ago Samuel BETTING NIGERIA PARIPESA Pays Out 500 Million Naira One-Night Win 1 week ago Samuel BETTING NIGERIA BetKing Celebrates Nigeria’s New Para World Champion 2 weeks ago Samuel BETTING NIGERIA Why Sports Betting Continues To Gain Traction in Nigeria 2 weeks ago Szarlot EXPERTS NIGERIA How workers, agents impact on gaming industry 2 weeks ago Szarlot EXPERTS NIGERIA How investing in Africa became the new trend 2 weeks ago Szarlot 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.