In the cryptocurrency and blockchain space, Kenya has been very active and this why the country will be the first East African country to install a bitcoin ATM. The ATM is installed in Westlands, Nairobi. This will enable the users to purchase Bitcoins and Litecoins instantly. Traders can now purchase cryptocurrencies for a minimum of $5 and can pay for them using both dollars and Kenyan shillings.
The ATM was launched by Nairobi-based fintech company, BitClub. Bitcoin entrepreneur Wangechi Kariuki, a bitcoin entrepreneur at BitClub said; “The transaction is simple, taking less than two minutes; You can get as many Bitcoins as the value of your cash.”
To start purchasing the coins the users must first set up an account with a Bitcoin trading platform. Following, they will need to buy a wallet to store the cryptocurrency. Their wallet will come with an address which is similar to an account number and using the address a QR code will be generated. The QR code can be scanned by the ATM for account identification. The user can then deposit their cash with the ATM, and purchase the crypto of their choice, which will reflect in the buyer’s wallet. The purchase is confirmed through and a purchase receipt or via e-mail or SMS. Kariuki also said,
“Bitcoins function just like the loyalty points we earn from shopping at supermarkets or the reward points we get from talk time. You can also use them to buy goods or pay for services.”
The ATM is currently serving anywhere between 15-20 people a day, which reflects the interest in cryptocurrencies, particularly among younger people. At the end of last year, the results of a survey showed that Kenya had some of the largest Bitcoin holdings.