Cryptocurrency is a growing industry and it’s not just limited to developed countries. Africa has been taking part in this growth. African countries are seeing an influx of new people and businesses into the cryptocurrency world, which is helping to grow the industry. Additionally, there’s been a lot of investment flowing into African blockchain companies. This growth is likely to continue as more people become aware of cryptocurrencies and their potential benefits.
As Bitcoin ATMs continue to proliferate in the world, it seems that Africa is getting its fair share too. The number of Bitcoin ATMs in Africa is quite impressive with seven located in South Africa, two in Ghana and one in Nigeria, Kenya, Zimbabwe, Botswana, Uganda and Djibouti each.
What are Bitcoin ATMs?
Just like conventional ATMs, Bitcoin ATMs are machines that dispense bitcoin. This does not mean dispense in the actual sense, They basically deal with bitcoin. On these machines you can buy bitcoin and equally sell your bitcoin for cash. This advancement in the cryptocurrency space has made it possible to withdraw (sell) or deposit (buy) bitcoin using a machine. This makes crypto transactions super fast and hassle free; you can literally walk to any bitcoin ATM to withdraw your bitcoin just like you would do your local currency. In Ghana, these ATM machines are run by an IT firm called Thunder solutions.
Before you use the Bitcoin ATM, there are certain requirements;
- You must have a crypto wallet.
- Have a valid phone number for verification.
If you’re looking to withdraw cash from a Bitcoin ATM machine, the process is easy although lengthy. First, find the Bitcoin ATM location using online maps. On spotting any bitcoin ATM, in most cases you will find a QR code printed on it directing you to download a particular crypto wallet that is supported by the ATM machine. Do this and proceed to:
- Choose the coin you would like to withdraw, in this case choose bitcoin as the coin you want to withdraw.
- Choose a range you would like to sell.
- Input the amount of bitcoin you would like to withdraw.
- A privacy policy would display, read through and click the ‘accept’ button to proceed.
- Input your phone number to receive a verification code.
- Input this verification code on the machine.
- A QR code will be displayed alongside a bitcoin wallet.
- Scan this code using your bitcoin wallet app.
- Confirm the payment from your end and wait for the machine. You will get a pin on your verified phone number.
- Used this pin to authorize withdrawal on the next screen that will be displayed.
If you’re in Ghana and want to find the location of any of the ATMs, you can easily do so by using the website Coinatmradar. This website is designed to help locate any bitcoin ATM near you. However, depending on your country/location the machine operation will vary. Minimum and maximum amount you can purchase might vary and you might be required to complete a KYC procedure. If you’re looking to sell your crypto assets on a bitcoin ATM, it might not be the best idea. These machines often charge exorbitant fees, which can really eat into your profits. Plus, the rate you get for your coins may not be very good compared to other options.
There are a number of ways to sell bitcoin in Ghana. The most popular option is likely to be through Dart Africa, as they offer better rates. They also have an excellent reputation for swift payout and customer service, which makes them a prime choice for those looking to sell bitcoin in Ghana.
Source: https://medium.com/coinmonks/what-you-need-to-know-about-bitcoin-atms-in-ghana-46b1c49b0fa6
