Fresh Unique Article to increase your trading knowledge: Where to find Bitcoin ATMs around South Africa – Search and Find
Where to find Bitcoin ATMs around South Africa ?– Search and Find. In essence, a Bitcoin ATM functions as a physical Bitcoin exchange, rather than the typical digital Bitcoin exchange, whereby participants can buy and sell Bitcoins with hard currency.
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Bitcoin ATMs in South Africa are not widely available, with kiosks typically only found in major cities. ATMs are more likely to be owned and operated by companies focused on the cryptocurrency industry.
Bitcoin ATMs in South Africa and where to find them
In terms of the global dispersal of Bitcoin ATMs, North America takes the lead with 71.9 percent followed by Europe at 23 percent, Asia at 2.3 percent, Australia at 1.3 percent and Africa at 0.1 percent.
Of that minimal percentage throughout Africa, South Africa has the largest amount of Bitcoin ATMS located in four of the country’s biggest cities, namely Pretoria, Cape Town, Johannesburg and Nelspruit.
These machines are equipped to dispense on average between a minimum to a maximum of 100 to 1 million South African Rands (ZAR).
For those seeking to buy more than 5,000 Rands from the ATM, you will be required to conduct a brief identity verification process at the machine.
The first Bitcoin ATM every established in Pretoria is located at Saverite Florauna based in Corner West and Brits, and was installed on June 14, 2018.
Operated by Saverite Florauna, this Bitcoin ATM functions as a General Bytes and is open 24/7.
The average Bitcoin fees charged in this ATM are 9.9 percent, and the machine supports the purchase of Bitcoin (BTC) and ether (ETH). The ATM comes with a buying limit of ZAR 10,000 and a daily limit of ZAR 100,000.
The second Bitcoin ATM found in Pretoria is located at Woodlands Boulevard Mall, which is situated at Cnr Garsfontein Rd & De Villebois Mareuil Dr Pretorius Park, Pretoria East, 0081.
The third ATM in Pretoria, called the General Bytes ATM machine, is operated by CryptoShovels and was also installed on June 14, 2018.
Users can buy both Bitcoin (BTC) and ether (ETH) anonymously at a minimum and maximum of R100 – R5,000. However, when buying digital currencies that are above R5,001 – R20,000, you will need to verify your identity using an ID scan.
Cape Town is home to one Bitcoin ATM at the time of writing, which is located at 1st Floor 38 Wale Street.
This Bitcoin ATM is a two-way operator that allows users to buy and sell Bitcoin. It was installed on January 3, 2018, and is operated by Cape Town Bitcoin. For added security, this location also offers a private cubicle for transactions.
As with Cape Town, Johannesburg is also home to one Bitcoin AM which is located in Sandton City at Unit U61a, Sandton City 83 Rivonia Rd, Sandhurst Sandton, 2196.
This Bitcoin ATM was first installed on October 20, 2018, and is managed by Bitcoin ATM South Africa.
The machine is available between 9:00 AM to 8:00 PM Mondays to Saturdays and 9:00 AM to 6:00 PM on Sundays.
However, users can only buy Bitcoin using this General Bytes machine at a fee of 14.2 percent. Added to this, it comes with a buying limit of ZAR 10,000 and a daily limit of ZAR 100,000.
Lastly, Bitcoin users can find a Bitcoin ATM in the Mpumalanga capital of Nelspruit, and it is located at Bitmart at 39 Sitrus Crescent, Madison Square.
This Lamassu machine is managed by Bitmart and operates Mondays to Fridays between 8:00 AM and 5:00 PM and 8:00 AM to 1:00 PM on Saturdays, although it remains closed on Sundays.
This particular Bitcoin ATM allows users to buy and sell Bitcoin (BTC), ether (ETH), Dash (DASH), Litecoin (LTC), and Zcash (ZEC).
Given the rapid adoption of Bitcoin in South Africa, it is only a matter of time before more ATM machines are installed in other cities in South Africa.
Although Bitcoin ATMs come with high transaction fees, they have continued to aid Bitcoin adoption in a number of African countries.
What is a Bitcoin ATM?
Bitcoin ATMs were developed in order to facilitate the purchase and sale of Bitcoin using cash, and can be used with relatively high anonymity.
In essence, a Bitcoin ATM functions as a physical Bitcoin exchange, rather than the typical digital Bitcoin exchange, whereby participants can buy and sell Bitcoins with hard currency.
The first Bitcoin ATM ever introduced was in Vancouver, Canada in 2013, at Waves Coffee Shop, and the machine consists of a scanner, a cash dispenser, and a computer which manages the transactions.
When using a Bitcoin ATM, the Bitcoins are either dispensed directly to the buyer’s Bitcoin wallet, or to a paper wallet.
In order to dispense Bitcoin to a Bitcoin wallet, the buyer’s mobile device scans a QR code, and when dispensing to a paper wallet, this option is generated and printed by the ATM at the time of purchase.
In terms of the specific purchase price, this factor will be determined by the prevailing Bitcoin exchange rate, which is retrieved by the ATM from the Internet in real-time, in other words at the time of the transaction being processed.
Apart from this, an additional percentage fee is charged by the ATM for the service and factored into the price.
Some Bitcoin ATMs dispense Bitcoin in exchange for cash as well as in exchange for Bitcoin, although most models work only for buy Bitcoin exclusively.
Over the course of financial history, it was not until relatively recently that an individual could get cash or make a deposit anywhere other than a bank branch.
The automated teller machine, or ATM, was introduced in the 1970s, and has now become such a common fixture that most are found in almost every community and town around the world.
While the use of banking using the Internet and mobile applications has lowered the demand for some of the ATM’s more common features, this use has been somewhat revived in recent years due to the growing popularity of cryptocurrencies.
Bitcoin ATMs are rarely operated by major financial institutions, so that they do not connect customers to a bank account. Customers instead deposit cash into the Bitcoin ATM, which can then be used to purchase the cryptocurrency.
Often, a Bitcoin ATM will set an upper and lower limit to the amount of cash that can be deposited.
Since the upper limit may be lower than the price of one Bitcoin token, customers are able to purchase fractions of Bitcoin.
After a purchase is made, a record of the Bitcoin will appear in the customer’s e-wallet, though this may take several minutes to process.
Some ATMs require customers to pass these security checks before completing a transaction.
The ATM may require a two-factor authentication, and this may involve the customer supplying a phone number to receive a verification code.
This code would then have to be typed into the ATM. The kiosk may also require scanning a government-issued identification, such as a driver’s license.
Bitcoin ATMs are not widely available, with kiosks typically only found in major cities. ATMs are more likely to be owned and operated by companies focused on the cryptocurrency industry.
In some cases, a Bitcoin ATM may be operated by a company that offers its own trading platform or e-wallet. These companies may require a customer to have an account in order to conduct a transaction, much like how banks do.
Customers are charged a service fee for using a Bitcoin ATM. This fee is typically charged as a percentage of the transaction rather than a fixed dollar value typically seen in traditional ATMs.
How to use a Bitcoin ATM
When using a Bitcoin ATM, the price of Bitcoin is dependent on the current exchange rate. However, ATMs also charge a fee for their services. On average, a Bitcoin ATM charges 8-10%—which is a little high for most people.
Despite 8-10% being the average, costs often vary per machine, so that it can appreciate or depreciate, so that it is important to read the instructions of the ATM before using it.
When a person withdraws from a Bitcoin ATM, the currency is dispensed to the user’s Bitcoin wallet via a QR code, or it’s dispensed to a paper wallet that some ATMs can generate.
In most cases nowadays, machines will also require users to provide identification for KYC purposes, so users should be sure to have a form of identification ready
Although the process varies per ATM, there is a general process to follow wen using an ATM to buy Bitcoin:
First, choose the option to buy BTC (only applicable to ATMS that offer both buying and selling services). Then, scan the QR code of your wallet address using the Bitcoin ATM scanner.
Enter the amount you wish to buy, then insert the cash. Give the machine a few minutes to process the transaction. Once you’ve done all that, check your Bitcoin wallet to confirm the sale – making this a very easy process.
While buying Bitcoin from an ATM is relatively straightforward, selling Bitcoin using an ATM occurs on more of a case-to-case basis.
As such, it will depend on the type of ATM you are using and the system on which that machine operates. It helps, therefore, to ensure that you research a selected branded ATM before using it to sell Bitcoin.
That said, these machines are very intuitive, so that users can safely follow the instructions displayed on the screen, laid out in easy to understand prompts.
Who uses Bitcoin ATMs?
Over the last few years, Bitcoin ATMs like the first one established in Canada have begun to spread, albeit incrementally, around the globe.
As of January 202, there were 4,274 Bitcoin ATMs installed worldwide, and such ATMs can be found in 75 countries, although more than half of these are located in the United States of America.
More often than not, Bitcoin ATMs are used to buy Bitcoin, even though the cryptocurrency has dropped in value over the last year, while in some rare cases there are those that want to exchange Bitcoin for cash.
Even as more Bitcoin ATMs appear in larger cities around the world, they are still a rarity and can be seen as something of a novelty for most who encounter them. In these cases people might use them as a test run to get an idea of what using Bitcoin in the real world entails.
Many shops that install Bitcoin ATMs find this a useful way of getting more feet through the door, while they might not actually intend for consumers to spend Bitcoin. That said, many more hip young consumers today will gravitate towards Bitcoin-supported shops.
Many shops that support Bitcoin through the use of ATMs are also seen as trying to corner a more affluent and tech savvy corner of consumers, as many who trade in and use Bitcoin tend to have more spending power on the whole.
That said, not all Bitcoin users will necessarily fall into the desired category of wealthy and high end shoppers gravitating towards the cryptocurrency trend.
With the prevailing rise in ransomware attacks, by which hackers lock your computer and hold it for ransom until you pay them, many victims have been turning to Bitcoin ATMs in order to obtain payment for the ransom.
According to some observers, even though such transactions can take a relatively long period of time, they are generally quicker than that of opening an account on one of the Bitcoin exchanges, which can often take up to several days.
Other users of Bitcoin ATMs are people who use Bitcoin because it hides the transaction from scrutiny. Once you are using Bitcoin, there are no bank statements or credit card bills with your name on them, listing all your Bitcoin purchases.
As such, Bitcoin ATMs offer an easy way to convert cash into an anonymous form of payment. It’s something that has long attracted users to Bitcoin, which has become popular amongst certain criminal elements of society.
Such ATMs have also become a way to launder money, according to some recent reports, and regulators are already finding ways to handle these new challenges to the evolving cryptocurrency industry.
This is because, even though the value of Bitcoin has dropped significantly over the last few months, the industry is still growing. In January alone, Coin ATM Radar tracked the installation of more than 130 new Bitcoin ATMs.
The use of Bitcoin ATMs during the Covid 19 Pandemic
The COVID-19 epidemic has already closed many public spaces across the globe. Those that remain open are subject to restrictions regarding the number of people allowed to gather at one time.
Banks and money transfer institutions are likely to remain open even when many other businesses are closed.
Visiting any office during the coronavirus outbreak, however, is considered a high risk by health officials. Not to mention cash withdrawal limits that can be imposed at any moment during crises like this one.
Cryptocurrencies have proved to be a useful instrument for frictionless cross-border payments, facilitating fast transactions with low fees.
They can always be used to transfer value on a peer- to-peer basis when two parties want to fully benefit from their advantages over traditional money.
And Bitcoin ATMs – teller machines that support purchases and sales of various coins – can be employed for transactions between two fiat currencies using crypto as a medium.
In this case, a sender can buy the cryptocurrency equivalent of a fiat amount they want to send from an ATM near their location.
In many countries that shouldn’t be a problem as over 7,000 teller devices are now operational worldwide. The digital coins can be sent with a crypto transaction to a recipient who can then convert them back into fiat; a local currency for example.
Using Bitcoin ATMs to send money abroad is a safe option, not only because of the high level of security for the transferred funds but also in terms of lower health risks as you can avoid visiting crowded bank branches or standing in lines in front of them.
It is a convenient way to transfer financial assets quickly and at low cost although it does require the sender and the receiver to be familiar with Bitcoin and comply with national regulations and restrictions in some cases.
The rise of Bitcoin in South Africa
Africans in general are leading global rates of cryptocurrency ownership, which is according to a recent report released by Arcade Research.
In terms of this ranking, South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country.
Uganda, Nigeria, South Africa, Kenya, and Ghana are listed in the report among the top 10 countries where “cryptocurrency” is Africa also has some of the world’s most inflationary economies where fiscal instability and controversial monetary policies sometimes destroy citizens’ savings overnight.
Apart from governments’ heavy hand, external factors such as sanctions and conflict also threaten savings, making cryptocurrency a less exposed investment.
Sub-Saharan Africa records $48 billion remittances annually but transaction fees go as high as 9%, while some mobile payment transfer services charge around 11%.
As such, cryptocurrency use is also a way to undercut the disadvantages of centralization while eliminating high remittances cost.
That said, a lack of infrastructures such as crypto mining operations, supporting merchants, smartphone penetration, and internet connectivity has also slowed the uptake of cryptocurrencies.
With the majority populations located in the rural areas in some Africa countries, large numbers of the continent are not yet powered, limiting the reach of Bitcoin and other digital assets.
Added to this, a lack of policy clarity, with close to 60% of African governments yet to announce their positions on cryptocurrencies, slows down adoption.
Nonetheless, Africa remains one of the most promising regions for the broad based adoption of cryptocurrencies.
This is largely due to the continent’s unique combination of factors, so that while the current overall adoption of cryptocurrencies is still relatively low, the potential remains great.
Growth is rapid, and these developments will likely work to define the role of the cryptocurrency markets in the future.
Apart from Africa, South Africa is about to become one of the most prominent Bitcoin adopters.
The adoption of Bitcoin in the last five years has shown South Africa to be a very appropriate location for Bitcoin trading, mining, as well as making payment using Bitcoin.
There are already a number of reports and research finding posted across the internet which indicate that people in the country are interested in the presiding and innovative cryptocurrency in the world and in the Bitcoin Future.
One surprising aspect of this development is that millennials in South Africa are showing unprecedented growth in using Bitcoin for transactional purposes, resulting in an unprecedented rate of adoption and use in the country.
One prominent reason for this is that the growing use of the Bitcoin has helped to stabilize some areas of the country’s economy.
Given that the improvement in uplifting the economy has been gradual for five years, the adoption has come a long way since 2014.
A published report from African Development Bank Group which is titled “African Economic Outlook 2020: Developing Africa’s Workforce for the Future” stated that Africa’s economic growth saw unexpected stability since early 2019.
Before the fallout from the Pandemic forced people to largely remain at home, the study estimated a 3.9 percent increase in the country’s economic stability.
Added, in 2021, the economic growth of South Africa is expected to be 4.1 percent. The country’s financial ministers and overseers are already ruminating on how to provide sustainable stability and improve the country’s financial management going forward.
To this end, it can be said that Bitcoin and its concomitant blockchain technology have largely helped to reshape South Africa’s finance industry
Bitcoin is the leading cryptocurrency in terms of market capitalization and price. The ground-breaking features of Bitcoin gave rise to nation-wide adoption in South Africa.
One of the most unique aspects of Bitcoin is the underlying technology, blockchain, a distributed and open ledger that records transactions taking place between two individuals. Blockchain stores the transaction data in blocks using cryptography.
According to Google Trends’ data, in the last five years, Bitcoin has been the most searched across African countries such as South Africa, Nigeria, & Ghana.
On the other hand, a report claims that the 30-year-old or below age group population in South Africa comprises 70 percent of total Bitcoin users.
Bitcoin and its underlying tech, blockchain became a new and exciting means of conducting monetary transactions with the use of technology in South Africa.
As such, many people across South Africa can now engage in borderless transactions as they can access distinctive markets from different corners of the globe.
Before the adoption of Bitcoin, South African people faced much adversity due to limitations in the financial system as cross-border transactions in the country before Bitcoin was expensive, unreliable, and time-consuming.
Additionally, cross border payments also comprise of massive complexity; hence it is important to adopt Bitcoin to reduce the cost as well as the complexity.
This led to the widespread adoption of Bitcoin and blockchain, given that there are regulations on cryptocurrency.
The adoption is causing the prevalent fiscal authorities as well as the regulators to see Bitcoin and cryptocurrency trading as an indispensable part of commerce in the country.
As of today, South Africa is one of the leading Peer-to-Peer marketplaces in terms of Bitcoin trading in the whole world.
From December 2019, there has been an increase in the number of new users on Bitcoin and accepted cryptocurrency exchanges. These factors seem to indicate that new users are adopting Bitcoin and Bitcoin wallets consistently over time.
Many spectators and analysts have forecast that developing markets would lead as the early adopters of Bitcoin and the various other cryptocurrencies on the market today.
The reason for this forecast was based on the understanding that the majority of individuals that make up emerging markets already have a sound understanding of finance and technology.
This has largely been the reason why many in South Africa have been able to so easily understand the use of Bitcoin, even better than many of those residing in Europe.
It seems that Bitcoin and South Africa are in it for the long haul, as since January 2020, trading volume also witnessed a positive response with regards to the rand.
As such, South Africa is incrementally transforming into an arena in which Bitcoin trading and payment systems can be carried out over the long term, even after the halving.
In the coming months and years before that time, South Africa is likely to undergo several changes that will only further accommodate Bitcoin adoption, particularly as it is one of the fastest-growing economies in the world.
The rise of the automated teller machine ushered in a new era of personal finance, and ATMs are even applicable with Bitcoin now.
A Bitcoin ATM gives you the opportunity to cut out some of the fees by buying direct, but there are some hidden agendas we need to discuss before you Google one, rush out the door, and spend your pay check on Bitcoin through a machine.
Bitcoin ATMs connect to the internet, and through the Bitcoin exchange network, you can exchange USD for Bitcoin. These ATMs are directly linked to Bitcoin, so you aren’t running a ton of miner’s fees or anything along those lines.
With a Bitcoin ATM, you directly exchange money for Bitcoin. You can send it directly to a Bitcoin-approved wallet by inputting your receival codes (depending on what wallet provider you use), where the BTC can immediately be transferred.
Bitcoin ATMs are versatile, and offer more utility for your Bitcoin in real-time application. No more waiting for BTC to clean when selling it on the marketplace, even those five to ten minute withdrawal times are a thing of the past.
That’s the ideal, two-way cash-dispensing model, but there are some caveats. You can find right on the Bitcoin ATM page (a news site for Bitcoin) that they have multiple options available.
Businesses want to put a Bitcoin ATM in their establishment because it generates foot traffic and revenue, but it’s also going to cost them some based on which model they want.
Buying Bitcoin from a Bitcoin ATMs is as simple as can be. In just a few seconds and with cash, you can buy Bitcoin and other cryptocurrencies in a few simple steps.
You can also sell Bitcoin and other cryptocurrencies and withdraw cash right from our Bitcoin ATMs.
Users can even view the Bitcoin ATMs as currency converters. Because some of the Bitcoin ATMs offer two-way operations, users can turn fiat into cryptocurrency when you buy with cash and turn cryptocurrency into fiat when you sell.
It’s a very fast, convenient, safe and reliable crypto trading method.
Digital wallets on phone applications have a QR code that you can scan on a Bitcoin ATM to send the cryptocurrency to that wallet.
You can also have your cryptocurrency wallet somewhere other than your phone, and manually type your wallet’s public address on our Bitcoin ATM.
If you don’t have a wallet, some Bitcoin ATMs will create one for you with a unique public and private keys and print it for you.
Just like any cryptocurrency wallet, your public address can be shared with anyone and is used to receive cryptocurrency.
Your private address on the other hand, should not be shared with anyone. You have to keep that in a safe place because that’s the address you use to spend your cryptocurrency and transfer them to other wallets.
Nothing is more private than cash. Buying and selling cryptocurrency online lets the exchanges and your bank know that you own cryptocurrency. Buying and selling cryptocurrency from our Bitcoin ATMs with your own cash is private.
While Africa still trails behind other global continents in terms of the number of available Bitcoin ATMs, South Africa by far leads the pack on the continent in this regard.
Many trendy consumers, as well as new frontier traders in South Africa have started using Bitcoin more and more, making South Africa one of the most important growth points for the cryptocurrency in the future.
More South Africans are using Bitcoin ATMs to trade in the cryptocurrency, as well as rely on it for an anonymous form of transactional trade.
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