Buying Bitcoin through exchanges and peer-to-peer purchases are very common, however it is also possible to buy Bitcoin using a Bitcoin ATM (Automated Teller Machine).
Just like regular fiat money ATM, a Bitcoin ATM is an internet-connected kiosk that allows you buy bitcoin or sell bitcoin and withdraw cash. Bitcoin ATMs support the use of cash or debit card to make coin purchases.
BTC or cryptocurrency ATMs come in two basic types.
Uni-directional (fiat to crypto) ATM: This type only allows you deposit cash in the ATM and receive a paper wallet or scan a QR code to receive your BTC.
Bi-directional Bitcoin ATM: This type of ATMs offers you the opportunity to buy bitcoin from the machine at the spot, or sell your BTC and withdraw cash from the ATM.
There are also multi-cryptocurrency ATMs which support purchase of Bitcoin and other cryptocurrencies on the same machine.
Bitcoin ATMs offer an instant method of buying Bitcoin as you do not go through vendor hassles, and it lets you buy or sell privately.
Buying Bitcoin on a Bitcoin ATM could be confusing, so we advise you take time to follow every step.
Note that: Bitcoin ATM procedures vary according to vending company, however the above steps are common.
For some Bitcoin ATMs, once your cash deposit is confirmed, the machine prints out a Paper Wallet – a piece of paper which holds your purchased Bitcoin.
The paper wallet contains a public and a private Bitcoin key (2 separate alphanumeric addresses). To access your Bitcoin BTC, you are required to import the private keys/address on the paper into your online or blockchain wallet.
To do this using Blockchain.com wallet:
Note that transferring Bitcoin from paper wallet to your online wallet is a sensitive process and should only be done when you have carefully understood the steps.
In some cases, it could take longer probably a few hours after importing before the funds are spendable ( available for sending) out from your blockchain wallet to any other wallet. You are advised to wait.
Also do not share or expose the private keys on the paper wallet, as any one who has access to them has access to your BTC.
The Coin ATM Radar service also shows you a list of Bitcoin ATMs worldwide, their purchase limits, fees, whether they are Buy only, Sell only or bi-directional (buy and sell) bitcoin ATMs.
While Bitcoin ATMs come in handy, they do not beat the ease and No fees you get from buying Bitcoin on NairaEx.
NairaEx is Nigeria’s premier bitcoin exchange and has over the years offered different ways for Nigerians to buy/sell Bitcoin BTC. Including buying Bitcoin with Bank, Debit or Credit Card all done instantly on its website. Nairaex.com.
NairaEx charges NO FEES for buy or sell, instant payouts, and 24/7 service. The NairaEx platform also recently launched an array of new services:
NairaEx Pay which allows individuals, businesses, and companies integrate Bitcoin payments on their website, as well as accept bitcoin payments converted directly to their bank account.
The NairaEx platform is safe and easy. No stress, no transport to ATMs, no long queues.
Trade with NairaEx today. Enjoy instant payouts, trusted and efficient service.
Fun Fact: There are about 6,000 Bitcoin ATMs globally. 65% of these are in the United States. Africa has 6, Nigeria is yet to get its first Bitcoin ATM.
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Nigeria’s premier Bitcoin exchange, NairaEx has launched a first of many crypto projects, offering Nigerians easy crypto/bitcoin services across the country.
The new service called NairaEx Pay – is a payment gateway which offers users (companies, businesses and individuals) a platform to accept and process bitcoin payments automatically.
According to the exchange, the emerging use of digital currency (Bitcoin) for payment of goods and services has prompted the new service. One which will allow companies accept Bitcoin payments globally and receive payments in bitcoin or converted ‘naira’ to their bank accounts.
The NairaEx Pay service offers businesses and online stores or individuals an opportunity to integrate Bitcoin payment options on their website or online stores.
Customers are required to first create an account here: Pay.NairaEx.com.
PS – NairaEx allows you create and manage an unlimited number of stores. Each store has its unique wallet management portfolio.
Also, you can Customize Your Store Settings.
Other Controls: Summary – Allows you view a summary of your store income
Pay Button – You generate your store payment link here, and can integrate it on your store website or share to customers
Store details – Here, you can customize store colour, name, address and more here.
Invoices: Allows you View details of invoice/receipts form store payments.
You can withdraw your store income in Bitcoin or Naira through these steps:
Enter amount and choice bitcoin (BTC) wallet address for withdrawal’.
Click on Submit withdraw request.
Note that fees apply for Bitcoin BTC withdrawals.
To Withdraw Naira
NairaEx Pay wil convert your Bitcoin balance to Naira and withdraw to your Nigerian bank account. To do this:
You can also change account recipient details by navigating to Profile on the menu bar, fill in new details and click update account details.
You can update your NairaEx Pay details such as Name, Email, Password, 2FA, Phone, and NGN Bank account details by simply navigating to the profile tab in the menu bar, fill in new details and click update.
There are 101 reasons to use NairaEx Pay, here are our top 5:
Register Now to get started. Like, Share and Comment.
A new browser extension now enables customers to make payments on Amazon using cryptocurrencies.
According to the report, it defines the role of the Lightning Network thus: “What the Lightning Network does is it establishes a payment channel that is outside of the main blockchain – a.k.a. off-chain approach – that enables multiple transactions without affecting the main block. This makes multiple small purchases possible without incurring hefty fees.”
Customers can use any Bitcon wallet (such as Electrum) which offers support for Lightning Network to make instant cryptocurrency transactions. Other supported cryptocurrencies by the Moon extension include Ethereum (ETH), Litecoin (LTC) and BitcoinCash (BCH).
The web extension is currently available on various internet browsers including Google Chrome, Opera, and blockchain browser Brave.
At this time, the Moon service is only operational in the United States, with expected expansion to other countries soon.
Note that: While e-commerce brands such as Newegg, Overstock.com and other major retailers have already integrated crypto payments, Amazon is yet to add this option. What the Moon extension does is to convert crypto payments to fiat (cash); and send to Amazon without any additional fees.
Unstoppable Domains – a cryptocurrency domain name start-up has launched its .crypto domain registry on the Ethereum blockchain.
According to a press release, the .crypto registry will allow users to connect any cryptocurrency address to their domain, enabling them to receive payments using just the domain name.
That is, users could now ditch their long alphanumeric wallet address and just send payments to Example.crypto or John.Crypto.
“Payments — Replacing cryptocurrency addresses with human readable names. I own myname.crypto, I attach all of my crypto addresses to it, and I get paid in any currency. “– Unstoppable Domains explains use of its new .crypto wallet address service
Unstoppable Domains says under this new service, payments will only require the receiver’s blockchain domain. This will eliminate the need for copy and paste of long cryptocurrency wallet addresses as well as simplify and decentralize payment process which will foster more adoption.
“We believe that tribalism in the crypto community is slowing down adoption of the technology. .Crypto is a domain name system meant to be used for any cryptocurrency payment and with any cryptocurrency wallet.“
Read about unstoppable domains here
Other benefits of the service include: the blockchain domain is stored by the ownwer, no third party is required, the domain registration is for lifetime and requires no renewal, domain ownership is transferable.
This .crypto domain names could prevent cases of error transfers such as BitcoinKeith’s who received 7.8BTC due to a sender’s mistake.
Would you prefer .crypto domain names over traditional wallet addresses? Share your thoughts in the comments.
Watford Football Club has officially announced that the Bitcoin (BTC) symbol will appear on the sleeves of team jerseys, as the club begins accepting BTC for purchase of club kits.
As posted on the official club Website and Twitter handle, the popular Bitcoin “B” logo will appear on the player’s kits as part of the club’s mega partnership deal deal with Bitcoin betting platform – Sportsbet.io.
The official post indicates that the introduction of the Bitcoin logo is part of a wider adoption strategy to increase awareness around bitcoin and educate the public on the benefits of cryptocurrencies.
Details show that the sponsorship is crowd funded and anyone with Bitcoin will benefit from the club sponsors; enjoying access to public LED space during live matches as well as access to exclusive Watford FC merchandise.
The Hornets will kick off their match against Arsenal FC on Sunday (September 15) in the new kit; with the Bitcoin logo on the sleeve throughout the 2019/2020 EPL season.
It will be recalled that more soccer and sport teams are joining the crypto band wagon. From NBA to football, there is a growing adoption.
EPL teams West Ham, Everton, Leicester and Man City have all announced partnership with crypto platforms; and this latest announcement by Watford will increase the scope of publicity for cryptocurrency, bringing Bitcoin awareness to multitude of football fans globally.
Although Bitcoin and other cryptocurrencies are yet to get mainstream acceptance for daily usage; due to fear of volatility and risk, these partnership deals send a message to the public who are beginning to recognize the numerous benefits of cryptocurrency.
What are your thoughts on cryptocurrency payments for sport merchandise and tickets? Share in the comments.
Global fast-food chain – Burger King has begun accepting Bitcoin (BTC) payments for online food orders in Germany.
The new BTC payment option is visible alongside other payment options including PayPal and Visa card on the restaurant’s website; as well as integrated on the Burger King Germany mobile application.
Burger King is known to offer special snacks, chicken, desserts and other foods in its over ten thousand outlets across 98 countries; with Germany playing host to over 600 outlets.
This growing incorporation of cryptocurrrency/bitcoin payments for online platforms is championed by a growing need for speed and efficient payment systems in the rapidly involving sales world. At this time, the restaurant looks to offer rapid, scalable mobile and instant payments to its 11 million daily customers.
It will be recalled that in 2017, Burger King Russia had incorporated cryptocurrency payment; first accepting Bitcoin and going ahead to introduce the restaurant’s own virtual currency called WhopperCoin.
In 2018, the fast food franchise announced plans to expand to Africa, notably Nigeria and South Africa.