Kenya installed Its First Bitcoin ATM

The first Bitcoin ATM has been installed in Nairobi, making it the first in East Africa, which makes it possible to purchase Bitcoins and Litecoins instantly. The traders can purchase the cryptocurrencies for as little as $5, and they can pay for them in both dollars and Kenya shillings.

Digital currencies are becoming more popular in Kenya, despite the warnings from experts. Traders must first set up an account with a Bitcoin trading platform in order to purchase their chosen cryptocurrency; however, it does come with an inbuilt Bitcoin wallet where the digital currency will be stored. This wallet will contain your Bitcoin address, and a QR code, which is then scanned by the ATM in order to identify the account.

Although this is the first digital currency ATM that has been installed in East Africa, South Africa installed it’s first four years ago, and has doubled its number since then. This does not come close to the US though, where there are ATM’s installed in more than 2,000 locations.

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.

There are some concerns though and it has been revealed that the ATM does have higher exchange rates. This could be because BitClub earns a commission from every transactions; however, they also have plans to include M-Pesa as a payment option in the hopes that this will increase the number of people who choose to trade in cryptocurrency.