The ATM allows you to purchase a minimum of Kshs. 500 worth of bitcoins going up.
We decided to test it out with a Kshs. 1,000 note and here are the steps:
Insert Kshs. 1,000
Open your bitcoin wallet and scan the receive QR code
Insert your phone number
Input the phone confirmation code
After this, you will receive a receipt of your purchase and thereafter the bitcoins will be reflected in your account after a few minutes.
According to BitClub, the bitcoin ATM connects to various exchanges and picks the best exchange rate at the time of purchase. The exchange rate however seems to be much higher than the market rate, making it a bit more expensive.
While the new bitcoin ATM or kiosk is a welcome addition and a huge step in crypto adoption in Kenya, it might not be so welcome among traders and regular buyers because of the high costs of purchase.