The first bitcoin ATM is finally here. After much media attention, we were finally able to check and try it out at the BitClub offices in Westlands, Nairobi.
The ATM can be found at Westlands, Kenrail Towers, 3rd Flr, BitClub Offices.
How the Bitcoin ATM Works
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.
It will be interesting to see the adoption of such bitcoin kiosks and how they will impact the crypto space in Kenya.