At the beginning of the week, we have read several articles about the latest Bitcoin ATM installed in South Africa. My Broadband originally reported that it was not the first ATM in Johannesburg or another South African city. The reality is that this is the same ATM which has been installed in 2014, but it has been re-deployed by the same company.
South Africa’s First Bitcoin ATM
Vendibit, a leading company in the crypto ATM sector, has re-deployed the first bitcoin ATM in the South African country. The company announced that it has re-installed a crypto ATM at Northwold Junction Shopping Centre in Randburg, outside Johannesburg.
South Africans have been very interested in the virtual currency market. Indeed, individuals remained updated on the latest news in the cryptocurrency world. According to google trends, South Africa registered the highest interest for Bitcoin all over the world, even more than countries like Japan, South Korea or the United States.
We were able to contact Daniel Cappiello, in charge of the installment of the Bitcoin ATM. Mr. Cappiello is Vendibit’s senior consultant and founder of Copencoin, a Danish enterprise which is located in Denmark and provides Bitcoin ATMs to the market.
“The rapid spread of blockchain technology and Vendibit VTM machines are proof that the public is demanding access to the future, today. Most people are becoming familiar of blockchain and cryptocurrencies thanks to names like Bitcoin, Litecoin, and Ethereum.”
With the new ATMs people will be able to buy Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) with cash or a smartphone. As this is the first ATM in South Africa it is expected to be profitable and provide access to the market to several individuals.
“The VTM machines allow customers to buy cryptocurrencies such as Bitcoin, Litecoin and Ethereum, with cash, with their smartphone-cryptocurrency e-wallets,” said Cappiello. “They will also be able to send and receive peer-to-peer, without a bank. Worldwide in USA, Europe, and Asian countries, businesses are rapidly expanding their acceptance cryptocurrencies in day-to-day peer to peer and business transactions. “
As we mentioned in the past, this is the first bitcoin ATM in the country, and it is in line with what Coin ATM Radar informed. Other countries in the region with crypto ATMs are Zimbabwe and Kenia. If the ATM gives the expected results, then it is possible that other terminals will be installed in other cities or points of the city.
Mr. Cappiello has explained that there will be limits on the transactions and other measures will be taken as well to preserve security.
“There will initially be a limit on the transactions for security reasons. To assist us in the South African market, we are working closely with the blockchain and cryptocurrency community, including Shane Maguire, blockchain technology expert and editor at BitcoinHub.”
South Africa is one of the most active countries in the cryptocurrency market in the African continent. It has a wide range of enterprises working in the industry, and a very active population interested in the matter.