Bitcoin ATM in South Africa: What, Where, & How to Use?
Today, it isn’t hard to find any Bitcoin ATM in South Africa. The machines already exist in about 7 areas. And like most ATM machines, a Bitcoin ATM machine helps users to do some transactions right on the spot, both for paper money and online wallet.
Now, you must be wondering what Bitcoin ATM looks like and how it is used. Is it the same as a conventional ATM?
Here’s to answer your questions and curiosity about Bitcoin ATM in South Africa.
Everything you need to know about Bitcoin ATM
Bitcoin ATM is a physical machine that allows people to buy, and sometimes sell Bitcoin for cash. Although Bitcoin ATM may sound quite confusing or strange, there are a few benefits that come along with using them:
1. They are convenient to use.
2. They don’t require any signup, making them totally anonymous.
3. They deliver coins straight to your wallet.
However, just like everything else, there are a few downsides that come along with using a Bitcoin ATM:
1. They tend to have high fees.
2. There is typically a huge premium on the price of Bitcoin.
3. Some ATMs turn out to be scams trying to steal money from buyers or sellers.
Using a Bitcoin ATM is actually easier than most people may think! Once you’ve found a Bitcoin ATM in South Africa, or near you, the first thing to do is download or buy a Bitcoin or cryptocurrency wallet. The ATM will need to scan the QR code generated by your wallet so that it can send you any Bitcoin you buy. It is important to make sure that you are using a trusted and reliable wallet to keep your Bitcoin safe. Once you have paid for your Bitcoin using cash, your BTC will be sent out to the wallet address that you provided the ATM with.
Using these ATMs can be quite expensive due to their high fees and a huge price premium. These are more commonly used by individuals who are looking to buy Bitcoin anonymously and with cash, as they are generally willing to pay the high fees and price increase.
ATMs are similar to exchanges in a way as you are able to purchase fractions of a Bitcoin (Satoshi’s) from them. Although it’s difficult to find this info online, based on what we’ve personally seen the minimum amount per purchase is R100. Not too bad!
As mentioned earlier – some ATMs allow for users to buy Bitcoin with cash as well as sell Bitcoin for cash. Unfortunately only a very select few of Bitcoin ATMs actually allow you to sell your BTC as well.
ATMs can be a target for criminals as they potentially hold a lot of cash. For this reason, ATM owners try and remove as much cash as they can, as often as possible. However, by allowing individuals to sell Bitcoin through an ATM, they would be required to have a decent amount of cash in the ATM at any given time, which could be a serious safety issue.
More and more Bitcoin ATMs are likely to pop up as the Bitcoin space continues to grow in South Africa. Keep an eye out for any new ones that allow individuals to sell their Bitcoin. You can also check out this map to see if you can locate any ATMs near you that will allow you to sell your Bitcoin.
According to CoinATMRadar, there appears to currently be 9 Bitcoin ATMs in South Africa. The locations of each ATM are:
1. Willow Bridge
3. Eikestad Mall
1. Sandton City
1. Saverite Florauna
2. Sasol Ninapark
The Bitcoin space is growing at a rapid pace in the country so it should be safe to say that the number of Bitcoin ATMs in South Africa is only going to increase in the coming months and years. Make sure you keep an eye open for any new ATMs that may be coming to an area near you, or anywhere else in the country!
How else can I buy Bitcoin in South Africa?
Another way of buying Bitcoin in South Africa is through a local exchange or broker. Exchanges can be quite confusing and intimidating for someone who isn’t familiar with how they work. For that reason, we’d recommend going with a broker, such as Easy Crypto South Africa 🙂
Easy Crypto makes it easy for anyone in South Africa to purchase Bitcoin and over 70 other cryptocurrencies!
Follow these steps to get started with Easy Crypto:
- Sign up
Head over to our signup page and create an account using your email address, Google account, Facebook account or Twitter account.
- Verify your account
Get your account verified through Sumsub or manual verification, Sumsub is the quicker option and should only take a couple of minutes.
- Buy Bitcoin and other cryptocurrencies
Once your account is verified you’re all good to go! You can now purchase Bitcoin or any cryptocurrency of your choice.
Feel free to check out any of the other articles that we’ve published on our Learn-page, or contact Easy Crypto team if you need assistance with anything, we’re more than happy to help wherever we can! 🙂