Bitcoin Automated Teller Machine (BATM) Launched in Botswana
According to a recent report, a Bitcoin Automated Teller Machine (BATM) has been launched in Gaborone, Botswana by Express Minds Ltd, therefore, increasing the number of the machine in Africa to 10. The machine allows users to buy bitcoin by scanning a QR code for their wallet address, feed money into the machine and automatically transfer the equivalent crypto into their wallets.
The New (BATM)
The machine is located at a large mall in the city center and it’s expected to help encourage people to support virtual currency as the hassle involved in the trading of cryptocurrency has always been a turn off for some prospective customers.
Also, the machine is expected to help bring more customers because of the absence of human mediation as some exchanges have lost their reputations because of some dubious acts and some individual partners are not faithful.
A Director at Express Minds, Goabaone Brose Watlala revealed that presently, the BATM can only handle a daily transaction limit of BWP50,000 (~$5,000).
“We have been working tirelessly to make it easier for Botswana [people of Botswana] to buy cryptocurrencies and now we are bringing simplicity, convenience and trust to the cryptocurrency purchasing experience,” “This one-way machine is still the easiest, fastest and safest way to buy bitcoin,” he added.
Until now, there was no known virtual currency exchange in Botswana, the only way to buy crypto was via exchanges located outside the country. There was a time when consumers had to cross the border to South Africa in order to buy bitcoin. Therefore, Express Minds is currently making the best use of the available physical space to expand the base for cryptocurrency as virtual currency is not yet widely accepted in the country. Company employees are offering interested individuals one-on-one instructions on how the BATM functions.
The Future of the Machine is Uncertain
However, how long the machine will last, is still unknown as the country currently doesn’t have a definite regulation regarding cryptocurrency or the operation of a BATM. The Golix-operated machine in Zimbabwe was deactivated when the country’s government placed a ban on virtual currency last year.