Home / Crypto Currency / Golix Operates the First Bitcoin ATM in Zimbabwe

Golix Operates the First Bitcoin ATM in Zimbabwe

To most Western countries, Bitcoin ATMs have become rather common. In Africa and other regions where financial inclusion is still problematic, things are very different. Even so, things are gradually improving as we speak. Zimbabwe now has its very first Bitcoin ATM courtesy of Golix.

It is quite interesting to see how Zimbabwe responds to Bitcoin and other cryptocurrencies. Given the region’s lack of financial inclusion, one would expect Bitcoin to genuinely thrive in this part of the world. It is still too early to determine if that will effectively be the case, though. For now, things are slowly improving, which can only be considered to be a good thing.

A Bold Move by Golix

With Golix bringing the first Bitcoin ATM to this country, the future looks pretty bright. It is a welcome change in the country. Golix is also the biggest cryptocurrency exchange active in this part of Africa. The ATM itself presents users with access to both Bitcoin and United States Dollars. Both forms of currency are in high demand in Zimbabwe as of right now.

Golix product manager Yeukai Kusangaya comments on the situation:

“After realising that the public is still struggling to understand or in some cases access bitcoin, we felt that the Bitcoin ATM would be a huge and necessary step towards engaging people on how they can use cryptocurrencies for their daily business. For anyone who has used a traditional ATM, they won’t struggle to find their steps when they are using the Bitcoin ATM.”

The machine has been in operation since late last week. Anyone can buy or sell Bitcoin using the US Dollar, which makes for an interesting ecosystem. It is also the only ATM in ZImbabwe dispensing US dollars to Bitcoin holders. Whether or not other companies will effectively pursue a similar option, remains to be determined. It seems this market is ripe for the taking, but gaining a foothold will be challenging.

Header image courtesy of Shutterstock

Read more

Check Also

Bitcoin Ransomware Fails to Make any Economic Impact, Study Claims

Ransomware and Bitcoin are almost two peas in a pod. There have been numerous media reports regarding Bitcoin ransomware over the years. A new study by Canadian and Australian researchers shows this correlation is vastly blown out of proportion While there are Bitcoin-oriented ransomware strains, their impact on our society remains fairly limited so far. Everyone has heard of malicious software forcing victims to pay a sum in Bitcoin. In most cases, this pertains to software encrypting files on one’s computer or mobile device. Known as ransomware, this malicious threat is seemingly more present than ever That is, assuming one believes all of the media reports pertaining to this topic. Ransomware Makes no Real Impact The Ransomware Payments in the Bitcoin Ecosystem study tells a different story. More specifically, there is no noteworthy economic impact due to ransomware schemes. This is in stark contrast to the media headlines we have seen in the past two to three years. Mainstream media outlets make it appear as if Bitcoin ransomware is always lurking in the shadows, even though that is far from the case. To be more precise, the amount of money made from ransomware is fairly limited. There is no factual evidence to prove criminals make millions in Bitcoin from their creations. Not entirely surprising, as the transparent nature of Bitcoin makes it easier to trace payments. That doesn’t mean criminals will stop creating Bitcoin ransomware, though. It is still a popular business, albeit less successful than assumed. It will be interesting to see how this situation evolves. Criminals have taken a shine to Bitcoin due to its erroneously perceived anonymity. The technology itself makes it very easy to identify and trace any suspicious activity on the network in real time. Bitcoin is not suited as a payment method for criminal activity. This is no different when it comes to malicious software. Header image courtesy of Shutterstock The post Bitcoin Ransomware Fails to Make any Economic Impact, Study Claims appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.