Golix, an African focused cryptocurrency exchange, has launched the first Bitcoin ATM in Zimbabwe giving citizens a quick and easy opportunity to buy bitcoins.
The ATM, which allows for the purchasing and selling of Bitcoin can be found at the Golix exchange offices located in Harare. To appeal to mass interest, the ATM can dispense US dollars which, according to Nhlalwenhle Ngwenya (Golix Director of Communications), makes it the only ATM in Zimbabwe to distribute dollars in the country. This is a huge milestone for the country, and for Bitcoin, as it increases the chances of worldwide mass adoption. It also comes at a great time considering how Bitcoin had a flash rise in price recently.
A Bitcoin ATM which supports US dollars has huge potential in Zimbabwe considering how the country has been fighting against hyper-inflation for some years. Various political and financial decisions rendered the Zimbabwean dollar excessively weak on the world stage. As of April 13, 2018, one USD is equal to 361,900 ZWD. However, the currency is devalued so often that individuals mostly disregard it and instead use other foreign currencies. This effectively means that Zimbabwe does not have one unifying currency.
Golix’s Bitcoin ATM is currently the only ATM in the country that is seeing use, which means that it is entirely possible for Bitcoin to replace the near-obsolete fiat currency of ZWD completely. Perhaps the most important feature of the Bitcoin ATM is that it allows new users to generate a Bitcoin address and wallet if they do not have one already. This makes using the cryptocurrency much more of a user-friendly experience.
Being a multi-currency country means that it is ripe for cryptocurrency adoption on a huge scale, and with the addition of a Bitcoin ATM, this has become much more likely.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.