The crypto world keeps evolving to make interaction in the ecosystem seamless. The advent of Bitcoin ATM is one such development to meet the evolving needs of users. This machine aims to serve as an easy crypto access channel through which the conversion of Bitcoin to cash, or cash to Bitcoin can be done faster, and with less hassle. However, unless this machine is operated from an informed place, it’d seldom serve its intended users’ purpose
It is a statement of fact that the lack of the mental wherewithal to ideally use this machine, poses a threat to effective transactions. Again, the fact that the different Bitcoin machine functionalities slightly vary among countries is a thing. So, this article is tailored to narrow it down, specifically to provide details about using the Bitcoin ATM in Egypt. Although many reviews say Bitcoin ATMs in Egypt function just like the ones in the US.
Bitcoin ATM Usage; What You Must Understand
Bitcoin ATMs in Egypt are not very many, and as such, they are strategically placed in important locations. They are mostly planted in areas with good population density, this way, they can be utilized by a large user base.
Every Bitcoin machine user surely has a prior intention of the specific transaction they intend to carry out before deciding to get in touch with the machine. But there’s a problem. You’re highly likely to get a sour experience if the available Bitcoin ATM type doesn’t sync with your intent of using the machine. Here’s what this means below.
Regardless of country, there are two major Bitcoin ATM types; the one-way type and the two-way type. The functionality of the former solely allows for either just converting Bitcoin to cash or just converting cash to Bitcoin. The latter allows for both transactions. So these are the necessary questions that must be satisfied; what Bitcoin machine type am I using? Will it suffice for my intended Bitcoin transaction? If these boxes of questions are ticked, then you’re good to go.
Is Bitcoin banned in Egypt?
There have been numerous inquiries about the legality of Bitcoin and crypto in its entirety in Egypt. And to that, Bitcoin and other Altcoins are not banned in Egypt.
A false narrative has been peddled around. The misinformation stemmed from when Egypt’s primary Islamic advisory body, Dar Al-iftar, decreed that transactions involving Bitcoin don’t align with Islamic values, and as such, are haram. This was in 2018. The decree doesn’t hold substance or hinder crypto transactions in Egypt because it’s not from a government financial regulatory body.
Although, in the long run, precisely in 2020, there was an adjustment in Egypt’s banking laws which states that citizens aiming at crypto promotion or trading must do so with the country’s central bank’s license.
Using Bitcoin ATM In Egypt; A Step-by-step Guide
- 1. Get a digital wallet
You must sign up for a Bitcoin wallet if you haven’t. This is because using a Bitcoin ATM means connecting a wallet to the machine and processing a transaction. The good thing is, there is a pool of Bitcoin wallet options to choose from. It is necessary to do due diligence on what Bitcoin wallet is best for Egyptians and go with the flow.
- 2. Confirm your identity
If you have a Bitcoin wallet, then you must confirm the wallet identity on a Bitcoin ATM. Most Bitcoin ATMs in Egypt request phone number verification. However, the machine types differ, so other security measures can include social security number verification or ID scan.
- 3. Scan and purchase Bitcoin
Unless your Bitcoin wallet features the option of scanning a QR code, you will have to scan your wallet address on the Bitcoin ATM. Next, on the machine, you’d be shown a list of crypto options to choose from. Choose Bitcoin, followed by the amount you intend to buy or sell.
There’s always a transaction procession PIN that must be entered on the machine, enter it to begin the process. Buying Bitcoin necessitates that you slot your cash into the cash box, although some ATMs offer a variety of payment options. If you’re converting your BTC to cash, enter your pin and BTC amount, and the equivalent sum (by the current market price) will then be dispensed.
Selling Bitcoin On Dart Africa
For Nigerians, trading crypto is pretty easy compared to other countries where it is banned. Especially with the availability of good region-specific exchanges that help them convert crypto to cash with relative ease. One such is Dart Africa. It simply requires that a user signs up by heading to the official sign-up page and imputing key details such as country of origin, a username, phone number, an email and thereafter, creating a transaction PIN.
After creating an account, on the dashboard, locate the “sell” option which brings you