The need for mass adoption of crypto signifies strategies be built for its implementation in most countries where there are lots of crypto investors like Nigeria.
Here is a proposal that will help to hasten the wide adoption of crypto currency in the world which I found useful as it will be of benefits to crypto investors in Nigeria too.
It’s all about the need for creating Automatic teller machines for transactions of crypto.
The machine will be responsible for allowing purchase of crypto asset using fiat or credit cards and also convert crypto to fiat which is withdrawable at same ATM or others.
The device is built to connect to digital wallet in order to carryout transaction via a generated scan code. You don’t have to enter your keys on the machine, to connect your digital wallet; you will have to use a scan code for the device as it supports faster connection.
I am not against crypto exchanges, they are of advantage too and cannot be left out but there is a need for a physical structure which people can see, research about and believe if they must accept crypto. In Nigeria, we all believe what we see rather than what we are been told. This applies to people with little or no knowledge of crypto. Not everyone are internet freak to know about numerous available exchanges and who knows some exchanges might place restriction on certain trannsactions when there is about to be a failure in their system but a physical structure built to support crypto will increase its advantage and the more the wider spread of crypto knowledge.
Problem Statement
Most fiats ATM dispenses only fiats with much of downtime as Central Bank Of Nigeria introduces new rules to permit only withdrawals below NGN20,000. In this condition people have to be restricted to withdrawing the sum of money that would suit their daily expenses but with a crypto adopted ATM, most Nigerians who owns crypto can easily convert their crypto asset and withdraw at any point regardless the limit as it will not be operating on central bank policy.
Benefits of the system
In the U.S alone there are 34,000 crypto ATMs with also some available in Canada too. Source
If crypto is the future finance it also presents the need for implementing the system in Nigeria.
Easy trade of crypto
One can trade crypto with the machine. As it presents the opportunity of buying an asset with fiats or selling your asset for fiat.
Improvement in finance education
There will be significant improvement in knowledge about financial education as kids and even young ones will possess the need to become owner of finance. This will warrant crypto to be taught as a course in schools.
Crypto will be used for social service payment
Social service payment such as electricity bills, data subscription, and recharge cards will be paid for with ease using crypto ATM’s as more investors will be employed on decentralized financing.
Conclusion
The proposal presented the needs to implement crypto supported automated teller machine in Nigeria. There are a lot of crypto investors in Nigeria who may want to boycott the new CBN policy in order to have control over their personal finance as having online exchanges aren’t only enough but physical systems will present the need to have insight about crypto.