South Africa has installed its first Bitcoin vending machine, which gives users the ability to receive Bitcoin in exchange for rand.
The Bitcoin vending machine is located in Kyalami, north of Johannesburg at a business called Metroman. The major difference between a Bitcoin vending machine and a Bitcoin ATM is that the former offers Bitcoin in exchange for a local currency while the latter dispenses cash for Bitcoins.
To obtain Bitcoin at the vending machine, users are required to have a Bitcoin wallet installed on their smartphone. Numerous apps are available though but the most preferred options include Mycelium for Android and Blockchain for iOS. These apps produce a QR code, which the Bitcoin vending machine can read and use to deposit the bought virtual currency.
“The use of Bitcoin by vendors in South Africa is however very limited and the idea now is to teach merchants about Bitcoin, while there are plans going on to install vending machines in Pretoria and Cape Town”
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