Topic: [2017-08-26] Costa Rica Will Soon Have its First Bitcoin ATM (Read 3074 times)
It just goes to show how far there is yet to go when there are still entire countries only now getting their first ATM. And according to that there are six of them on an entire continent.
That is really became Transylvania to install bitcoin ATMs over the world. Respect for those people who doing that and I hope in my place such ATM will also appear. I would love to be that person who would organize such bitcoin ATM business here first, but unfortunately I don't have enough knowlagies and finances to came true such project. Bitcoin is taking the world and atm's business would be cool thing for earning money here to cath the wave of crypto-currencies raising popularity.
There is now a trend of putting up Bitcoin ATMs in many parts of the world. And I am sure that this can help in spreading more consciousness and acceptance for Bitcoin and cryptocurrency in general. I believe that there is a strong market for Bitcoin in South America as evidenced by Venezuela where Bitcoin is getting famous and used everyday as their economy is reeling from so many debacles lately. Costa Rica is another good country for Bitcoin and this is only the beginning I guess as Bitcoin can be spreading like fire in there. We just hope that the government would not feel threatened with Bitcoin.
Venezuelan company located in Panama, Cryptobuyer, will install the first Bitcoin ATM in Costa Rica.
The cryptocurrency or digital currency released in 2009 has been slowly gaining ground as more and more people get familiar with how it works.
The only decentralized digital currency it uses person to person technology without the interference of a central authority. Each bitcoin is worth a certain amount, so for instance recently it has reached prices of close to $4000.00, the rate fluctuates but there is no fluctuation risk, because whatever you buy the Bitcoin at is the amount that it will be worth. Other advantages include convenience since being a digital currency all you need is to have access to the internet; also security, bitcoins system uses a particular protocol to keep everything safe; transaction fees are also very low among other things.
The technology that will be installed in Costa Rica at the end of September will allow users to exchange regular physical currency for bitcoins. There are only six of these systems in Latin America. The exact location of where it will be installed has not been defined, according to Jorge Farias, executive director of cryptocurrency they are still analyzing which will be the ideal place among three initially picked.
ATM’s are only one way systems, which means they only work for deposits of regular currency that is then converted to virtual currency.
Bitcoins are used and accepted by many companies as a form of payment, but large online sellers such as Amazon are still not using the system.
How does the bitcoin ATM work?
The user must have installed and configured a Bitcoin wallet on the smartphone. When the user accesses the wallet a QR Code corresponding to the wallet address is provided, this QR code is scanned by the ATM, the user then has to enter the cash equivalent to the amount of Bitcoins he/she wants to purchase, in a few seconds the balance of the wallet is updated.
http://news.co.cr/costa-rica-will-soon-first-bitcoin-atm/64873/
The cryptocurrency or digital currency released in 2009 has been slowly gaining ground as more and more people get familiar with how it works.
The only decentralized digital currency it uses person to person technology without the interference of a central authority. Each bitcoin is worth a certain amount, so for instance recently it has reached prices of close to $4000.00, the rate fluctuates but there is no fluctuation risk, because whatever you buy the Bitcoin at is the amount that it will be worth. Other advantages include convenience since being a digital currency all you need is to have access to the internet; also security, bitcoins system uses a particular protocol to keep everything safe; transaction fees are also very low among other things.
The technology that will be installed in Costa Rica at the end of September will allow users to exchange regular physical currency for bitcoins. There are only six of these systems in Latin America. The exact location of where it will be installed has not been defined, according to Jorge Farias, executive director of cryptocurrency they are still analyzing which will be the ideal place among three initially picked.
ATM’s are only one way systems, which means they only work for deposits of regular currency that is then converted to virtual currency.
Bitcoins are used and accepted by many companies as a form of payment, but large online sellers such as Amazon are still not using the system.
How does the bitcoin ATM work?
The user must have installed and configured a Bitcoin wallet on the smartphone. When the user accesses the wallet a QR Code corresponding to the wallet address is provided, this QR code is scanned by the ATM, the user then has to enter the cash equivalent to the amount of Bitcoins he/she wants to purchase, in a few seconds the balance of the wallet is updated.
http://news.co.cr/costa-rica-will-soon-first-bitcoin-atm/64873/
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