El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 2.

wxa7115

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Quote from: Handpari on August 26, 2021, 07:51:31 AM

The reason El Salvador adopted it is to lower remittance fees. The system of banks and 3rd party overseerers resulted in large fees most weren't able to afford, and if they did, they lost a huge chunk of their money. These ATM is great step to support bitcoin.

That is without a doubt one of the reasons but at the same time there is no doubt that they are looking at the long term and they are thinking that it would be fantastic for them if people that are big on cryptocurrencies and businesses decided that they want to establish themselves at El Salvador and bring a huge deal of foreign investment to the country.

This is not a bad strategy at all and if they can endure the pressure of the international community and keep going forward with this then El Salvador could become a destination for many people that have adopted cryptocurrencies and bring great prosperity to the country.

leea-1334

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Also I read about the protests not on mainstream media and this is what a few people were talking about before the press came out and condemned them for being anti Bitcoin!

You cannot just open Bitcoin business,,, and tell everyone they can use it when not even everyone has heard about it. 4 out of 5 is 80% of citizens and this is a lot of people to teach first before putting out ATMs and asking business to accept.

bitcub

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I really love that president but I have a concern with regards with Bitcoin adaption. The country must know when NOT to hodl Bitcoin. They need to teach people when to sell and when to hedge their profit in their fiat.

Quote from: Bitcoin_Arena on August 24, 2021, 11:10:25 AM

El Salvador's President Nayib Bukele confirmed in a tweet that the nation will be roll out about 200 ATMs and prepare 50 bank branches across the nation to allow residents to exchange crypto for fiat easily.

Image credit

Some few facts

Quote

With El Salvador’s Bitcoin adoption bill coming into effect on Sept. 7, Bukele said those not interested in using BTC would be able to exchange the BTC they receive for cash at any of those locations. He also reiterated that the U.S. dollar will continue to be in circulation.
El Salvador has also created Chivo, its own state-backed crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet
“What if someone doesn’t want to use Bitcoin?” Bukele said. “Don’t download [Chivo] and continue living your normal life. Nobody is going to take your dollars […] Someone can always queue up at Western Union and pay a commission.”

Bukele, also said that adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad

What do you guys think about such a move by El Salvador?

Personally, I have mixed emotions when it comes to the part of a state-backed crypto wallet but a side from that, I think in general, it's a good thing for the citizens and Bitcoin adoption alike. This is a little a break from the news of other different nations banning trading and mining of cryptocurrencies and discouraging citizens from using them.

1. https://www.ndtv.com/business/el-salvador-to-install-200-bitcoin-atms-as-part-of-the-governments-plan-to-make-the-token-legal-tender-2517158
2. https://forkast.news/headlines/el-salvador-bitcoin-atms-nationwide/

Nunoluck

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El Salvador is a lucky country. We did many discussion about bitcoin advantages and benefits for people now El Salvador is one of countries that realize that bitcoin is not a bad thing. It's created to improve people life. This move is good and enough for bitcoin adoption but if they want to move faster I suggest them to work together with retail industry. Those legal company is enough to help people adopt bitcoin as medium of exchange. Maybe restaurant can help them too. In my country I can top up virtual money to buy game item via minimarket and other retailer. Maybe it will work for them too.

DdmrDdmr

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One way to get some closer local information on El Salvador is through some of their local press. I’ve been browsing one of such local media, which lacking and English version, can be browsed through Google translate rather decently (for those not fluent in Spanish):

https://translate.google.com/translate?sl=es&tl=en&u=https://www.elsalvador.com/

Reading though a couple of articles there, it seems to have a fair share un the population that is still in the dark on how to manage bitcoin in their business and day to day. The Industrial Association is having a rough time getting to accept bitcoin, since a significant part of this industry deals in international trades, where bitcoins are currently not employed on the other end.

Not an easy process of adaption …

BlackHatCoiner

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Quote from: dkbit98 on August 30, 2021, 09:13:18 AM

This really sad image is showing that everyone is not happy with new Bitcoin bill and I suspect that we would have similar protests worldwide if BTC would be global legal tender.

Think about it for a second. You're a citizen and a shopkeeper in El Salvador, not familiar with technology, let alone with cryptocurrencies, and the president you've voted forces you to accept a currency you're completely unaware of and observe its fluctuating nature. What these folks do is a justifiably negative interaction; mainly due to technophobia.

I don't see any young person, they're all old objectively.

dkbit98

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There is one local company started to make their own Bitcoin ATMs made in El Salvador but there are still strong forces that are against using Bitcoin in their country.
Here is one interesting photo from scared and fully masked people from El Salvador protesting against Bitcoin and president Bukele.
This really sad image is showing that everyone is not happy with new Bitcoin bill and I suspect that we would have similar protests worldwide if BTC would be global legal tender.

https://twitter.com/Sara05056407/status/1432044595710513160

One more local news article from August 26 explaining why many people are against Bitcoin, and four out of five people interviewed said they don't want to accept Bitcoin for growing their business:
https://www.elsalvador.com/noticias/negocios/bitcoin-turismo-de-negocios/872846/2021/

Lucius

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Quote from: Vishnu.Reang on August 29, 2021, 09:38:58 AM

BTW, all the shops and utilities are supposed to accept Bitcoin and therefore this issue of fiat to crypto conversion should not arise in the first place. And the first priority for Bitcoiners should be to educate ordinary Salvadorians on how to use Bitcoin, rather than setting up ATMs and kiosks.

You forget about volatility, which is especially pronounced when it comes to people who receive a salary in BTC - and I saw from the example of the Bitcoin Beach project the personal testimonies of people to whom this is exactly what happened. In such a poor country, few can afford to gamble with the little money they have - because if your 0.001 BTC is worth $50 today and only $40 tomorrow, then you're in trouble.

As far as I understood this whole story about El Salvador - Bitcoin, the goal was to save on the fees paid by their emigrants when they send money home, and according to some estimates, it is as much as $6 billion a year. As I see it, the government wants to allow these transactions in BTC, but at the same time allow easy conversion in $ to anyone who wants to.

Vishnu.Reang

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Quote from: malevolent on August 28, 2021, 08:04:20 PM

Only the US and Canada have more Bitcoin ATMs per 100`000, and not all of them are two-way. El Salvador is a poor country where in 2017 only 34% of the population used Internet, despite their low average age. If the ATMs turn out to be popular they can always order more.

Also, you don't necessarily need an ATM to covert your fiat to cryptocurrency (or vice versa). There are dozens of centralized exchanges available in El Salvador, on top of the DEX sites and P2P platforms. The banks can't ban cryptocurrency users, since now Bitcoin is the legal tender. BTW, all the shops and utilities are supposed to accept Bitcoin and therefore this issue of fiat to crypto conversion should not arise in the first place. And the first priority for Bitcoiners should be to educate ordinary Salvadorians on how to use Bitcoin, rather than setting up ATMs and kiosks.

malevolent

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Quote from: bryant.coleman on August 26, 2021, 11:17:05 PM

El Salvador is a country of 6.5 million people (with a few millions more living as expats in countries such as the United States). 200 ATMs mean one machine for every 32,500 people. Do you think that this is enough? I am supportive of Bukele's move that made Bitcoin as the legal tender in El Salvador. But the infrastructure is not there currently, and that may leave people frustrated. And I am surprised at the lack of support El Salvador has so far received from the cryptocurrency sector. None of the big names have made any announcement to support them. Justin Sun once spent $4.5 million to get a dinner date with Warren Buffet. If a fraction of that amount is spent, then we can install thousands of ATMs in El Salvador.

Only the US and Canada have more Bitcoin ATMs per 100`000, and not all of them are two-way. El Salvador is a poor country where in 2017 only 34% of the population used Internet, despite their low average age. If the ATMs turn out to be popular they can always order more.

oktana

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Okay! This is unbelievable. El Salvador now sounds like pure heaven. This act done by the president of El Salvador is a big thing and has a huge impact in cryptocurrency adoption. Actions like this can even make citizens who never knew about Bitcoin get a proper sense on what it can do. Well done! President Nayib Bukele.

Kayum10029

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Congratulations Salvador because he has played the most important role with Bitcoin at the present time. In addition to giving Bitcoin acceptance, Bitcoin is going to set up ATMs. All over the country from next September Bitcoin is going to be used simultaneously.

Pulsar77

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This is one of the right ways to help Bitcoin adoption spread more. As long as more people see these ATMs and get curious about them, we will have brand new investors in the cryptocurrency market. This will help the demand increase. And it will result in more countries to start being interested in Bitcoin and making it legal tender. It is like a cycle I mean.

Bitcoin_Arena

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Quote from: ene1980 on August 26, 2021, 07:04:05 PM

Quote from: Mbitr on August 24, 2021, 11:30:49 AM

Great news

Just a small concern with the the ‘State backed crypto wallet’ - but I suppose they have to do this to increase mass adoption.

Compromise on privacy for mass adoption it not exactly what we really want. But that is the state of the situation here as some are celebrating these sort of adoption but i want everyone to enjoy the privacy Bitcoin offers and i doubt El Salvador is running a master program along with other countries to learn how to control people in this market .

The thing is that Masses will in most case believe what Government says to them, and this can be good for mass adoption, but it comes at a price. Privacy when using crypto is now becoming thinner and thinner with so many exchanges enforcing KYC. Those that don't require KYC like Bisq don't have the liquidity and are not user-friendly for beginners.

If you want to enjoy privacy or anonymity, you have to avoid using exchanges, which is close to impossible. At one point you may want to exchange your crypto for fiat or vice versa.

Ruvi2000sew

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President Bukele's determination is admirable. Some critics of his government refer to him as an autocratic leader. There are opposition groups in El Salvador, as there are in all countries, which is why we see that Bukele speaks to both supporters and opponents of the Bitcoin law.

concept2

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Absolutely great news from South America. While China decides to get rid of bitcoin, other countries have joined the cryptocurrency world and harvest any opportunity they can find. However, I believe that bitcoin fees are still quite high, how can the people afford to make such transaction in daily life ?

ultrloa

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Quote from: Kiley33 on August 26, 2021, 11:47:54 PM

This is indeed a delightful piece of good news. Hopefully, there are no cameras on these Bitcoin ATMs. This can well protect everyone's privacy.
El Salvador has played a good lead. It is believed that many countries will follow the example of El Salvador and launch Bitcoin ATMs one after another.

Each ATM have camera and this has been installed by the company for protection of their clients so expect that they will also put that on bitcoin ATM machine for the same reason and we should not get afraid of it as bitcoin is already a legal tender in their country so for sure any transaction related to bitcoin is protected by their local law. You only get worried about those things if you do money laundering since for sure you will be seen and sued by the government or any legal authorities if you used this machines to withdraw your btc came from illegal matters.

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Quote from: Kiley33 on August 26, 2021, 11:47:54 PM

This is indeed a delightful piece of good news. Hopefully, there are no cameras on these Bitcoin ATMs. This can well protect everyone's privacy.
El Salvador has played a good lead. It is believed that many countries will follow the example of El Salvador and launch Bitcoin ATMs one after another.

Pretty sure that they will put on in there, I mean it's not like they can't do it and people will but I am pretty that if it's the government, they will most likely add those like a traditional ATM.

Lucius

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Quote from: bryant.coleman on August 26, 2021, 11:17:05 PM

El Salvador is a country of 6.5 million people (with a few millions more living as expats in countries such as the United States). 200 ATMs mean one machine for every 32,500 people. Do you think that this is enough?

I think that's quite enough to start with, especially since not all 6.5 million residents will use Bitcoin right away, some because they are minors, others because they don't have the knowledge and skills, and others because they believe more in the US dollar. In addition, if ATMs are strategically well deployed, then they will cover large urban areas to begin with, and it will later be possible to assess where their numbers need to be increased. It is a fascinating fact that El Salvador will be the third country in the world in terms of crypto ATM, right behind the US and Canada.

Quote from: bryant.coleman on August 26, 2021, 11:17:05 PM

I am supportive of Bukele's move that made Bitcoin as the legal tender in El Salvador. But the infrastructure is not there currently, and that may leave people frustrated. And I am surprised at the lack of support El Salvador has so far received from the cryptocurrency sector. None of the big names have made any announcement to support them. Justin Sun once spent $4.5 million to get a dinner date with Warren Buffet. If a fraction of that amount is spent, then we can install thousands of ATMs in El Salvador.

Infrastructure has been under construction for some time, and as far as I know the government is working with various foreign companies to help with the work - and CEO of Strike Jack Mallers actually started the whole thing a year ago with the Bitcoin Beach project. When you mention Justin Sun, you are wrong when you claim that he did not give his support, almost 3 months ago - https://twitter.com/justinsuntron/status/1401459710486671360

Quote

Justin Sun 🅣🌞
@justinsuntron
Crypto investors and entrepreneur will start to move to El Salvador! #Bitcoin

Kiley33

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This is indeed a delightful piece of good news. Hopefully, there are no cameras on these Bitcoin ATMs. This can well protect everyone's privacy.
El Salvador has played a good lead. It is believed that many countries will follow the example of El Salvador and launch Bitcoin ATMs one after another.

Topic: El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 2. (Read 757 times)