El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 3.

Shasha80

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Quote from: ?? on ??

the steps taken by the country of El Salvador by providing 200 bitcoin ATMs, to be adopted nationally in the country and this is already a sign that they are serious about adopting the crypto world to apply in their country as a legal transaction tool to be used in the lives of its citizens, with the existence of We hope that this adoption will increase the price of bitcoin in the future

El Salvador is really doing their best to speed up the adoption process in their country. Even I was quite surprised by the steps taken by El Salvador
to provide 200 Bitcoin ATMs, not only requiring a large fee. However, El Salvador also looks very ambitious with all the plans that are made to make
Bitcoin can be used optimally by its residents. I believe in a very short time the entire population of El Salvador will soon adopt Bitcoin, this is why
important the government supports Bitcoin. So the adoption process can run faster, the problem is that there are still many countries in the world
that do not support Bitcoin. Hopefully what El Salvador has done can be followed by other countries, and will also help push the Bitcoin price up.

bryant.coleman

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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.

Aliceooo78

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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 .

I don’t think this is a seemingly beautiful thing. There is politics in it, so I’m not interested. First of all, let’s understand that El Saldova, a poor country in Central America, has an unimaginably bad financial environment and financial facilities, and Black gold politics also exists. Out of 10 people in this country, 3 have a gang background. All these policy inducements to please the people have several purposes:
1. Stabilize people's emotions
2. Stabilize the country's financial order, and then attract foreign investment
3. Using Bitcoin as a legal currency became the first place to stand on top of the world, and it seemed to instantly establish the impression of a modern power.
4. High debts and a collapsed economy are also ways for the country and the government to save themselves.
Faced with a chaotic and disorderly national environment, if I were the president of the country, I would find a big country as a backer, or I had no way, I don’t know whether the problem can be solved, and I have a fluke mentality, What if it succeeds?

ene1980

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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 .

Viscore

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Quote from: S4VV4S on August 26, 2021, 01:05:41 PM

with the state of El Salvador which will make 200 bitcoin ATMs for adoption nationally.with this we really hope more for the long-term increase in bitcoin, and can again increase the popularity of bitcoin at the highest peak of investment, because at this time what is being done by the country of El Salvador is one of the most appropriate steps in the process of national adoption of bitcoin in the country

El Salvador is the only state who's brave enough to accept bitcoin as a legal tender and i think it will give credits to the President. With all the changes that is taking place, i think these things are all expected to speed up the adoption of bitcoin. And once El Salvador will come up successful with this crypto adoption, not just small countries nearby or even the big progressive countries will also be influenced with this.

I must admit that this news is definitely a break out. It's a nerve wrecking decision of the government that is totally different what others have seen it. With this, bitcoin will create a big impact to the economy of the state and hopefully things will come out according to the plan.

S4VV4S

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with the state of El Salvador which will make 200 bitcoin ATMs for adoption nationally.with this we really hope more for the long-term increase in bitcoin, and can again increase the popularity of bitcoin at the highest peak of investment, because at this time what is being done by the country of El Salvador is one of the most appropriate steps in the process of national adoption of bitcoin in the country

ChiBitCTy

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This is great seeing a country taking bitcoin so seriously but let along adopting it as their national currency. Their president is going to go down in history as a pioneer and one who's trying to do good by it's citizens. I am also a bit unsure about this "state backed wallet" but at least this all is a good start in my humble opinion.

jakdanyel

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kycfree

For the El Salvador people and Bitcoin adoption, it is very good news. El Salvador started a Bitcoin revolution and they are doing everything they can to help it become succesful. First, they distributed Bitcoin for all of their people and now this. It is very important to place these Bitcoin ATMs in the strategic places like gas stations etc.. This will definitely help more people start being interested in Bitcoin.

Lucius

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I can only say that with each new move taken by the El Salvador government this whole story is getting more and more serious. Even though it is done there in a third-world country that most people do not even know how to find on the map, it is incredible that one such country has managed to achieve so much in a very short time when it comes to adopting cryptocurrencies.

It just shows how much politics in other countries of the world is slowing down the process of crypto adaptation, especially now that everyone is seriously working on their digital currencies (CBDC). The best thing though is that every resident of El Salvador has a completely free choice to use the currency he wants and that no one is forcing anyone to do anything.

ILuckyGuyI

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Great news! El Salvador has been making its efforts to get its people accustomed to using Bitcoin. The government first wanted to distribute BTC worth $30 to every citizen. After that, we see that it is putting 200 Bitcoin ATMs to affect people about starting to use Bitcoin. These are vital moves for a nation to make Bitcoin usage spread widely. I started believing more that El Salvador will have really good results after these moves.

Handpari

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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.

meanwords

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

-snip

This is actually a fantastic news. El Salvador is really taking the big leap here with those ATMS and I don't think it is going to stop. The fact that it's a country near America means that there's a high chance that it will have a domino effect on the nearby countries, especially if found out how useful cryptocurrencies is in a countries growing economy. Maybe El Salvador will be one of the key in countries accepting Bitcoin all over the world.

yazher

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Quote from: GreatArkansas on August 24, 2021, 07:01:35 PM

It's happening, the virus is spreading. El Salvador country is a role model in terms of Bitcoin, I believe neighboring countries or other parts of the world will start also to roll more Bitcoin ATMs.
This is one of the many ways to spread about Bitcoin, more ways to get Bitcoin will help Bitcoin grow, more users.

This is just the beginning because the moment they announce what they gonna do to the entire world, I know they will take it to another level. This is the best time to implement such kind of innovation where the entire world is not sure about it. I think if bitcoins will finally be recognized as one of the payment systems in the entire world, El Salvador is one of the countries that will get huge benefits from it.

so98nn

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Most of us claiming that they are not surprised by this news. Thing is we should be surprised because there are many nations with numerous investors of crypto band who are wishing that when their nation will start developing crypto infra like this. In India, back in 2017-18 one bold man tried to install the Bitcoin ATM in a city center mall. Right after 24 hours it was ceased by the IRS officials as illegal financial booth and all the excitement in India was scrapped out.

..and here we go El Salvador, country with no fear, started installing their first 200 crypto based ATM's. I think I would applaud them because at least they have started somewhere and are in the full fledge adoption of the same.

Ask the peeps who wish to have such ATM's nearby, they tell how surprised are they with this news. Grin

Kong Hey Pakboy

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Quote from: Charles-Tim on August 24, 2021, 11:53:59 AM

Quote from: Kong Hey Pakboy on August 24, 2021, 11:35:15 AM

~~~

Maybe first set of Bitcoin ATMs did not have means of verification, with what I know about the recent Bitcoin ATMs, it depends on the amount you are transacting. For example, some will only verify your mobile number if transacting below $2000 (this will depend from ATM to ATM), any amount above $2000 will then require ID card or any other identity verification.

But the amount of transaction fee on Bitcoin ATM is always appropriately 10%, this is too high in my opinion, will El Salvador make it reduced in their country, I mean the transaction fee?

That's alright for me, a little identification in some certain number is acceptable, long as there's no camera behind those ATMs like a regular ATM, what I'm mad about is the 10% fee, that's definitely too high and it's going to be bad for them because no one's going to use them if they allow a P2P there, to me that number is pretty offensive, you don't see that percentage on a normal ATM right?

buwaytress

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Damn. Whether or not this experiment does wonders, we're yet to find out, but it's still very interesting news. Also interesting they went for a new wallet, suppose there's a lot to be made with landing contracts for developing govt solutions;)

Next up to find out is what the KYC limits will be, if a significant minority of El Salvadorans are, supposedly, unbanked/undocumented.

Does it say who the machine manufacturer is? Suppose it doesn't matter if the backend is all the same.

noorman0

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Quote from: terciduk123 on August 25, 2021, 11:58:47 PM

-snip-
In this case I still don't understand how they will do the transaction without transaction fee.

That means Chivo wallet is a central wallet where there is no need for fees to make transactions between users (offchain). Regarding the free $30 offer, this applies only to chivo users. Of course this method will be more effective to lead people to use an official government-approved wallet (although I think there is an "asset control" motive).

There is no doubt, Elsavador will be the next country with the most bitcoin circulation in the world.

terciduk123

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Quote from: avikz on August 24, 2021, 01:01:31 PM

Quote

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

Frankly speaking, this is such kind of news where we should feel excited about. We always wanted to see granular level adoption of bitcoin. Didn't we?

I mean, it's much much better than a corporate investing billions of dollars in bitcoin. It is much much better for bitcoin to be circulated within a proper economy through masses instead of sitting idle in corporate coffers. Possibly El-Salvador will be written in history for their contribution towards the digital currency adoption.

That's right, Corporate that invest billions of dollars in bitcoin are good but one day they will surely take profits and sell them, But what Elsalvador did was legalize Bitcoin as a means of payment and give free $30 to its residents. Of course this will increase Bitcoin users and Bitcoin will continue to grow well.
Maybe in the future there will be many new Elsavador-based projects.

The President of El Salvador, Nayib Bukele, said:

Quote

"With this app (Chivo) they will be able to accept payments in bitcoin or dollars, open a small business and manage it from there, receive money from family or friends and send and receive remittances without paying anyone a penny in commission,"

*

In this case I still don't understand how they will do the transaction without transaction fee.

* https://forbescentroamerica.com/2021/08/25/bukele-acusa-a-oposicion-de-meter-miedo-con-el-bitcoin/

Darker45

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A state-backed crypto wallet is certainly undesirable but without any policy that compels Salvadoran people to only use such wallet, I guess it is not that bad at all. Regardless, here's a state who is pushing forward something which is indeed for the welfare of its people. Bitcoin is no government-issued currency. Neither is it under the control of any of its agencies and branches. Despite all of this, however, the government is still making sure its people could make use of all its features.

I could say this is a victory of El Salvador and its people!

awik p

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Quote from: ShowOff on August 25, 2021, 04:10:07 PM

Quote from: ?? on ??

with the creation of 200 bitcoin ATM machines for adoption nationally, this shows how serious the country of El Salvador is to make bitcoin a legal transaction tool in their country, with national adoption we hope to be able to return to making bitcoin prices relatively stable as has happened in several the previous year, and we hope that this can also be applied in other countries in the world

Bitcoin will never be stable and its price will always fluctuate. El salvador looks serious about getting more bitcoin users in his country through the launch of ATMs, although the current numbers don't seem to be enough on a National scale but I believe it's still in its early stage. Large-scale adoption may have an impact on price stability due to its use as both a currency and a means of payment, but so far bitcoin has been heavily traded rather than used as a means of payment. This is the reason why prices are difficult to stabilize even though adoption has increased.

the more bitcoin adoption and spread throughout the country, the fluctuations will be more stable, but I think bitcoin will still fluctuate, we can see the volatility of gold which is recognized by the whole world. but if later bitcoin can be used as a means of payment maybe it will be a different story

Topic: El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 3. (Read 757 times)