El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 4.

TimeTeller

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Quote from: Natalim on August 25, 2021, 06:08:06 PM

Quote from: verita1 on August 25, 2021, 05:14:20 PM

I admire the determination of President Bukele. Some people opposed to his government classify him as an autocratic leader.
In the nation of El Salvador, as in all countries, there are opposition groups, which is why we notice that Bukele speaks to both groups, those who support the Bitcoin law and those who do not.
I am looking forward to September 7th and to see how Salvadorans embrace bitcoin. My eyes are fixed to see how the Chivo wallet works for Salvadorans.
As they become successful with bitcoin, more nations will follow in their footsteps.

Exactly. This might be the first state to adopt bitcoin as a legal tender so whatever the result on it will create an impact to its neighboring countries. But i think the citizens are optimistic about it and once it works, hopefully other countries will follow the same path too. Leaders i think should always be responsible in leading his countrymen into adopting a new innovation that will create a big change in their lives.

However, since not all people are supporting this bitcoin adoption, because others might stick to its traditional system, so President Bukele has to cater to these different groups. But since bitcoin adoption could change the flow of country's economy, then it should be given more emphasis than using fiat which only causes high inflation and no transparency at all.

If neighboring countries will see positive impact on their economy, they may follow the path of El Salvador.
If the crypto services are readily available, some people will try out of curiosity.
And when they found out about its advantages, then, they may turn to crypto user and endorse it to their family, colleagues and friends.
People are hesitant to try new technology especially if they have no knowledge about it.
But if it is already in front of them, this may encourage them to try and see what's in store for them.

Natalim

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Quote from: verita1 on August 25, 2021, 05:14:20 PM

I admire the determination of President Bukele. Some people opposed to his government classify him as an autocratic leader.
In the nation of El Salvador, as in all countries, there are opposition groups, which is why we notice that Bukele speaks to both groups, those who support the Bitcoin law and those who do not.
I am looking forward to September 7th and to see how Salvadorans embrace bitcoin. My eyes are fixed to see how the Chivo wallet works for Salvadorans.
As they become successful with bitcoin, more nations will follow in their footsteps.

Exactly. This might be the first state to adopt bitcoin as a legal tender so whatever the result on it will create an impact to its neighboring countries. But i think the citizens are optimistic about it and once it works, hopefully other countries will follow the same path too. Leaders i think should always be responsible in leading his countrymen into adopting a new innovation that will create a big change in their lives.

However, since not all people are supporting this bitcoin adoption, because others might stick to its traditional system, so President Bukele has to cater to these different groups. But since bitcoin adoption could change the flow of country's economy, then it should be given more emphasis than using fiat which only causes high inflation and no transparency at all.

BrianH

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Brilliant move by El Salvador.
Some citizens were likely already using Bitcoin for remittances. This is a way to track and tax them.
This builds out the infrastructure to make KYC commonplace so DeFi does not have a chance to take hold.
Phasing out the hyperinflating national currency in place of deflationary Bitcoin dramatically improves the strength of their economy and may encourage job migration, such as developers to their country. Citizens will reward the president politically, once they realize the benefits.
El Salvador's economy will gain as first worlders will still pour in money to drive up the price of Bitcoin, but will lose out on the infrastructure/jobs that crypto provides, because of their authoritarian governments.

verita1

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I admire the determination of President Bukele. Some people opposed to his government classify him as an autocratic leader.
In the nation of El Salvador, as in all countries, there are opposition groups, which is why we notice that Bukele speaks to both groups, those who support the Bitcoin law and those who do not.
I am looking forward to September 7th and to see how Salvadorans embrace bitcoin. My eyes are fixed to see how the Chivo wallet works for Salvadorans.
As they become successful with bitcoin, more nations will follow in their footsteps.

ShowOff

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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.

dkbit98

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All those Bitcoin ATM machines are using athenabitcoin.com backends for interacting with banks and with cryptocurrency system, but interesting thing is they are using centralized exchanges like Binance and Coinbase, and Chivo wallet is custodial with kyc verification.
CipherTrace and Elliptic are all included in Chivo Wallet Architecture and Athena bitcoin ATM's are operating powered by centralized AWS Amazon Web Services so don't expect decentralization if their server goes down.
Good thing for customers is that there will be no commission fees on transactions, but then I wonder how will all those companies get paid...

There is one interesting graph I found researching this topic:

https://twitter.com/eltapudosv/status/1429870227899174912

SFR10

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

and prepare 50 bank branches across the nation to allow residents to exchange crypto for fiat easily.
~Snipped~
What do you guys think about such a move by El Salvador?

The only thing that's bothering me from this positive news, is the fact that Salvadorans will be limited to "50 bank branches" only! It would've made sense if we were just talking about the BTMs, but since banks are involved as well, then there's no reason to limit it to a certain amount of branches ^{[either you accept it completely or not]}.

Quote from: mk4 on August 24, 2021, 11:57:03 AM

then I guess it's not as bad as we'd expect.

You have a point, but none of them would be able to get the "free $30 in BTCitcoin" unless they'd use the Chivo app for at least one time ^{[there has to be an ulterior motive behind the creation of that app]}.

GreatArkansas

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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.

sheenshane

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200 Bitcoin ATMs quite a lot, I think this isn't distributed yet and fully functional because when I checked the Coinatmradar, the country of El Salvador only has 4 Bitcoin ATMs.

It has a great impact on Bitcoin and the price, it's also has a benefit to the government of El Salvador, instead of banning crypto, prohibited exchange, and mining industry why not allowing people and encourage them to use crypto. This state is a good example among other countries, we hope that every one will follow their steps.

For some reason, I wonder how they will implement tax, I guess not all will be illegible to pay tax for those who used non-custodial wallets, maybe on the custodial wallet which is can be regulated by them.

stomachgrowls

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Quote from: Ryker1 on August 24, 2021, 05:48:56 PM

Quote from: Kasabus on August 24, 2021, 04:47:51 PM

^[snip]
If you will be a resident in El Salvador, then you will experience living your dreams as El Salvador is a place for crypto enthusiasts. I think it all matters with the leadership of the head of a country which brings all the difference into its people's lives. And bitcoin adoption will make El Salvador a progressive place to live in.

Well, perhaps other countries were looking at bitcoin now and they studying how to adopt this. It is good if all countries do the same with El Salvador, they are open-minded towards cryptocurrency, that is how good to become a leadership and perhaps the president of that country knows much better about crypto. With that number of ATM machines, it will really great to rapidly spread the mass adoption of bitcoin and will surely everyone will purchase and hold it as they know that storing a value is much better than using it as a mode of payment. It is really indeed a good step by them, we should be thankful to the president of El Salvador.

El Salvador is really showing up on how dedicated they are towards bitcoin adoption and 200 Bitcoin ATMS deployment is such really a good act because this would really spread up the awareness even more on the entire country and also not all would really be having the same impressions on what El Salvador had done because not all countries and its government would really be having that optimism towards crypto specially Bitcoin.

We have seen lots of scenarios on where several countries does have different takings or reactions towards its existence and that is why global adoption is really just remaining as a dream but somehow
its really good to look at that there are still whom do really consider the opposite.

Hope that it would happen also into my countryland.

Ryker1

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Quote from: Kasabus on August 24, 2021, 04:47:51 PM

^[snip]
If you will be a resident in El Salvador, then you will experience living your dreams as El Salvador is a place for crypto enthusiasts. I think it all matters with the leadership of the head of a country which brings all the difference into its people's lives. And bitcoin adoption will make El Salvador a progressive place to live in.

Well, perhaps other countries were looking at bitcoin now and they studying how to adopt this. It is good if all countries do the same with El Salvador, they are open-minded towards cryptocurrency, that is how good to become a leadership and perhaps the president of that country knows much better about crypto. With that number of ATM machines, it will really great to rapidly spread the mass adoption of bitcoin and will surely everyone will purchase and hold it as they know that storing a value is much better than using it as a mode of payment. It is really indeed a good step by them, we should be thankful to the president of El Salvador.

Kasabus

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Quote from: bL4nkcode on August 24, 2021, 03:05:32 PM

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?

Any bitcoin er/supporter/user/miner/geek/buyer/seller has a dream to make this a reality, and I'm jealous to all people of El Salvador to make this dream into reality by their government. Whether it will be a problem for personal identity for some which bitcoiner are used to as it's designed for anonymous (pseudonymous actually) transaction, but that doesn't matter to me at all if this happen here in my place.

If you will be a resident in El Salvador, then you will experience living your dreams as El Salvador is a place for crypto enthusiasts. I think it all matters with the leadership of the head of a country which brings all the difference into its people's lives. And bitcoin adoption will make El Salvador a progressive place to live in.

For me, this news is definitely the biggest achievement for bitcoin as it has reached its ultimate goal to be used as a good currency and has become a mainstream nowadays. Although this changes will set to take place place by Sept.7 but the preparation is definitely very impressive. And its expected by the way once digitalization will be adopted.

uneng

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The good news is that bitcoin is being heavily promoted by El Salvador's government to its citizens. But all the rest is indifferent. I think many people here live in countries where there isn't any incentive or legal statement from the government about bitcoin and they are still able to deal with the crypto currency in the same way it's being promoted in El Salvador right now.

I think ATMs aren't needed since everyone has access to a smartphone and internet connection which fully replaces those machines' function (which are actually overcame nowadays already). Traditional banks accepting bitcoin is also indifferent, because we are stepping towards a new banking system that has already became a reality for many: crypto banks and crypto apps that fully replaces traditional banks' functions.

Governmental bitcoin marketing campaigns should be more oriented to the autonomy of the individuals when using the digital currency instead of promoting the dependence on ATMs and banking agencies.
Anyway their work isn't totally bad, because the propaganda still makes it worth. At least it looks like...

wxa7115

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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/

If the wallet is open source then it should not be a problem, now if it is close source then this is more problematic but it is understandable that they are doing this in this way and it does not worry me at all, after all I think El Salvador is choosing the minimum negative intervention possible that they can and this is a good thing.

Also I am really impressed by what is happening there, not only El Salvador is letting you use bitcoin as any other currency they are actually supporting the adoption by this move, I do not think that I am exaggerating but a great deal of the fate of bitcoin will be decided there, if other countries see that bitcoin is being used and saves people money and it is good for their economy especially in the difficult times we are going through then that could be what is needed to see other countries pulling off the same move.

bL4nkcode

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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?

Any bitcoin er/supporter/user/miner/geek/buyer/seller has a dream to make this a reality, and I'm jealous to all people of El Salvador to make this dream into reality by their government. Whether it will be a problem for personal identity for some which bitcoiner are used to as it's designed for anonymous (pseudonymous actually) transaction, but that doesn't matter to me at all if this happen here in my place.

famososMuertos

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In recent days, he was seen with a comment on Twitter:

Who is this boomer?
^{Source: https://twitter.com/nayibbukele/status/1428802786054004748}

This is not just about bitcoin of who wants to set up a bitcoin structure, personal or business project, where it is already complex, in fact there are several companies that are in charge of that business of only the ATms.

This leader has to deal with one of the countries with a high index of social and economic problems, with a serious internal political situation and some will say it is obvious he is the "president" of El Salvador but there the point, it is not only A bet on bitcoin is a bet where if it fails it will not matter what economic and social indices I leave in positive or negative after ceasing to be president, it is the hope of a change, not only on El Salvador but of the entire community of bitcoin in the world.

I think the stage is set, so it is not possible not to get excited, so as someone a few posts back showed himself with a image from Pascua island, I are a bit more modern and it reminded me of the scene from "I Robot" but not white robots, orange.

^{Source: https://twitter.com/BitcoinMagazine/status/1430115230978355234/photo/1}

Quote

In two weeks #bitcoin will become legal currency in El Salvador.

Fix the money, fix the World

^{RT:@nayibbukele
Source: https://twitter.com/BitcoinMagazine/status/1430115230978355234}

Let's go!

I think someone must have said "...my president also approved 2000 ATMs" oh, no,oh, no, no,no,no, i'm daydreaming.

Fortify

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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.

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/

It is certainly a very curious experiment, but it could just as easily be some grand and possibly misguided attempt by a politician to gain votes. Instead of the government taking direct control of the remittances system and effectively pushing the cost down (which makes their supposed saving an illusion), they have decided to uproot a large part of the economy. If they really did want to be pioneers in the cryptocurrency space then it would have made sense to see beyond Bitcoin and look at building their own blockchain based currency which could give them increased control for the benefit of their system. Bitcoin became a speculative asset a while ago and this could actually hurt the average citizen later down the line.

bitcoworld

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

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

I think that something like this is necessary as a small pilot project and offers other countries the same alternative instead of watching the national currency hyperinflate. The variant to fully adopt Bitcoin will become more popular thats certain IMO

Haunebu

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Nayib obviously must have certain ulterior motives behind these moves, but I honestly don't mind since these decisions are actually helping BTC and cryptocurrencies on the whole in various ways(Increasing adoption rates etc).

Haters might dismiss these developments by stating that these are simply small countries adopting crypto, but drops of water basically form an ocean.

Shenzou

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I feel at the start when i heard about them making bitcoin a legal trend i didn't except much other than a few shops accepting it, but it seems that the president is actually doing some hard work to make it a part of the country's culture, and i feel like with the possibility to chose between fiat bitcoin and their own crypto makes it even better, besides installing these ATMs will make it even more accessible.

Topic: El Salvador rolls out 200 Bitcoin ATMs in a bid to speed-up nationwide adoption - page 4. (Read 757 times)