First Bitcoin ATM in Venezuela - page 2.

alexsandria

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Quote from: kenzawak on January 19, 2019, 09:46:03 AM

https://blockmanity.com/news/bitcoin/venezuela-to-get-its-first-bitcoin-atm/

CryptoBuyer, a cryptocurrency ATM manufacturer, is planning to install the countries first Bitcoin ATM. The news was announced by the company’s CEO Jorge Farias on a Union Radio podcast. The ATM will be installed in Caracas and will be opened in the next two weeks.

“We are going to install the first cryptocurrency ATM in Venezuela, in the course of the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas and they are in their final tests and we will be announcing them in social networks “, Jorge Farias said.

This must be a good story for venenzuela citizens and must be a catalyst for further economic growth. Due to economic crisis, political tensions happening in Venezuela accepting cryptocurrency will surely help citizens be stable somehow since it is tough to even earn a half decent income. Relying on crypto currency isn't a bad idea though investors in Venezuela might encounter more financial drought due to market fluctuations but what could be a good option rather than drowning in so much debt.

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Quote from: Sithara007 on October 19, 2019, 10:37:48 PM

Quote from: fenixosup on October 19, 2019, 10:10:41 AM

As i know crypto adoption in venezuela is very high. Than you dont have own currency you need to use crypto instead

People don't have much option. When the national currency becomes worthless, you will try to store wealth in any asset that you can get your hands on. The situation is so worse in Venezuela, that they are using a highly volatile asset such as Bitcoin (which has dropped from 12K to 8K in two months) as a store of value. You can't blame them, as the national currency has declined by even more. But from what I have heard, the primary option remains as USD, followed by gold. But the advantage with BTC is that it is in digital format, and therefore it can't be stolen (which is a big issue there).

That's true as the situation in Venezuela is not good due to various factors like the economical crisis due to which it's national currency became worthless and apart from USA and gold the only way which they can secure their national treasure is by converting it into bitcoin or any widely used stable coin and I think they are still working on the concept of their own digital currency named PETRO which they wanted to create in the past. Because they cannot be fully dependent on crypto due to volatile nature.

bryant.coleman

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Quote from: Edraket31 on October 19, 2019, 11:00:36 PM

Venezuela's economy has been experiencing hyperinflation at rate of 10 million percent, it is combination of collapse of their food infrastructure and hyperinflation, so they suffered from food shortages and lack of basic services that cause malnutrition and poverty to their country.

Having a Bitcoin ATM in their country, is a great news for all of, especially to their country, little by little they are coping up with their financial crisis and they have seen crypto as one of the tool that they can use to start with.

Having a Bitcoin ATM in Venezuela will be having its own challenges. For example, if someone converts his fiat currency to BTC using this ATM, then the user does not need to worry much about his wealth. But the ATM provider is getting fiat cash in his account, which gets devalued at a rate of 50% or 60% a day. So by the time the ATM owner processes this cash, he will be incurring a loss.

But I am not sure whether the ATM works both ways (crypto to fiat and fiat to crypto). If it allows just crypto to fiat conversion, then the service provider should be OK. He will be getting BTC in his wallet, which he can convert to some stable currency such as USD or EUR, in order to purchase more Bitcoins from the global exchanges at a later point.

Edraket31

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Quote from: toast on October 19, 2019, 05:19:12 PM

Quote from: FlamingFingers on October 19, 2019, 08:44:42 AM

It's a welcome development from the government Bitcoin will really help those who know about it in Venezuela because their currency and economy is so down, that's a good news I believe we are getting there, more ATM and more adoption incoming

good news about the development of bitcoin in my country the development of cryptocurrency still cannot be fully recognized by the government in my country and the government still prohibits direct transactions using cryptocurrency if slowly many countries use bitcoin means the development of cryptocurrency is experiencing positive progress and that is what every investor expects

Venezuela's economy has been experiencing hyperinflation at rate of 10 million percent, it is combination of collapse of their food infrastructure and hyperinflation, so they suffered from food shortages and lack of basic services that cause malnutrition and poverty to their country.

Having a Bitcoin ATM in their country, is a great news for all of, especially to their country, little by little they are coping up with their financial crisis and they have seen crypto as one of the tool that they can use to start with.

Sithara007

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Quote from: fenixosup on October 19, 2019, 10:10:41 AM

As i know crypto adoption in venezuela is very high. Than you dont have own currency you need to use crypto instead

People don't have much option. When the national currency becomes worthless, you will try to store wealth in any asset that you can get your hands on. The situation is so worse in Venezuela, that they are using a highly volatile asset such as Bitcoin (which has dropped from 12K to 8K in two months) as a store of value. You can't blame them, as the national currency has declined by even more. But from what I have heard, the primary option remains as USD, followed by gold. But the advantage with BTC is that it is in digital format, and therefore it can't be stolen (which is a big issue there).

toast

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Quote from: FlamingFingers on October 19, 2019, 08:44:42 AM

It's a welcome development from the government Bitcoin will really help those who know about it in Venezuela because their currency and economy is so down, that's a good news I believe we are getting there, more ATM and more adoption incoming

good news about the development of bitcoin in my country the development of cryptocurrency still cannot be fully recognized by the government in my country and the government still prohibits direct transactions using cryptocurrency if slowly many countries use bitcoin means the development of cryptocurrency is experiencing positive progress and that is what every investor expects

fenixosup

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As i know crypto adoption in venezuela is very high. Than you dont have own currency you need to use crypto instead

mascherono

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This has happened in some other places as well. As far as I remember the incident was taken place in a shop based on UK. Armed Robbers steal Bitcoin from a ATM. Here is the brief article how this incident took place https://all-stocks.net/armed-robbers-steal-a-bitcoin-atm-from-a-shop-in-the-uk/ Not a good news for the Bitcoin investor.

Vishnu.Reang

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Quote from: SaShiRaJaVu on October 12, 2019, 09:55:33 AM

Quote from: ?? on ??

After the economy in the Venezuelan state was destroyed their government began to look to plunge into the world of Cryptocurrency to turn things around, Venezuela hopes that Bitcoin will be able to boost the economy that has fallen back, so that the new ATMs launched there are a form of support from their government.

It is good to see that the corrupt government is supporting bitcoin which is funny considering the policies they made destroyed the entire economy but the major doubt i have is that what will be the transaction charges levied in bitcoin ATM, the rest of the world charges a higher amount and have some limitations if you are using ATM but what is the situation here in Venezuela.

They may be paying a license fee on top of royalty charges. It is going to be expensive, as the user will have to pay a certain percent in government taxes on top of the 5-6% charged as commission by the ATM provider. But even then, I guess paying 10-15% premium may be better than holding Bolivar banknotes which get devalued by more than 10% everyday.

FlamingFingers

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It's a welcome development from the government Bitcoin will really help those who know about it in Venezuela because their currency and economy is so down, that's a good news I believe we are getting there, more ATM and more adoption incoming

barabarian1

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This is good news for Venezuela. Venezuela, including countries that have legalized bitcoin as a means of payment. they use bitcoin as an alternative after the Bolivar currency falls due to hyperinflation. so now most of the population has used bitcoin for payment. with the increasing number of countries that have bitcoin ATMs it will support bitcoin for mass adoption. every year the number of bitcoin ATMs is always increasing this is good news for cryptocurrency.

SaShiRaJaVu

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Quote from: ?? on ??

After the economy in the Venezuelan state was destroyed their government began to look to plunge into the world of Cryptocurrency to turn things around, Venezuela hopes that Bitcoin will be able to boost the economy that has fallen back, so that the new ATMs launched there are a form of support from their government.

It is good to see that the corrupt government is supporting bitcoin which is funny considering the policies they made destroyed the entire economy but the major doubt i have is that what will be the transaction charges levied in bitcoin ATM, the rest of the world charges a higher amount and have some limitations if you are using ATM but what is the situation here in Venezuela.

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I have read that the Venezuelan country has been hit by the problem of the economic crisis, if this country can develop quickly and many cryptocurrency that have emerged even many cryptocurrency ATMs can have a good influence but in addition there are still some risks that can have a negative impact on the country's economic conditions .

Genemind

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It's a good thing that Venezuela has its own BTC atm machine. It will be easier for them to purchase and transact using Bitcoin. I just wish that we'll have that kind of ATM in our country as well. There are lots of crypto users here so it will be an advantage to have bitcoin atm machines to transact faster and more convenient. If every country would have that kind of machine, more people will be able to purchase and would get interested in crypto since it's another form of btc promotion.

imstillthebest

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Quote from: meliodas on October 12, 2019, 07:02:57 AM

I hope this kind of events will also happen in other countries whether it is small or big countries.

yes it is already happening on most of the countries . small and big countries that adapt bitcoin , they do also install a btc powered atm to give more convinience to btc users and also to help promote btc even further .

Quote from: meliodas on October 12, 2019, 07:02:57 AM

Having an ATM especially when it is bitcoin or other cryptocurrency simply means that their country is really into cryptocurrency

having an atm alone is not an indication that one country is into crypto but btc powered atm are enough evidence that a country gladly support cryptos .

good to know that controversial country like venezuala are now getting involved on this events . this is a sign that thier country is recovering from its financial tragedy

meliodas

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I hope this kind of events will also happen in other countries whether it is small or big countries. Having an ATM especially when it is bitcoin or other cryptocurrency simply means that their country is really into cryptocurrency because they approved this kind of transactiion. If most of the countries will do the same in putting bitcoin ATM then it will help the people to get a chance to invest and make some money through bitcoin.

EdvinZ

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Bitcoin ATMs are a good advertisement among the population that uses little Internet and is little aware of new technologies. Moreover, this business niche is still empty in this country, so I think those people who will be the first to engage in this business will be able to make a good profit on commissions for exchange operations.

adzino

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It is a good step taken by them. At least people in Venezuela will be able to use or know about crypto currencies just because of that one ATM. But I really hope those ATM fees won't drive them away from buying bitcoin. Also as far as i know, those ATM spends very low mining fee thus confirmation time takes a lot making people really frustrated (i have seen someone literally crying and becoming impatient for of slow confirmation speed).

Vishnu.Reang

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Quote from: stompix on October 08, 2019, 03:52:22 PM

The expression "even he/she/x" is losing its meaning when you add Maduro to it, his stupidity is just as the universe, infinite.
And secondary, yes, he has the power to impose a ban, he might not have the police but he has the army and he has his bands of mercenaries, and furthermore in the situation the country is nobody gives a damn about human rights so after 1 hour of interrogation thee you'll remember you are Satoshi's brother. And the poorer people are, the cheaper and more efficient snitching becomes.

Well.. you have a point there. A ban hasn't been imposed yet and I haven't heard any rumors about the government considering such a step. But in case they decide to impose a ban, then there is a very good chance that the ordinary Bitcoin users may end up harassed by Maduro's goons. I could think of only one solution. If any Venezuelans have some coins in their wallet, then they should just immigrate to either Colombia or Brazil rather than residing in that god forsaken country.

darewaller

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Quote from: ?? on ??

After the economy in the Venezuelan state was destroyed their government began to look to plunge into the world of Cryptocurrency to turn things around, Venezuela hopes that Bitcoin will be able to boost the economy that has fallen back, so that the new ATMs launched there are a form of support from their government.

To an extent, Bitcoin would have actually help them to do some damaging control to their economy if they had fully implemented it also, but it seems that they are still not fully into it as I have already seen where they have a proposal to create their own cryptocurrency which is to be called petro coin, and I really don't think that this coin will get so much support as some countries like US is already saying some negative stiff about it.

Though to an extent, it is not actually of any business of USA to discredit a project that they feel will help their country, but instead of creating their own coin, I would rather have preferred that they work with a currency that is not being controlled. If they come up with their own currency now, I am sure that we will still have some people that will still hijacked it and still be able to manipulate it.

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