Topic: First Bitcoin ATM in Venezuela - page 4. (Read 982 times)
Bitcoin gives the ordinary Venezuelans another option to securely store their wealth. US Dollar banknotes and gold coins are not very safe, as crime rate is very high in Venezuela. The advantage with Bitcoin is that it can be stored in a digital format without the help from any third party, and it is not easy to find out how many coins a particular individual owns.
Apparently, CryptoBuyer didn't manage to install their ATM in Venezuela in the end. Their webpage points to ATMs places in Panama, but not Venezuela. I’ve read a few articles referring to CryptoBuyer’s attempt as a failed attempt, without revealing the reason.
Nevertheless, this weekend, a Venezuelan exchange called Twenty (Veinte) has installed the first BATM in Caracas - Venezuela (now for real). Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
See: https://currencymarket24.com/venezuela-has-its-first-atm-to-buy-bitcoin-and-dash-breaking-news/
Damn, that's crazy, I thought BTC ATMS would be a huge commodity in Venezuela, especially with the huge amounts of volume they do every week, with the amount of spreads the ATMs have, surely it'll be super profitable.Nevertheless, this weekend, a Venezuelan exchange called Twenty (Veinte) has installed the first BATM in Caracas - Venezuela (now for real). Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
See: https://currencymarket24.com/venezuela-has-its-first-atm-to-buy-bitcoin-and-dash-breaking-news/
We'll I'm happy it's finally happened, only just 10 or so months after it was promised to happen though, I think more BTC ATM's need to become more avaliable to us before BTC can truely get huge.
That's good to hear. Bitcoins becoming more popular as time passes by, and this is what bitcoin needs. It's an alternative to e-wallets with the same service and possibly more secure against malicious programs since securities at banks are much reliable than what's installed on your personal computers or gadgets. And having a card definitely feels better and treating it as an asset of yours.
However, the banks would be intermediary and is responsible for your keys and such. The good thing is that you have insurance if somehing happens? Do they impose extra fees? And your personal information isn't anonymous anymore.
However, the banks would be intermediary and is responsible for your keys and such. The good thing is that you have insurance if somehing happens? Do they impose extra fees? And your personal information isn't anonymous anymore.
The whole word are watching in Venezuela of their economic crisis and the crypto communities are also watching if Bitcoin could trully help a down economy therefore if the country will recover with the help of Bitcoin then this will shows of how important is the Bitcoin is in which it will result to more Bitcoin adoptation to come in return.
Please enlighten me how Bitcoin is going to renew the Venezuelan economy? As far as I am concerned, Bitcoin is a currency and its role is not to give boosts to struggling economies. Ordinary Venezuelans can use Bitcoin as a store of value, and some of them are already using it for this purpose. But from what I have heard, gold and USD are far more popular. One major factor that is pulling down the economy is the sanctions imposed by the United States. And I don't think that Bitcoin is of any use here. Cryptocurrency can't be used as a tool to circumvent the sanctions. It is not designed for that purpose, and it is not very easy to use it for that purpose.
The whole word are watching in Venezuela of their economic crisis and the crypto communities are also watching if Bitcoin could trully help a down economy therefore if the country will recover with the help of Bitcoin then this will shows of how important is the Bitcoin is in which it will result to more Bitcoin adoptation to come in return.
I'm not surprised at this news. Because Venezuela is a country experiencing an economic crisis, and bitcoin becomes widespread in the economic crisis. People are turning to crypto to protect their money against rising inflation and therefore bitcoin is becoming widespread in crisis countries. That's why I always say, bitcoin and cryptocurrency are the key to getting out of the economic crisis. This applies not only to venezuella, but also to Argentina, another crisis country.
Dollars arent freely available in Venezuela because its subject to sanctions, they had the problem of a false (fixed) exchange rate for years so I think its own government is also trying to force use of Bolivar which they print of course. I dont see the ATM would be as useful as phone and peer to peer exchange of BTC in trade use, crypto can keep up with that constant inflation problem perhaps but dollar is just another slower inaccurate currency from another land. Maybe its useful in that it can leverage and help increase circulation of the limited amount of dollars available in that area, crypto is then used to transport value across the whole country where dollar notes are less common then the border.
Both Bitcoin and dollar are available in this country. The question is - who can use them? only those people, who initially have money...tons of national currency and USD. However, even those, who have the minimum money, convert it to BTC to avoid sanctions. People are also waiting for economic reform in Venezuela. If it happens, those, who keep crypto, will be saved from the shocking changes.
What is the point of installing a Bitcoin ATM in this country?
Given the situation in Venezuela, whether someone will harm him,
but to establish an ATM in Turkey would make sense.
Woe fantastic news with Venezuela and they are looks so serious about how to adopt bitcoin become legal transaction there, last week they have discuss about bitcoin or cryptocurrency become legal payment there for building an economic crisis in Venezuela, but now Venezuela have ATM for cash out bitcoin become money.
This cant help them with economy in general
Nevertheless, this weekend, a Venezuelan exchange called Twenty (Veinte) has installed the first BATM in Caracas - Venezuela (now for real). Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
It might be the first in Caracas but it's not the first in Venezueala
A month ago this one was set up:
https://coinatmradar.com/bitcoin_teller/9457/bitcoin-teller-bitcoin-teller-san-antonio-del-tachira-viajes-e-inversiones-hc/
There is also another one in Merida, but not updated on coinatmradar
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Yes, bolivar is still hyper-inflated, thus there is likely a capacity/value issue related to only accepting USD: accepting Bolívares would possibly require the BATM to have a pretty large deposit for the bank notes. New bank notes have been released within the past few months, with a value of up to 50.000 Bolivares (100 fold up from former current largest bank note, but still with a value of 2 to 3 USD). Then there is the inflation effect of the bank notes losing value from one day to another just by sitting in the BATM until they are deal with administratively.As to the extent of preference of BTC over USD, I’ll relay the question on the Spanish local board to try to get some inner insights.
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Looks like they beat them to the BATM placement, but not to claiming being the first on the news (with enough coverage) ...
Dollars arent freely available in Venezuela because its subject to sanctions, they had the problem of a false (fixed) exchange rate for years so I think its own government is also trying to force use of Bolivar which they print of course. I dont see the ATM would be as useful as phone and peer to peer exchange of BTC in trade use, crypto can keep up with that constant inflation problem perhaps but dollar is just another slower inaccurate currency from another land. Maybe its useful in that it can leverage and help increase circulation of the limited amount of dollars available in that area, crypto is then used to transport value across the whole country where dollar notes are less common then the border.
Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
Very cool and thank you for updating this thread. I have not been following the situation in Venezuela like I should but it makes perfect sense that the ATM only takes dollars. Is the bolivar still hyperinflated? I just wonder how much use the one machine is going to get, because it has been my impression that the people of Venezuela had not turned to bitcoin or any other crypto as an alternative, and I bet that there won't be many people wanting to use what few dollars they have to buy something as volatile as bitcoin (or dash for that matter).
Are there any Venezuelans here who can weigh in on this?
No atm and no coin is going to save that country or its people
True, but I don't think that was ever the point of it. The change has to come politically first, and economics second. Bitcoin isn't going to help either one of those things, and adoption of crypto by Venezuelans can only come after the country is resurrected. I wish them the best.
Apparently, CryptoBuyer didn't manage to install their ATM in Venezuela in the end. Their webpage points to ATMs places in Panama, but not Venezuela. I’ve read a few articles referring to CryptoBuyer’s attempt as a failed attempt, without revealing the reason.
Nevertheless, this weekend, a Venezuelan exchange called Twenty (Veinte) has installed the first BATM in Caracas - Venezuela (now for real). Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
See: https://currencymarket24.com/venezuela-has-its-first-atm-to-buy-bitcoin-and-dash-breaking-news/
Nevertheless, this weekend, a Venezuelan exchange called Twenty (Veinte) has installed the first BATM in Caracas - Venezuela (now for real). Currently you can purchase BTC and Dash by depositing dollars in the ATM (not Bolivares), and is allegedly not capped per operation (subject to ATM’s wallet balance).
See: https://currencymarket24.com/venezuela-has-its-first-atm-to-buy-bitcoin-and-dash-breaking-news/
Are you sure you would want to go near a store like that during those times?
Quoting myself here, but you still think there is something that can be called a safe place there?
https://www.telegraph.co.uk/news/2019/01/23/nicolas-maduro-accuses-mike-pence-trying-force-coup-venezuela/
No atm and no coin is going to save that country or its people
Since suffering high inflations several times ago i heard people at there starting to use cryptocurrencies but after that i was never heard any news regarding them until this news appears but as the situations still bad in Venezuela whether it will be effective or not because in the middle of bad situations people went to Peru to avoid crisis and it seems the exodus still hasn't stopped yet
In Venezuela ? Isn't now a super bad time for its citizens ? I heard that Columbia is letting Venezuelans in their country with millions and the history tell us that this 2 countries were always friendly one with the other. To see a BTC ATM in such a country puts a joy in my heart as Venezuela deserves a lot better than now....
At the same time, not very good news comes from Venezuela. First, President Maduro decided to pay pensions to pensioners only in the local cryptocurrency El-Petro. I just do not know how there grandmothers cope with the latest technology. This will be very problematic.Secondly, yesterday, the day before yesterday, an attempt was made by the military against Maduro and a dozen people were arrested there. The coup failed, but tensions will exist for a long time.
https://blockmanity.com/news/bitcoin/venezuela-to-get-its-first-bitcoin-atm/
It should be installed in Caracas in the next two weeks.
In my country there are already 3 bitcoin ATM installed, hearing that news is also quite good, because by installing bitcoin atm I think there is a big crypto community, so this can also be an attraction for other users. but the lack of bitcoin ATM is a high fee even so it does not affect the attractiveness of crypto investment. It should be installed in Caracas in the next two weeks.
Quote
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.
“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.
I envy those Bitcoin enthusiasts that are living in Venezuela. This is a great project having an ATM installed in Caracas. I do hope that our country, and might be all countries too will also adopt the innovation from Financial Technology like this. As a bitcoin enthusiast, I would love to at least spend and get my cryptocurrencies converted and accepted with an ATM. After a year, if no-one will still initiate this kind of project, I think it is me who will change the game.
I don't think this is going to be very useful, but I'll take pics if i get to know where exactly is this ATM being put...
Thing is, in Venezuela the biggest banknote would net you a few satoshis at best, and this is a fiat that loses half its purchasing power every day...
The typical monthly wage is 20k (about 8 USD). The biggest banknote is 500 VES, around 5k satoshis each.
Looking at their previous ad (they have ATMs in Panama City):
"Only 5% fee"...
Are you sure you would want to go near a store like that during those times?
You can bet its going to be inside a mall... Jump to: