First Bitcoin ATM in Venezuela

[BitHodler]

I wonder how long this will last, I've heard of government officials confiscating bitcoin miners from citizens already.  I doubt the government will stand by and let people freely convert to bitcoin while they are trying to implement their own state backed cryptocurrency.

I'm not that confident in a good outcome either. Maduro has been signalling that he doesn't like anything related to our crypto currencies, because more adoption here means less interest in his own little toy.

I just hope for the people there that they aren't being punished for using that ATM, because it honestly wouldn't surprise me with how Maduro doesn't give a damn about those who aren't cheering for him....

If you aren't cheering for him, even if you're completely neutral and not necessarily against him, he will make you wish you was. I'm glad that his coin hasn't been listed on an exchange yet.

[yunzau]

yes good news to be heard because the presence of the Bitcoin ATM means that the general public has considered it a medium of exchange such as fiat currency.

[cizatext]

Great news it show's bitcoin is gaining wider recognition because an bitcoin installed ATM machine is a true sign of acceptance and I hope for more of such development in the future. Bitcoin need to be brought closer to the people for easy access.

[randythered]

Venezuela is one country where BTC use could really be pushed. It's a country where people really are in need of an alternative to fiat. I don't think that Maduro will allow it though, he'll push Petro if he has to to replace Bolivars.

[Crypdon]

I bet that the queue to use these bitcoin ATM machines is going to be longer than the queue on the bridge going to colombia! Great that they are doing this, looks like venezuela is moving to be the first crypto country

[Coyster]

I bet that the queue to use these bitcoin ATM machines is going to be longer than the queue on the bridge going to colombia! Great that they are doing this, looks like venezuela is moving to be the first crypto country

I doubt it'll be that long and if it'll be used that much based on the fact that it's a new feature,and bitcoin ATM's even if areas were it's already been installed around the world haven't garnered the much publicity and expectations that was expected
We can be sure of things getting better and more people appreciating the use of such machines,in some areas it attracts high fees, I think that's whats making it less in use

[The Sceptical Chymist]

In Venezuela ? Isn't now a super bad time for its citizens ?

That sort of what I was thinking.  From what I've read, a lot of Venezuelans are starving because of the crazy hyperinflation situation, and yeah a lot of them are just getting out of the country because of it.  Unless the citizens are actually using bitcoin in lieu of their own currency, I'm not sure how much of a success a BTC ATM is going to be.  Sure, it's a mark of progress as far as bitcoin goes but I'm a bit skeptical about its actual usefulness.

After a year, if no-one will still initiate this kind of project, I think it is me who will change the game.

Say what?

Venezuela is one country where BTC use could really be pushed. It's a country where people really are in need of an alternative to fiat.

I've tried to figure out what it is that the citizens are using for currency if they can't use their own fiat, but I haven't been able to find out exactly.  The US dollar seems like it would be a viable alternative, and I know that some other S. American countries have sort of adopted it as their own.  For some reason, those crappy Sacajawea or presidential dollar coins are popular in some of them.  And then I've read that Dash has started to make some headway in Venezuela, but it isn't clear to me the extent to which Venezuelans are actually using crypto.  If anyone has any hard data, I'd love to see it.

[1Referee]

Seems you've never been in a country with attitude and problems like Venezuela.

Yes, the ATM is on crowded place but if you think that could save you from robbery or beating the sh*t out of you and rob you, you are in big mistake. Still its good to have more support for bitcoin and every other alternative. 

Have you been in Venezuela?

I'm not saying it saves you from ill minded individuals out to steal your coins, well placed ATM's however reduce the frequency at which it is possible to pull off something like that. You are making it look like there is a huge danger, which is greatly exaggerated, regardless of what country these ATM's are located.

From what I've seen in the news, when there is a crowd in front of a supermarket usually it takes a few seconds and the rumor that they have stocked with enough to make one portion of kasha to enter a mad max scenario...

Have stocked what, the ATM? There is nothing stored within the ATM related to Bitcoin. It fetches all the data from an external server, so you don't gain anything by trying to break/steal the ATM in the hope to get the Bitcoins inside.

[STT]

Venezuela is one country where BTC use could really be pushed. It's a country where people really are in need of an alternative to fiat. I don't think that Maduro will allow it though, he'll push Petro if he has to to replace Bolivars.

Madro in theory is now less negative on all types of crypto as it allows them for an alternative source now sanctions via dollar is a real problem for them.   Why they cant just use the soviet Russian rouble as a proxy in their economy I dont quite understand but the fact Russia is also under sanctions is probably a large part of it.

1 single ATM 9 years after it was required to stem inflation, is far too little too late and sadly cant turn around the titanic failure that is this OPEC nations lament

[stompix]

From what I've seen in the news, when there is a crowd in front of a supermarket usually it takes a few seconds and the rumor that they have stocked with enough to make one portion of kasha to enter a mad max scenario...

Have stocked what, the ATM? There is nothing stored within the ATM related to Bitcoin. It fetches all the data from an external server, so you don't gain anything by trying to break/steal the ATM in the hope to get the Bitcoins inside.

Slight misunderstanding.
The atm is safe, nobody is going to try and steal bolivars when paper is more expensive.

I was saying that a store is not a safe place to be (for you as an individual) when it is restoking and word spreads out that this time they also have food for sale.

It might be old but I doubt things have improved:

https://www.youtube.com/watch?v=2XsxD1Y7knI
Security forces in Venezuela have arrested at least 400 people ......

Are you sure you would want to go near a store like that during those times?

[freedomgo]

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

It should be installed in Caracas in the next two weeks.

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 is actually a good news and I believe their will be an expansion as the demand is seen.
ATM is very important as venezuela is a crypto country already since people have shifted crypto to combat the hyper inflation.

Good job, hopefully more and more country will adopt with crypto and ATM is just a simple proof of adoption.

[Supercrypt]

I still think it is useless. I mean after all the political problems of the history haven't we learned anything ? Have not learned anything from holocaust, the pol pot regime, the Russian soviet rebellion ?

People do not have problems because of economical reasons that are cash related. You can give someone hundreds of dollars, hell you can give all of Venezuela hundreds of dollars in cash, it won't solve the problem. They lack food and they are starving, they need food, a bitcoin ATM will not change anything on that front. You can't buy food with bitcoin ATM after all.

You can hide your money in bitcoin to make sure your money is not affected by the losing of value in their currency but that is already too late and stuff are getting more and more expensive not because their money loses value but because everything is scarce and its hard to find something there which makes people that own stuff a lot more richer by just selling to the highest bidder.

[Artemis3]

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...

[ufaiz50]

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

It should be installed in Caracas in the next two weeks.

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.

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.

[Argoo]

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.

[bering]

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

[stompix]

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

[DdmrDdmr]

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/

[Pearls Before Swine]

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.

[STT]

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.