First Bitcoin ATM in Venezuela

[SaShiRaJaVu]

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.

[barabarian1]

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.

[FlamingFingers]

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

[Vishnu.Reang]

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.

[mascherono]

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.

[fenixosup]

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

[toast]

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

[Sithara007]

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).

[Edraket31]

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.

[bryant.coleman]

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.

[Wysi]

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.

[alexsandria]

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.

[Xxmodded]

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.

Have bring effect for Venezuela after legal and have bitcoin ATM for increase their economic condition? Venezuela government have frustration with their money value unless last two months, they want to make bitcoin and altcoin become legal transaction and give effect for people can get value with their investment with bitcoin and altcoin, they have adopt last three months and I think will raise up Venezuela economic'sh

[mazdafunsun]

Does anyone know if this went thru and they started the bussines in Venezuela?
My thoughts are that this country is in pretty strong grip regarding ant economics and it includes crypto coins so for my it is hard to believe that this concept worked there.

[Vaculin]

Does anyone know if this went thru and they started the bussines in Venezuela?

here is the latest news about the first ATM< https://cointelegraph.com/news/after-multiple-false-starts-venezuela-may-have-its-first-bitcoin-atm
so maybe this has been be push through yet.

My thoughts are that this country is in pretty strong grip regarding ant economics and it includes crypto coins so for my it is hard to believe that this concept worked there.

With their big problem on hyper inflation this crypto ATMs will certainly help the people especially to those who are earning online, so I am hoping that the government are also supportive with this as this kind of business requires permit IMO.

[tambok]

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.

If you ask me, this sounds very cool to have bitcoin ATMs and crypto banks but honestly, it is much better if we are not provided with such things that will become the cause of losing anonymity. One of the foremost reasons behind investing in bitcoin is staying unknown. With these things, I really don't think it will be any task for authorities to keep an eye on bitcoin holders and amount of their asset.

Still having a Bitcoin ATM, being involved in Bitcoin will be a great start for them, of course this is not only the solution that they need, they still need to do other things for them to be recover from the financial crisis they are currently facing. Let's keep updated what will be their strategy from this aside from involving in crypto world.

[sirminesalot]

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 development with cryptocurrency if it can happen also in other countries and I am sure in the future the development of cryptocurrency will be rapid if all countries recognize cryptocurrency as the prevailing currency in my country cryptocurrency has not been fully recognized by the government even the government prohibits transactions directly with crypto currencies

[dentolas]

very good news for Venezuela and the crypto world...
especially in countries that are economically depressed and/or restricted, having access to cryptocurrencies might help a lot of people in savings, store of value, etc
Let's hope that in a few months they realize the need of many more ATMs in South /central america

[Colt81]

how is the situation in that country, have many started using bitcoin ATM for transactions? because I'm not from there so I don't know how the development of bitcoin ATM in that country, while for my country also already has a bitcoin ATM but not everyone uses it, there are still many who use local money rather than transactions using bitcoin.

In my own opinion, having bitcoin ATM can be convenient for every people in Venezuela when it comes to converting their bitcoin into fiat, but i think it may have huge fees depending on the amount that you are about to withdraw. Honestly, i also wanted to experience the convenience of having bitcoin ATM in our country for me not to have any troubles in converting my bitcoins into fiat.

[SummerBliss]

Its great news for the community as a whole because this is the first step for mass adoption of these digital coins and many more ATMs will be opened soon.Bitcoin hepled Venezuela to rise out of economic crisis by boosting its economy and now its heping people living there by providing crypto related services to them.Its good when you can conevert you btc into fiat with the help of atm cards at your convience.But the withdrawl fees will be high which can be a major issue for them but still its good news.