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

[grabpopcorn536]

If Bitcoin becomes legal tender, there is no need to install Bitcoin ATMs because people already use Bitcoin in their day-to-day transactions instead of cash. The installation of Bitcoin ATMs is only to decorate and advertise the policy of the founder of the Bitcoin movement in this country, the president.

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[Bollexz1]

This is undoubtedly one of the smartest move I've seen made by a democratic Republic state. This won't only make it a lot easier for the citizens in transacting but also help boost their economy growth.

[Spack17]

This action shows how much El Salvador cares about Bitcoin adoption to reach really high levels. After making Bitcoin legal tender, they are trying every way they can to convince their people to start using Bitcoin as their main currency. And this is a clever way of doing it. If they place these Bitcoin ATMs to the right places like gas stations etc., they can benefit from it a lot.

[grabpopcorn536]

This action shows how much El Salvador cares about Bitcoin adoption to reach really high levels. After making Bitcoin legal tender, they are trying every way they can to convince their people to start using Bitcoin as their main currency. And this is a clever way of doing it. If they place these Bitcoin ATMs to the right places like gas stations etc., they can benefit from it a lot.

This country allows legal Bitcoin bidding, so they don't need to set up Bitcoin ATMs but force people to accept Bitcoin for payment.
I can't see a bigger benefit than the ATM's Bitcoin advertising. It may be a waste of money in the short term, but it has long-term effects on El Salvador's Bitcoin payment policy.

[worle1bm]

Great news   Just a small concern with the the ‘State backed crypto wallet’ - but I suppose they have to do this to increase mass adoption.
Interestingly ‘ chivo’ is slang for ‘cool’ .
Good luck to El Salvador BTC

I was also really skeptical initially. But since the usage of the "official wallet" is optional as far as I know(people are free to use other Lightning wallets), then I guess it's not as bad as we'd expect.

Most probably the government was urging to use that wallet to giveaway $30 in bitcoin but they are free to use any wallet and like most common is Strike among El Salvador for lightning network payment as you might have seen in some stores and videos.But launch of more than 200 bitcoin and other in past El Salvador is ready to adapt to the future inspite os some protest among people to legalize it but when they will use it they will automatically comes to know dollar domination could be feed by using btc and protest would turn out in support.

[Ararbermas]

Well that's a good idea to spread bitcoin within the country, indeed el Salvador already saved bitcoin as a legal tender wherein all they need to do is to keep spreading bitcoin by making machines and etc so that enthusiast can avail such features as well. Its not bad actually wherein it's normal that we see some negative feedback because of some people who have negative comments of crypo..  I mean just be thankful that we are not out of knowledge because up to now we still able to make good return from it despite of some negative feedbacks about crypto currency..

[LoyceV]

Most probably the government was urging to use that wallet to giveaway $30 in bitcoin but they are free to use any wallet and like most common is Strike among El Salvador for lightning network payment

I'm not sure what's scarier: a government-owned wallet, or an entire country that relies on a single custodial wallet. I'm totally fine using custodial LN wallets for small amounts, and I realize my (small) funds are in someone else's hands. If that happens to an entire country, it might need regulation similar to banks, because an exit scam would end in a bail out and I don't think regulators will allow that risk.

[wissy]

Didn't people protest against trains and cars in the past? Or more recently against cell phone towers? It's normal

I wonder what happens to Bitcoin adoption in El Salvador when Bitcoin rises 800%. I expect (poor) people to start speculating with the little money they have, and some will lose a lot when Bitcoin drops 80% again. People who were no where near rich enough to speculate on Bitcoin will suddenly have an easy opportunity to do so.

They will have a huge problems with smaller companies adopting BTC as a official payment. Crytpo education there is still pretty low and government will have spend quite a lot of money to educate their people.
But you are right, if BTC really starts being mass adopted around the world, then Salvador will get pretty rich

[bryant.coleman]

Didn't people protest against trains and cars in the past? Or more recently against cell phone towers? It's normal

I wonder what happens to Bitcoin adoption in El Salvador when Bitcoin rises 800%. I expect (poor) people to start speculating with the little money they have, and some will lose a lot when Bitcoin drops 80% again. People who were nowhere near rich enough to speculate on Bitcoin will suddenly have an easy opportunity to do so.

LOL.. that is the point. I know countries where computers were banned in the 90s, because the government thought that it will result in joblessness. And I do share your concern about speculation. But is it possible for Bitcoin to drop by 80% from the current levels? Prices are getting stabilized after a sharp correction and now everyone is waiting for the next bull run. Even if a correction occurs, I don't expect it to be as bad as it was in 2014/15 and 2018/19. Everyone will be happy when the prices are going up. But Bukele will be in trouble when the prices go down (even by 20% or 30%).

[aysg76]

Didn't people protest against trains and cars in the past? Or more recently against cell phone towers? It's normal

Actually people have developed a feeling of protesting against everything which they feel is not right for them which is good thing but without understanding the importance or usage of the bills just blindly picking up anti bitcoin boards and protesting against them is not going to work as government is not going to reverse the bills(made for their benefits).They were completely dominated by the USD and then everything was fine inspite of inflation and outside government hindering their economy but now when bitcoin which brings them freedom is with them they are ignoring it.Same as you said like cars and train protest by people were totally useless as are they not using any of them until they are associated with any tribal caste ? Is the world moving around on two wheeler only? No.So when time will pass they will get to know it's importance and will adopt to it and till the time fiat has not been banned and those who fear btc can use fiat and make their condition worsen in future.

Like the people sending money to the country were using Western Union previously and they were charging too much like $5 for $50 of fund transfer which is too much compared to bitcoin fees also which they consider is too much and now if the country is providing you opportunities you tend to oppose them.



If not now they will soon realise that bitcoin is their currency not USD and will not fear it but will accept it as half million users are already sign up on Chivo wallet as announced so it's good to see this happening.

[nutildah]

Of all the countries to make the move adopting Bitcoin, El Salvador makes among the most sense, as they had already been reliant on the U.S. dollar as their currency for a while. I guess it makes more sense to base your economy on a stable currency rather than have an embarrassing one like Argentina or Zimbabwe.

I hope it works out for them, of course. I don't understand how the transactions are "commission-free", and its success will be a matter of catching the country up in financial literacy (avoiding scams).