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

[oktana]

Okay! This is unbelievable. El Salvador now sounds like pure heaven. This act done by the president of El Salvador is a big thing and has a huge impact in cryptocurrency adoption. Actions like this can even make citizens who never knew about Bitcoin get a proper sense on what it can do. Well done! President Nayib Bukele.

[malevolent]

El Salvador is a country of 6.5 million people (with a few millions more living as expats in countries such as the United States). 200 ATMs mean one machine for every 32,500 people. Do you think that this is enough? I am supportive of Bukele's move that made Bitcoin as the legal tender in El Salvador. But the infrastructure is not there currently, and that may leave people frustrated. And I am surprised at the lack of support El Salvador has so far received from the cryptocurrency sector. None of the big names have made any announcement to support them. Justin Sun once spent $4.5 million to get a dinner date with Warren Buffet. If a fraction of that amount is spent, then we can install thousands of ATMs in El Salvador.

Only the US and Canada have more Bitcoin ATMs per 100`000, and not all of them are two-way. El Salvador is a poor country where in 2017 only 34% of the population used Internet, despite their low average age. If the ATMs turn out to be popular they can always order more.

[Vishnu.Reang]

Only the US and Canada have more Bitcoin ATMs per 100`000, and not all of them are two-way. El Salvador is a poor country where in 2017 only 34% of the population used Internet, despite their low average age. If the ATMs turn out to be popular they can always order more.

Also, you don't necessarily need an ATM to covert your fiat to cryptocurrency (or vice versa). There are dozens of centralized exchanges available in El Salvador, on top of the DEX sites and P2P platforms. The banks can't ban cryptocurrency users, since now Bitcoin is the legal tender. BTW, all the shops and utilities are supposed to accept Bitcoin and therefore this issue of fiat to crypto conversion should not arise in the first place. And the first priority for Bitcoiners should be to educate ordinary Salvadorians on how to use Bitcoin, rather than setting up ATMs and kiosks.

[Lucius]

BTW, all the shops and utilities are supposed to accept Bitcoin and therefore this issue of fiat to crypto conversion should not arise in the first place. And the first priority for Bitcoiners should be to educate ordinary Salvadorians on how to use Bitcoin, rather than setting up ATMs and kiosks.

You forget about volatility, which is especially pronounced when it comes to people who receive a salary in BTC - and I saw from the example of the Bitcoin Beach project the personal testimonies of people to whom this is exactly what happened. In such a poor country, few can afford to gamble with the little money they have - because if your 0.001 BTC is worth $50 today and only $40 tomorrow, then you're in trouble.

As far as I understood this whole story about El Salvador - Bitcoin, the goal was to save on the fees paid by their emigrants when they send money home, and according to some estimates, it is as much as $6 billion a year. As I see it, the government wants to allow these transactions in BTC, but at the same time allow easy conversion in $ to anyone who wants to.

[dkbit98]

There is one local company started to make their own Bitcoin ATMs made in El Salvador but there are still strong forces that are against using Bitcoin in their country.
Here is one interesting photo from scared and fully masked people from El Salvador protesting against Bitcoin and president Bukele.
This really sad image is showing that everyone is not happy with new Bitcoin bill and I suspect that we would have similar protests worldwide if BTC would be global legal tender.


https://twitter.com/Sara05056407/status/1432044595710513160

One more local news article from August 26 explaining why many people are against Bitcoin, and four out of five people interviewed said they don't want to accept Bitcoin for growing their business:
https://www.elsalvador.com/noticias/negocios/bitcoin-turismo-de-negocios/872846/2021/

[BlackHatCoiner]

This really sad image is showing that everyone is not happy with new Bitcoin bill and I suspect that we would have similar protests worldwide if BTC would be global legal tender.

Think about it for a second. You're a citizen and a shopkeeper in El Salvador, not familiar with technology, let alone with cryptocurrencies, and the president you've voted forces you to accept a currency you're completely unaware of and observe its fluctuating nature. What these folks do is a justifiably negative interaction; mainly due to technophobia.

I don't see any young person, they're all old objectively.

[DdmrDdmr]

One way to get some closer local information on El Salvador is through some of their local press. I’ve been browsing one of such local media, which lacking and English version, can be browsed through Google translate rather decently (for those not fluent in Spanish):

https://translate.google.com/translate?sl=es&tl=en&u=https://www.elsalvador.com/

Reading though a couple of articles there, it seems to have a fair share un the population that is still in the dark on how to manage bitcoin in their business and day to day. The Industrial Association is having a rough time getting to accept bitcoin, since a significant part of this industry deals in international trades, where bitcoins are currently not employed on the other end.

Not an easy process of adaption …

[Nunoluck]

El Salvador is a lucky country. We did many discussion about bitcoin advantages and benefits for people now El Salvador is one of countries that realize that bitcoin is not a bad thing. It's created to improve people life. This move is good and enough for bitcoin adoption but if they want to move faster I suggest them to work together with retail industry. Those legal company is enough to help people adopt bitcoin as medium of exchange. Maybe restaurant can help them too. In my country I can top up virtual money to buy game item via minimarket and other retailer. Maybe it will work for them too.

[bitcub]

I really love that president but I have a concern with regards with Bitcoin adaption. The country must know when NOT to hodl Bitcoin. They need to teach people when to sell and when to hedge their profit in their fiat.

El Salvador's President Nayib Bukele confirmed in a tweet that the nation will be roll out about 200 ATMs and prepare 50 bank branches across the nation to allow residents to exchange crypto for fiat easily.


Image credit

Some few facts

• With El Salvador’s Bitcoin adoption bill coming into effect on Sept. 7, Bukele said those not interested in using BTC would be able to exchange the BTC they receive for cash at any of those locations. He also reiterated that the U.S. dollar will continue to be in circulation.
  
• El Salvador has also created Chivo, its own state-backed crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet
• “What if someone doesn’t want to use Bitcoin?” Bukele said. “Don’t download [Chivo] and continue living your normal life. Nobody is going to take your dollars […] Someone can always queue up at Western Union and pay a commission.”

Bukele, also said that adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad


What do you guys think about such a move by El Salvador?

Personally, I have mixed emotions when it comes to the part of a state-backed crypto wallet but a side from that, I think in general, it's a good thing for the citizens and Bitcoin adoption alike. This is a little a break from the news of other different nations banning trading and mining of cryptocurrencies and discouraging citizens from using them.


1. https://www.ndtv.com/business/el-salvador-to-install-200-bitcoin-atms-as-part-of-the-governments-plan-to-make-the-token-legal-tender-2517158
2. https://forkast.news/headlines/el-salvador-bitcoin-atms-nationwide/

[leea-1334]

Also I read about the protests not on mainstream media and this is what a few people were talking about before the press came out and condemned them for being anti Bitcoin!

You cannot just open Bitcoin business,,, and tell everyone they can use it when not even everyone has heard about it. 4 out of 5 is 80% of citizens and this is a lot of people to teach first before putting out ATMs and asking business to accept.

[wxa7115]

The reason El Salvador adopted it is to lower remittance fees.  The system of banks and 3rd party overseerers resulted in large fees most weren't able to afford, and if they did, they lost a huge chunk of their money. These ATM is great step to support bitcoin.

That is without a doubt one of the reasons but at the same time there is no doubt that they are looking at the long term and they are thinking that it would be fantastic for them if people that are big on cryptocurrencies and businesses decided that they want to establish themselves at El Salvador and bring a huge deal of foreign investment to the country.

This is not a bad strategy at all and if they can endure the pressure of the international community and keep going forward with this then El Salvador could become a destination for many people that have adopted cryptocurrencies and bring great prosperity to the country.

[Tumanggor]

~

What do you guys think about such a move by El Salvador?

I am more and more amazed by the president of El Salvador, he is a wise head of state
El Salvador is like challenging the world and betting on the world that Bitcoin can improve the economy of their small country

nothing can stop bitcoin adoption in El Salvador although in some tweets I see some El Salvadorans objecting to bitcoin regulation in their country

[CaVO32]

The reason El Salvador adopted it is to lower remittance fees.  The system of banks and 3rd party overseerers resulted in large fees most weren't able to afford, and if they did, they lost a huge chunk of their money. These ATM is great step to support bitcoin.

That is without a doubt one of the reasons but at the same time there is no doubt that they are looking at the long term and they are thinking that it would be fantastic for them if people that are big on cryptocurrencies and businesses decided that they want to establish themselves at El Salvador and bring a huge deal of foreign investment to the country.

This is not a bad strategy at all and if they can endure the pressure of the international community and keep going forward with this then El Salvador could become a destination for many people that have adopted cryptocurrencies and bring great prosperity to the country.

They will always find someone contradicting their move. But once people start learning how to utilize crypto and experience the benefits of it, more than likely, they will change their stance. Some are against without basis. Maybe, they need to educate also their citizens, it may help them in further understanding the nature of crypto. All the information can be found via internet but getting it from actual talks or seminars would be helpful to some as they can directly ask questions to their authorities.

[DarkDays]

El Salvador's President Nayib Bukele confirmed in a tweet that the nation will be roll out about 200 ATMs and prepare 50 bank branches across the nation to allow residents to exchange crypto for fiat easily.


Image credit

Some few facts

• With El Salvador’s Bitcoin adoption bill coming into effect on Sept. 7, Bukele said those not interested in using BTC would be able to exchange the BTC they receive for cash at any of those locations. He also reiterated that the U.S. dollar will continue to be in circulation.
  
• El Salvador has also created Chivo, its own state-backed crypto wallet that would be compatible with the new ATMs and would be interoperable with any existing crypto wallet
• “What if someone doesn’t want to use Bitcoin?” Bukele said. “Don’t download [Chivo] and continue living your normal life. Nobody is going to take your dollars […] Someone can always queue up at Western Union and pay a commission.”

Bukele, also said that adopting Bitcoin will save Salvadorans $400 million per year in fees for receiving remittances from abroad


What do you guys think about such a move by El Salvador?

Personally, I have mixed emotions when it comes to the part of a state-backed crypto wallet but a side from that, I think in general, it's a good thing for the citizens and Bitcoin adoption alike. This is a little a break from the news of other different nations banning trading and mining of cryptocurrencies and discouraging citizens from using them.


1. https://www.ndtv.com/business/el-salvador-to-install-200-bitcoin-atms-as-part-of-the-governments-plan-to-make-the-token-legal-tender-2517158
2. https://forkast.news/headlines/el-salvador-bitcoin-atms-nationwide/

Woohaa!!! That's a nice market candle boost.

Really good to see El Salvador pushing though with their statement in being the first country to democratise/legalise digital currency and embrace BTC.
The fact that they're really going for it with ATMS should hopefully lead other countries to think harder about why they shouldn't jump in, and if that happens a new crypto wave will take place - let's hope for the best.

[faithupgrade]

I just read from the news that majority of El Salvador people are not in favor of the new Bitcoin. Some of them has no idea at all and others has a doubt of having problems from getting loss in the trade.

I think the president must conduct public seminar about Bitcoin and how it can help their lives.

[KennyR]

Similar to this Japan made a move years back. Japan supported the shops and suggested to implement bitcoin acceptance. That made a big change in the over-all market through the massive adoption. What we see with El Salvador with the addition of more bitcoin ATMs is a way to speedup the adoption around the country.

Few posts mentioned about certain group of people against the usage of bitcoin. However these group of people will change their minds gradually. Because, people who took an opposite stand against crypto has now begun to invest good on cryptocurrency.

[Bitcoin_Arena]

One way to get some closer local information on El Salvador is through some of their local press. I’ve been browsing one of such local media, which lacking and English version, can be browsed through Google translate rather decently (for those not fluent in Spanish):

https://translate.google.com/translate?sl=es&tl=en&u=https://www.elsalvador.com/

Reading though a couple of articles there, it seems to have a fair share un the population that is still in the dark on how to manage bitcoin in their business and day to day. The Industrial Association is having a rough time getting to accept bitcoin, since a significant part of this industry deals in international trades, where bitcoins are currently not employed on the other end.

Not an easy process of adaption …

I guess the biggest task is trying to educate the masses on what bitcoin is, security and how to avoid scams and also some ideas about the bitcoin market and economics. This is possible if a lot of funds are injected into education and different types of adverts on media.

I have seen very local populations in remote areas get attached to and even believe in scam Ponzi schemes like Onecoin because of their aggressive advertising techniques and massive conferences 

I know bitcoin does not need to be advertised or marketed but for the sake of keeping a majority of the population well-informed, I think it's a necessary evil.

[DdmrDdmr]

A couple of days ago, I saw an article on a survey performed by the Central American University (UCA), whereby over two thirds of the population of El Salvador are opposed to bitcoin being a currency there. 1.281 people took part in the survey, and the technical details on how the survey population was drafted seemed ok (you need to look at the survey itself to see this information).
 
Part of the conclusions state that 90% of the people there do not really understand bitcoin/Bitcoin, and 80% did not place much trust in it, or none at all. 70% believe that their legal system (Asamblea Legislativa) should revoke the Bitcoin Law. 95,9% believe bitcoin should, in any case, be voluntary in accepting payments, not mandatory.

The survey (see pdf below in Spanish) goes on to depict other socio-economic factors, as well as more bitcoin related matters.


The numbers do not match those seem on protests in El Salvador, but I’m pretty sure that, for the most, the population is still in the blue with regards to bitcoin.


See:
https://uca.edu.sv/iudop/wp-content/uploads/Boletin-BTC-Coyuntura-2021-2.pdf
https://www.nasdaq.com/articles/majority-of-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02

[LoyceV]

This really sad image is showing that everyone is not happy with new Bitcoin bill and I suspect that we would have similar protests worldwide if BTC would be global legal tender.


https://twitter.com/Sara05056407/status/1432044595710513160

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.

[dkbit98]

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

Maybe it's normal for humans to oppose anything that is new at beginning, and yet again it doesn't mean that everything that is new is always better than old.
Bitcoin is much better than any fiat currency system for sure, and I think that president said that Bitcoin in El Salavdor will be optional not mandatory, so this means  that only smart people will use it.
Latest research is showing that 70% of people in El Salvador are against new Bitcoin bill, meanwhile protests are not allowed and people are getting arrested for doing that.
History showed us many times that majority herd is usually never right

As we are talking about Bitcoin ATMs one interesting news is that Lamassu released code for their machines as Open Source!
https://github.com/lamassu