Here We Go 200 Bitcoin ATMs in El Salvador

[DanielBroonze]

Hello. All. As we know that El Salvador Allow BTC as a Legal Tender, the only one country to allow this.

Now see the BTC ATM In El Salvador

[Davidvictorson]

What’s the transaction fees going to look like? I read on Wikipedia that, “transaction fees are 10-20% but can go as high as 25% and as low as 7%”. And also, that in some other countries hidden charges are as high as 15%.


https://en.wikipedia.org/wiki/Bitcoin_ATM

[mk4]

What’s the transaction fees going to look like? I read on Wikipedia that, “transaction fees are 10-20% but can go as high as 25% and as low as 7%”. And also, that in some other countries hidden charges are as high as 15%.


https://en.wikipedia.org/wiki/Bitcoin_ATM

Those numbers are mostly with bitcoin ATMs operated for business purposes. I'm not sure, but I could almost guarantee that the fees will be a lot lower with these government-produced ATMs.


EDIT:



Source: https://cointelegraph.com/news/bitso-to-assist-the-launch-of-el-salvador-s-official-bitcoin-wallet-chivo

[verita1]

I have read that President Bukele pointed out that the Chivo wallet and ATMs will not generate payment of fees or commissions for the transactions that users carry out in the same way to the businesses that use these instruments such as the Chivo Wallet, ATM and points of sale.
The government is doing well, they are investing in their infrastructure to make it easier for residents to use bitcoin in their economy.
IMO, the ROI through remittances when using this new system will be covering the expenses.

https://www.criptonoticias.com/comunidad/adopcion/bukele-revela-como-funcionara-chivo-wallet-salvadorena-bitcoin/amp/

[terrorJR]

elsavador has really become one of the countries that is still friendly and 100 percent supports and adopts bitcoin on a large scale.
this is one example of a very good adoption not only buying assets in the form of bitcoins they have also started making rules that payments can make bitcoins there in any form of purchases such as products and MCD there.
now it's added with a pretty good thing, namely a bitcoin atm machine which adds to its own charm and is certainly one of the pretty good news at this time.
but until now I don't know about the workings of this atm, but what is certain is that the president at elsavador will not make this atm a source of business which means transaction fees here will not take up a lot of assets and may be free.

[zanezane]

I have read that President Bukele pointed out that the Chivo wallet and ATMs will not generate payment of fees or commissions for the transactions that users carry out in the same way to the businesses that use these instruments such as the Chivo Wallet, ATM and points of sale.
The government is doing well, they are investing in their infrastructure to make it easier for residents to use bitcoin in their economy.
IMO, the ROI through remittances when using this new system will be covering the expenses.

https://www.criptonoticias.com/comunidad/adopcion/bukele-revela-como-funcionara-chivo-wallet-salvadorena-bitcoin/amp/

Well, how will these take profit then if they won't be taking any commissions? Are they like a state owned so they can be subsidized by taxes? Or there's some sort of transaction fees in there?

[Upgrade00]

Well, how will these take profit then if they won't be taking any commissions? Are they like a state owned so they can be subsidized by taxes? Or there's some sort of transaction fees in there?

Not quite sure what their angle is, but I saw this article which reported that the president released a statement that all merchants must acrot Bitcoin and use it through the chivo wallet;

During a Monday interview, Javier Argueta, legal advisor to El Salvador’s President Nayib Bukele, said that businesses that refuse to make transactions with Bitcoin and use the national Chivo wallet will face sanctions under the country’s Consumer Protection Law.

Forcing the entire citizens on a country to use a particular service would surely have its benefits, which comes at the expense of freedom ~ the top feature of Bitcoin.

[Leviathan.007]

Good news from El Salvador. But this could be great if you also include some yt like from people in El Salvador who use these ATM machines. 200 ATM machines right now can be a great step forward and we should see how the people of El Salvador will accept and use these machines. I think the same thing will happen to the other countries. It's just about time.

[shield132]

I have read that President Bukele pointed out that the Chivo wallet and ATMs will not generate payment of fees or commissions for the transactions that users carry out in the same way to the businesses that use these instruments such as the Chivo Wallet, ATM and points of sale.
The government is doing well, they are investing in their infrastructure to make it easier for residents to use bitcoin in their economy.
IMO, the ROI through remittances when using this new system will be covering the expenses.

https://www.criptonoticias.com/comunidad/adopcion/bukele-revela-como-funcionara-chivo-wallet-salvadorena-bitcoin/amp/

That's great, that's really great because bitcoin ATMs had so huge fees that it didn't even worth to ever withdraw from them. The most of the ATMs that I know had at least 20% fee of transaction. If you give away 1/5 if your money to 3rd party service for money withdraw, then you'll go bankrupt soon.

Well, how will these take profit then if they won't be taking any commissions? Are they like a state owned so they can be subsidized by taxes? Or there's some sort of transaction fees in there?

Maybe it's their strategy to offer service without fees for a while to increase adoption and make service comfortable for everyone for a while. It's typical business model, I remember how I was getting food with 50% discount and with free delivery for 2 months when the Bolt Food started operating.
I think they'll set fees in a year.

[famososMuertos]

Yes, 200 additional to the 5 pioneer ATMs that already existed at El Salvador:

1: https://coinatmradar.com/city/2995/bitcoin-atm-el-zonte/
1: https://coinatmradar.com/city/5262/bitcoin-atm-el-sunzal/
3: https://coinatmradar.com/city/6259/bitcoin-atm-san-salvador/

El Sunzal 1. El Zonte 1. San Salvador 3.

^{source: https://bitcointalk.org/index.php?topic=5202262.msg57632485#msg57632485}

These ATMs do not belong to the Chivo Wallet network and they do handle fees: fixed and percentage, also a min/max withdrawal and minimum buy/sell.

Fees are zero in "Chivo" Wallets and ATMs.

+ info: www.chivowallet.com/

[Easteregg69]

Congratulations. Some will be rich and some will loose it all.


Hey. You got merited by little mouse. Congratulations to you too.

Better make it personal.

[moderator's note: consecutive posts merged]

[kryptqnick]

Do we have anyone who's currently in El Salvador and can try these ATMs out? It's interesting to learn about first-hand experience with them (bugs, limits, KYC, fees, other conditions that might apply). Because the government promising to ensure that there won't be costs for people is one thing, and reality can be very different. What's good is that so far it seems that El Salvador is working hard to actually encourage people to use Bitcoin. So it wasn't merely a political statement of support of Bitcoin, it's leading to real actions and shows commitment to adopting Bitcoin in a way no other country adopted it yet.

[Mpamaegbu]

The availability of Bitcoin ATMs are real glad tidings for the people of El Salvador as the whole Bitcoin news is bringing the entire country exposure and to the limelight. It's more of a win all the way to El Salvadorians than it's for Bitcoin per se. That isn't to say that the Bitcoin community doesnt love what's happening, nonetheless.

Congratulations. Some will be rich and some will loose it all.

This shouldn't be an issue as we always see in every paradigm shift. I expect more merchants to switch businesses to accommodate the use of Bitcoin. I saw this happen in Nigeria immediately GSM was introduced in the country and SIM cards and mobile phones became a new line of business. A lot of laptop and desktop merchants had to quickly switch gear to mobile phone business, and those who did go in early made a kill of it.

[DdmrDdmr]

<…>

As far as I’m aware, nobody local seems to be reporting here on their experience there, at least not on the Spanish local board. Needless to say, people are following events and developments there through both local and global press.


Chivo ATMs are part of the Chivo ecosystem, and therefore, I presume, play around the rules and limitations to the ecosystem itself. We can get an idea of the Chivo ecosystem by going over their official website. Since it’s in Spanish, a Google Translates version will need to suffice (see https://translate.google.com/translate?sl=auto&tl=en&u=https://chivowallet.com/preguntas-frecuentes.html%23item-1).

Under "cashiers" (ATMs), it explains that:

-   Despite Chivo having two separate balance scores, one for BTC and another for USD, one can’t retrieve funds from his USD balance directly. He can only do so from his BTC balance (or convert his USD to BCT and then perform the withdrawal).

-   Withdrawals (minimum 5$ of BTC equivalent in USD) from one’s Chivo account using the ATM are free.

-   You can purchase BTC (minimum 1$ equivalent) at the ATM, that are then added to your Chivo BTC balance.

Chivo ATMs are therefore BTC balance centered, and seem to ignore the USD balance.

There’s no mention on max. limits, but the Chivo Wallet does have some set daily and monthly limits. Under "sending, receiving, converting and using Chivo Wallet": send/receive 1K $ per day, and 3K $ per month. Presumably, those are USD or BTC counter values, and since the wallet, which is the centrepiece of the Chivo ecosystem, bears these delimitations, I’d figure that the Chivo ATMs may be subject to that game.

Edit: see https://bitcointalk.org/index.php?topic=5358704.msg57951835#msg57951835

[bitterguy28]

Hello. All. As we know that El Salvador Allow BTC as a Legal Tender, the only one country to allow this.

Now see the BTC ATM In El Salvador

Thought is is robot image at first glimpse lol.

___________________________________________

i think this is normal scenario in El salvador because they have Bitcoin as legal tender so everything that matters for bitcoin will be available like what Fiat does.

But still this is inspiring post for bitcoin lovers like us.

[mrongoz_imut]

El Salvador has started installing Bitcoin ATMs that allow residents to convert cryptocurrency into US dollars. ATMs will also allow crypto withdrawals in cash, as the government intends to make crypto legal tender. El Salvador, officially known as the Republic of El Salvador, is a country in Central America. It is bordered to the northwest by Guatemala, to the northeast by Honduras, and to the south by the Pacific Ocean. The largest city of El Salvador is San Salvador which is the capital city.

[boyptc]

AFAIK it all started with 'bitcoin beach' and it has one bitcoin ATM. Now after being a legal tender in El Salvador, they've prepared it very well.

Great job for the government of El Salvador which is really a necessity as a legal tender and I hope that the fees won't be that outrageous.

[ropyu1978]

This is a very good step, taken by the government of el salvador, because the government of el salvador Ignoring the opposition and criticism of the Bitcoin Law, the President of El Salvador moved to implement the Bitcoin law in September. Nayib Bukele, President of El Salvador, opened the implementation plan The upcoming Bitcoin law on September 7th. Bukele also talked about the Chivo Wallet App which is ready to download on the same day

[AakZaki]

~snip~

Fees are zero in "Chivo" Wallets and ATMs.

+ info: www.chivowallet.com/

Regarding infrastructure and ATMs I think it should be there. This supports the smooth running of the policies that have been made. I'm just curious how the transaction process will run smoothly. BTC confirmation will take very long if the network is congested. Besides that, it costs quite a bit if you want it to be faster. If the fee is zero how about the fee for the miners? or they will use Off chain transaction?

Of course the addition of ATMs Of course good news. I'm sure the madness of president el salvador is hated by the world bank. But if he succeeds with his move it will become a role model for other countries.

[famososMuertos]

...//...:

Hi,
That's right, but there are several things, how measuring success it! without a doubt everything is new every day that progress is made at el Salvador.

There is no comparison, certain things can be compared at the individual level, but in the total sum of everything that is happening there is no comparison, this has not happened this is the first time

Little is mentioned but the government of El Salvador also installed 50 assistance points, some are well-designed offices, others are somewhat more improvised but they are centers where people get to lose information, get advised and even help them in the process of managing how to withdraw their $ 30 and bye

These are new things in relation to bitcoin because they are being done all over the country.

And that is the point El Salvador is marking a path, it is simple it is being a pioneer, passing through territories never before realized.

Then!! measure the specific success in certain things if possible, but in the whole it will take months, even years, to be able to evaluate El Salvador and incidentally against whom we could test that success, for all that I go back and repeat it as some people see it as good news, regardless of the result this is history, it is the beginning version 0.07 of bitcoin in its execution has been launched at El Salvador.