Uruguay installs its first Bitcoin ATM

[DapanasFruit]

The two companies are controlled and funded by the government of Uruguay.

So this is a government-approved operation, I would say. And in this case, we can conclude that there is a big future of cryptocurrency in the country of Uruguay. And this is another big good news that can be pregnant with so many possibilities in this South American nation. The way am seeing is that 2022 can be the year when cryptocurrency adoption can be accelerating in different areas and locations of South America...and this is partly buoyed by the move of El Salvador last year.

[franky1]

I've never really looked into the ATMs in enough depth, but when withdrawing Bitcoin i.e putting in cash, and wanting to receive Bitcoin. How does it handle address generation or are you required to input the address yourself, which just sounds a little risky due to the complexity of Bitcoin addresses.  

That's what makes us a little hampered about how to implement deposits at ATM with paper money and then enter the bitcoin address to be converted into a personal wallet. It would be very useful if there is someone who can show how the process goes until the bitcoins arrive in his wallet.

not all bitcoin ATM's are the same. but generally most work by where you use your own cellphone wallet app (you choose) and you simply pull up your QR code on your screen and show it to the ATM scammer/camera.

it then displays this on screen so you can check it read the QR code right. and then you put your cash into the machine when you type in how much coin you want.

link to one video. and time starts at the demo when people do have their own cell phone bitcoin wallet
this is not the urubit ATM, its a general example of a bitcoin ATM
https://youtu.be/EfyzeTmo3gg?t=96
you can rewind to see the version which prints out a private key on a receipt if you dont have a wallet

[so98nn]

Nice to hear that. Very jealous that why my country is on its back foot in accepting such tech man. I just wanna go someday out there and withdraw my money by exchanging the bitcoins without hesitation. Here I am today, trying p2p's, exchangers and what not to release the bitcoin with fear of loosing them. I mean fear of getting exchanger hacked, loosing p2p trade due to fraud peeps and what not.

ATM is like blessings. That is the thing which connects you to the virtual world of bitcoin. I am not sure who else imagine this way but its the only way you can 99% touch your bitcoins as you are trading it with something real value (fiat) and using it for commercial purposes.

Good for the Uruguay and their locals. Hope they will use it and will ask for more machines in the territory.

[worle1bm]

Good to see that more and more countries are seeing bitcoin growth and I have seen the number of ATM rising is at very high pace especially in America and Canada.But now small nations are also on the same path of installing more ATM's and this shows some clear sign of demand and usage among the normal people.Now more countries will go on the same way adopting it.

[Ziskinberg]

Good to see that more and more countries are seeing bitcoin growth and I have seen the number of ATM rising is at very high pace especially in America and Canada.But now small nations are also on the same path of installing more ATM's and this shows some clear sign of demand and usage among the normal people.Now more countries will go on the same way adopting it.

The intense demand for crypto ATMs is rising indefinitely. This is the result of the sudden growth of crypto users and having ATM is another venture that Bitcoins do and it gives convenience to the public. I suppose to see the government will have their full support and control the illegal ATMs installed as this will ruin everything. If this will able to sustain, we can expect the growing number of crypto ATMs in a different country. And this will encourage more people to get involved in this technology and do appreciate it.

[Lucius]

Depending on the model of the BTM, you might have different options:

• Manually enter your address
• Scan a QR code
• Use a generated paper wallet by the BTM

Entering an address manually is something that should not exist as an option, it is simply too complicated and the chances of error are high. I don't remember ever reading or hearing that there are such crypto ATMs, maybe some early models had that concept, but with smartphones and QR codes I don't see why anyone would type in an address manually.


The fact that the total number of crypto ATMs in South America is only about 80 or only 0.2% of the total is pretty bad news, and as you can read from the news, the companies that set up this ATM used it to offer their tokens.

[bitterguy28]

By the look of things, the main motivation or rather goal behind that particular automated teller machine is nothing but a way to promote their own cryptocurrency ^{[basically, they're using BTCitcoin's name to their advantage]}!

This sounds desperation from their Part that they need to mislead things just to promote their own cryptocurrency but on the other hand yet they are Using Bitcoin in which favoring in the crypto market because still another country that welcoming cryptocurrency specially bitcoin.
so yes they are promoting both Bitcoin and their own cryptocurrency

(URUBit is a decentralized token created in Uruguay and deployed in the Binance Smart Chain (BSC).)

but of  course for me this is  still something that bitcoin supporter must be celebrated .

[boyptc]

Good news and position if it's a tourist spot.

There will be tourist that would try to withdraw their crypto and exchange it with fiat there when there are no other ATMs that they can use. Or at least, they want to spend it for their vacation and trip.

I think the strategy of placing it there is good and hopefully that the fee would be lesser than the usual ATM that charges 3% and up for some of those that I've seen.

Location, location, location, the same as property the position is key. I ever
I come across a Bitcoin ATM I would definitely use it just for the experience,
I'm sure there will be people who will use this especially as it's in a prominent place.

In the grand scheme of things 1 ATM is very small but its all plus regardless of
quantity or size

Yes.

Most of us are wanting to try it just for the experience especially if we know the fees are quite that high. But for the tourists, if they don't have funds in cash and they want to spend their crypto holdings then that's a good reason to experience it.

Well, just as that they have 1 ATM, that's a good start. It can multiply soon and there will be more in different locations and will include even those places that are not tourist spots.

[YOSHIE]

Recently, Uruguay’s first crypto ATM was installed in the city of Punta del Este, a major tourist city in Uruguay.

This news has spread all over the world, my country is also being stirred up by installing a Bitcoin ATM machine in Uruguay, I saw the news yesterday, they say this is the best history experienced by crypto users in Uruguay, with around 50 thousand crypto users, they thank Urubit and Inbierto.

There are many questions my government has to answer, whether to follow Uruguay, as they did, but all that will be answered as time goes by, we'll see later, do we also have 1-3 crypto ATMs.

Yes, we are also happy to hear this news, hopefully crypto users in Uruguay, can enjoy the ATM Bitcoin.

[Mamun74]

This is Very good news that They (Uruguay) are installing Crypto ATM machine. I Think this is the great historical things.Uruguay have many crypto user like 50+ thousands crypto user.I think they will be enjoy  by Crypto (Bitcoin)  ATM.Crypto ATM machine increase day by day.I Think now good for Uruguay and local.

[coupable]

Great news. And the greatest parts are that the whole project is funded by the government of Uruguay and that those ATMs can be used with different cryptocurrencies even i am not that enthusiast with altcoins.

That makes it great and we know if the government involve, they will do anything they could to promote it in a positive way so that lots of people will gonna use it. They can easily partner with private companies to boost their funds to further expand their investment and that would be great for both Uruguay and the crypto industry. The time when almost all of the countries are hostile about bitcoins is finally over and the we are seeing right now is the beginning of it's new era where everyone will become use to it and it will mainly start in the South American countries.

In fact , i don't think it will be that easy to use cryptocurrencies in a large scale population for daily use. It should take a long time before reaching the global adoption in Uruguay.
Note also that Uruguay is not a big country in term of population and even hasn't that status in the global economy, people around the world may not even take attention of it.
I have also thought about ordinary people dealing with different altcoins. it's quite different from bitcoin as a main currency worldwide while altcoins should always be converted to btc in order to cash them out .

[Haunebu]

Good news. This was expected due to the recent trend where small, developing countries have been embracing BTC and other popular cryptocurrencies for various reasons.

We need more countries with bigger populations to utilise these ATMs since this would allow more people to have access to them basically.

However, I don't really think many crypto investors would use these ATMs considering the fees, great alternatives etc in any country, but it does help promote crypto adoption which is all that matters at the end of the day in my opinion.

[SFR10]

Just stumbled upon this "Spanish article" that claims it had more than 1k transactions within the span of a few hours + it seems that they're going to expand it to other locations as well:

• More than 1,000 transactions were carried out in the initial hours of operation of the first UTM cryptocurrency ATM installed in Uruguay, which was inaugurated this Friday in the town of Punta del Este (southeast ).
  ~Snipped~
  The creators of the ATM, developed entirely in Uruguay, seek to expand the network in Maldonado (department in southeastern Uruguay where Punta del Este is located) and, later, take it to Montevideo and Colonia (southwest), another of the country's most popular tourist spots, such as next goals.

Entering an address manually is something that should not exist as an option, it is simply too complicated and the chances of error are high. I don't remember ever reading or hearing that there are such crypto ATMs, maybe some early models had that concept, but with smartphones and QR codes I don't see why anyone would type in an address manually.

You're right ^{[it's not worth the trouble]}... The ones I've used didn't have that option ^{[even though they seemed to be from the previous generations]} but half of the videos I've seen on YouTube, had that option!

but of  course for me this is  still something that bitcoin supporter must be celebrated .

"All publicity is good publicity"

[Sirait]

with the existence of a bitcoin ATM in uruguay hopefully it will increase the pressure to recognize bitcoin as a legal tender there. I see countries in South America have started to open up to Bitcoin, it's clear that they want to be at the forefront, just look at El Salvador still holding on by recognizing bitcoin as a legal tender there, hopefully Uruguay and surrounding countries will follow el salvador.

[DdmrDdmr]

The plan is to deploy quite a few of these crypto ATMs all over Uruguay, although the videos I’ve seen so far do not detail these plans further than stating a close term objective of one ATM per Department (there are 19 in Uruguay). They allow for people to buy/sell BTC, BNB, as well as their tokens (Urribit, Ferret) according to the article listed below, but the video also shows trading in BUSD. They also state that they will further expand on the offer of crypto.

It’s interesting to see the video in the Spanish below provided source (the video seems to not work in the Google Translated version), and to watch how people literally flock to the ATM to get their chance to see or interact with it. There was a catch though: On a video I found where they interviewed one of the company representatives for the event, the person running the broadcast show unveiled that the assistants could get away with 5$ in cryptocurrencies (that could have a bit to do with crowd). I haven’t managed to cross-reference this particular elsewhere though.

Cryptocurrencies are not regulated in Uruguay (they are not prohibited either really, and can be interchanged or used in private deals), therefore banks cannot be used as steppingstones to transact with Exchanges.

See:
(In English) https://www-subrayado-com-uy.translate.goog/se-inauguro-el-primer-cajero-criptomonedas-uruguay-n827464?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp
(In Spanish) https://www.subrayado.com.uy/se-inauguro-el-primer-cajero-criptomonedas-uruguay-n827464
(In Spanish) https://twitter.com/i/status/1479834954754400265
(In Spanish) https://youtu.be/bRVl-WEYYkA

[TelolettOm]

Yes, confirmed, I also read this good news in several big media. One of them is right here:
https://news.bitcoin.com/first-cryptocurrency-atm-reportedly-installed-in-uruguay/
This installation of Bitcoin ATM is done to create more trust in the crypto market. Moreover, so far, the people there still prefer to use the P2P system in order to trade or cash out their Bitcoin.

Btw, I also have found the installation of this Bitcoin ATM and detected in coin ATM finder
https://www.coinatmfinder.com/bitcoin-atm-location/ELDA/4268/Punto-Bitnovo

Hopefully, with the growth of the crypto market and ATM, this will also lead the positive trends again toward cryptocurrency and ease all activities to crypto.

[famososMuertos]

...//,,,,

El Salvador has 205. Columbia and Brazil have a ton but we don't hear them so much on the news about the adoption in the country. Only just recently did we hear of a City Del Rio's Mayor buying BTC out of the City's fund.
...//...:::

First of all El Salvador is in Central America and its growth of ATMs is post adoption, its ATMs are a consequence of the legalization of bitcoin as legal currency.

On the other hand Colombia and Brazil add up to 60 ATMs, which if we see per capita is really little, ATMs should be a right to access crypto assets, as is the right to fiat money via ATMs, but the legal jurisdiction always separates us from that and then at least in these parts when we see 1, it's like seeing a unicorn.

[xSkylarx]

Great news. And the greatest parts are that the whole project is funded by the government of Uruguay and that those ATMs can be used with different cryptocurrencies even i am not that enthusiast with altcoins.

That makes it great and we know if the government involve, they will do anything they could to promote it in a positive way so that lots of people will gonna use it. They can easily partner with private companies to boost their funds to further expand their investment and that would be great for both Uruguay and the crypto industry. The time when almost all of the countries are hostile about bitcoins is finally over and the we are seeing right now is the beginning of it's new era where everyone will become use to it and it will mainly start in the South American countries.

In fact , i don't think it will be that easy to use cryptocurrencies in a large scale population for daily use. It should take a long time before reaching the global adoption in Uruguay.

This have a point but the word is not easy since using it as a means of payment is that it is easy to pay but the fees is the problem but this will be overcome soon or in the future since this would be used all over the world. Tho the installation of bitcoin atm is the first step in mass adoption of bitcoin

[kotajikikox]

This is Very good news that They (Uruguay) are installing Crypto ATM machine. I Think this is the great historical things.Uruguay have many crypto user like 50+ thousands crypto user.I think they will be enjoy  by Crypto (Bitcoin)  ATM.Crypto ATM machine increase day by day.I Think now good for Uruguay and local.

this will be more historical if they are doing this because of Bitcoin literally and not because they wanted to lure people inside their own currency .

Like DdmrDdmr shared this is something a plan for long term and yes all of us will benefit from this for long term .
 Uruguay will maybe the next country to make crypto or bitcoin in good relation  .

[muratsink]

this is very good news where one by one countries are starting to adopt.bitcoin and even they have.created several bitcoin ATMs.for transactions.by miners who adopt.bitcoin in that country of course this will have a good impact on the survival of bitcoin in the future because currently bitcoin is in dire.need of adoption.from developing countries for the process.of bitcoin survival where the price that has fallen.so low against.bitcoin at this time of course can at least help with the existence.of several countries adopting.bitcoin