Bitcoin ATM Installed in Mexican Senate Building !!!

[Rikafip]

Recently, a European told me why he does not use bitcoin ATMs.
The commission for the exchange of stablecoins in Europe is from 1 to 3%, depending on the amount of the exchange, if you use exchangers or verified people from telegram chats. The exchange price is fixed by the Binance exchange. Bitcoin ATMs use the price of another exchange and there is more commission, so the user loses up to 10%. This is a good business for bitcoin ATMs owners.

Just because some Bitcoin ATMs use another exchange to set up the rate doesn't mean that it's worse for us as customers. At least that's what my experience was from the ATMs I used so far. 2nd part is true tho, BATM fees are generally higher than some other ways of buying/selling bitcoin, but I don't think that majority of them are in a lot of profit due that. Keep in mind that expenses one BATM owner has are not negligible; from paying the machine itself (which is usually in ~$10k area) and renting the place to paying all the taxes etc and you realize why fees are so high.


Motives for installing ATM in Mexican Senate are dubious as I am not sure that politicians who organized that actually believes in all what bitcoin represents, but these kind of people should be seen as an useful idiots.

[dataispower]

Women politicians are more bitcoin friendly than their male colleagues.

I will disagree with you. Because women will even put fire to kill the development of bitcoin. Using your environment to account for the census of totality of female gender using bitcoin for investment or trading with bitcoin. You will know that women hate bitcoin and they don't advice their children to use their fund's to buy any thing cryptocurrency. Yes woman politician can be the first to install bitcoin ATM for it's building because it has practice or use bitcoin for long time. And installing the ATM  it knows what it will generate in future time

[btc_angela]

Women politicians are more bitcoin friendly than their male colleagues.

I will disagree with you. Because women will even put fire to kill the development of bitcoin. Using your environment to account for the census of totality of female gender using bitcoin for investment or trading with bitcoin. You will know that women hate bitcoin and they don't advice their children to use their fund's to buy any thing cryptocurrency. Yes woman politician can be the first to install bitcoin ATM for it's building because it has practice or use bitcoin for long time. And installing the ATM  it knows what it will generate in future time

Not sure if there is data about politicians are more bitcoin friendly specially women. Maybe it's because crypto can be used as a tool for donations and others.

Anyhow, bitcoin is genderless, regardless of men or women joining the picture.

Back to the topic, it seems that some politicians might be benefitting at the side here. There could be motives behind that they allowed it to be installed in their building and not a one of them are against it.

[slaman29]

We all need to be smarter than taking sauce

Bitcoin's recognition as legal tender or an official currency in many countries will be good, however, El Salvador and the Central African Republic being 3rd world countries, their implementations for infrastructure will be with many failures similar to El Salvador's Chivo wallet.

This also does not make a bitcoin pump to a new all time high a certainty. An argument can be made that all the weak hype articles are only stories created out of desperation. I speculate a whole cryptospace market dump within this year. Everyone hyping for all time high on 2022 will be wrong.

Not so much about being 3rd world countries but about the way they do it, and the motivations behind it. These are highly corrupt countries with a lot of inequality and mismanagement of economies, and even leaders who have terrible human rights abuses. And we love to prop them up as role models and example of Bitcoin when they are just running the next scam to rob their people which happens to be Bitcoin.

It is not even about Chivo wallet man

[zasad@]

Recently, a European told me why he does not use bitcoin ATMs.
The commission for the exchange of stablecoins in Europe is from 1 to 3%, depending on the amount of the exchange, if you use exchangers or verified people from telegram chats. The exchange price is fixed by the Binance exchange. Bitcoin ATMs use the price of another exchange and there is more commission, so the user loses up to 10%. This is a good business for bitcoin ATMs owners.

Just because some Bitcoin ATMs use another exchange to set up the rate doesn't mean that it's worse for us as customers. At least that's what my experience was from the ATMs I used so far. 2nd part is true tho, BATM fees are generally higher than some other ways of buying/selling bitcoin, but I don't think that majority of them are in a lot of profit due that. Keep in mind that expenses one BATM owner has are not negligible; from paying the machine itself (which is usually in ~$10k area) and renting the place to paying all the taxes etc and you realize why fees are so high.


Motives for installing ATM in Mexican Senate are dubious as I am not sure that politicians who organized that actually believes in all what bitcoin represents, but these kind of people should be seen as an useful idiots.

An ordinary exchanger changes from 15 to 50 thousand dollars a day. They work with a commission from 0 to 2%, because there is a lot of competition. If an ATM costs $10,000, then its payback is less than a week, this is a very good business.And the taxes are not big, because you will pay a part of the profits.Therefore, most people with experience are looking for exchangers.Even with $10,000 saving 5-7% is a good bonus.

[Rikafip]

An ordinary exchanger changes from 15 to 50 thousand dollars a day. They work with a commission from 0 to 2%, because there is a lot of competition. If an ATM costs $10,000, then its payback is less than a week, this is a very good business.And the taxes are not big, because you will pay a part of the profits.

You are very wrong if you think that an average BATM can pay itself in a week. The one I am usually using has 6% fee, meaning they need at least $170,000 worth of BTC to exchange in order to make $10000 but that's just the beginning. Then you have to pay the various taxes on that profit + renting up the place as you can't put ATM for free and in order for an ATM to be successful it has to be at some good location and those ain't cheap. My guess is that it takes maybe a year for an average BATM to pay off.

Like you I also thought that they are making crazy amount of profit considering the fee, but then I actually met the guy who owns several of those (as I was a regular customer at one of his ATMs) that explained me the situation and that is far from the truth. Hell, if that was the case I would already invest in a couple of those.

Now compare that to exchangers that are doing all this online and don't have as many expenses as BATM has, so of course they can keep their fees much lower.

[barbara44]

I love it when governments lead by example. I mean most of the time we see politicians give rules about things that would not matter to them at all. We are talking about a situation where if a government talks about the minimum wage, they do not have to care about it because in the end they will not be making the minimum wage salary themselves so why would they care about it?

However, when we see this type of stuff then it makes sense because they are taking it seriously on a personal level. If they want to turn bitcoin into a legal tender in Mexico, then having a BTM machine (bitcoin teller machine) would be a great way to prove to public how they actually walk the walk and not just talk the talk.

[Renampun]

...
Her effort to make Bitcoin legal tender is unlikely to succeed. As reported by U.Today, Mexican President Andres Manuel Lopez Obrador definitely ruled out adopting Bitcoin as a means of payment.
...

she did not fail to make Bitcoin a legal tender in Mexico...

what I mean is, that the opportunity for Mexico to make bitcoin a legal tender in the future is still wide open. every president will definitely have different policies, and of course, the current president of Mexico will be replaced. in the future, there will definitely be an elected Mexican president who will make bitcoin a legal tender.

[stompix]

Just because some Bitcoin ATMs use another exchange to set up the rate doesn't mean that it's worse for us as customers. At least that's what my experience was from the ATMs I used so far. 2nd part is true tho, BATM fees are generally higher than some other ways of buying/selling bitcoin, but I don't think that majority of them are in a lot of profit due that. Keep in mind that expenses one BATM owner has are not negligible; from paying the machine itself (which is usually in ~$10k area) and renting the place to paying all the taxes etc and you realize why fees are so high.

I've asked a while ago what's the tax for an atm/ PayPoint/ anything else in an inquiry for our major center, it costs 150 euros a month for one if you don't break the 1x1 space limits and the other 200 in utility costs, standard, no matter if you're running or not, that's around 12 euros a day, with a 5% you need  200 euros a day in buys/sell to pay for the daily expenses, some batms might be struggling to make that norm as for one I know in my chain store I've never seen a client around.
But for others, and I'm not going to name them but it's one without KYC and it's also in your country I've seen them running out of 10k euros for withdrawals in a day, and I'm already used to seeing the guys that nearly empties them each week early in the weekend when I go shopping 
Same persons loitering for half an hour around, wads of cash pouring, I open the website to check the status, the batm has no money left ! 

Like you I also thought that they are making crazy amount of profit considering the fee, but then I actually met the guy who owns several of those (as I was a regular customer at one of his ATMs) that explained me the situation and that is far from the truth. 

He doesn't have the right "clients".

[Uang_kartal]

interestingly, the peso currency may be a second support like elsalvador in adopting bitcoin.
If this is effective, it may also be implemented in other embassy offices and public facilities. Times are progressing and bitcoin is increasingly dominating in some corners and corners even though they (the owners / depositors) are hiding in secrecy. real welcome and friendly to bitcoin even if only partially.
the senate building and the mexican government are possible witnesses in their history, especially if this ATM facility will last a long time maybe on the policies of the people involved and working together on this agenda, i hope it will be better even though some countries may still be drama in accepting this bitcoin.i support bitcoins can

[Rikafip]

But for others, and I'm not going to name them but it's one without KYC and it's also in your country I've seen them running out of 10k euros for withdrawals in a day, and I'm already used to seeing the guys that nearly empties them each week early in the weekend when I go shopping  
Same persons loitering for half an hour around, wads of cash pouring, I open the website to check the status, the batm has no money left !  

I've only seen similar situations during peak of the bull market in the late 2017, I remember sometimes waiting for half an hour in queue. Situation in 2019/2020 was completely different and 9/10 times there was nowhere there, neither before or after me and of course, with always enough money inside. Situation might have been the same during this bull run wiwth  people waiting in queues and ATM running out of money but I haven't visited that BATM for almost two years now.

He doesn't have the right "clients".

Yeah I guess. He practically lost me as a client too and now I am using BATM only as a sort of last resort. Why would I pay 6% fee when there are better options to sell bigger amounts, and all that without KYC.

[KaliLinux]

The Mexican Senate building now has its first Bitcoin ATM, which has been deployed by ChainBytes in partnership with Axolotl Bitcoin, according to a Wednesday press release.

The installation is supposed to bolster Mexican Senator Indira Kempis’s initiative to make Bitcoin an official currency in Mexico.

Kempis, an ardent cryptocurrency proponent, believes that Bitcoin brings financial freedom and inclusion. She hopes that lawmakers will be able to familiarize themselves with the largest cryptocurrency.

ChainBytes CEO Eric Grill claims that the installation of the first Bitcoin ATM in the Senate building is a historic moment for the country.

Her effort to make Bitcoin legal tender is unlikely to succeed. As reported by U.Today, Mexican President Andres Manuel Lopez Obrador definitely ruled out adopting Bitcoin as a means of payment.

Source of News:
https://u.today/bitcoin-atm-installed-in-mexican-senate-building

What do you think about this news..?

So this can be classified as a good thing for Bitcoin but as I read through the article I saw this

The installation is supposed to bolster Mexican Senator Indira Kempis’s initiative to make Bitcoin an official currency in Mexico.

So my question is, Wouldnt it rather be better for Bitcoin to just be a legal tradable cryptocurrency in a country where people can trade it freely and spend it in transactions i.e exchange for goods/services than to make it an official currency making institutes like the World Bank
and IMF mounting pressure on that country? I am Pro Bitcoin but not an expert but believe the first option might be better, just an opinion.

[lixer]

Not so much about being 3rd world countries but about the way they do it, and the motivations behind it. These are highly corrupt countries with a lot of inequality and mismanagement of economies, and even leaders who have terrible human rights abuses. And we love to prop them up as role models and example of Bitcoin when they are just running the next scam to rob their people which happens to be Bitcoin.

It is not even about Chivo wallet man

We do not need the government to tell us whether to make use of Bitcoin or not, and even if I was living in one of these countries, I wouldn’t make use of a cryptocurrency wallet that is being issued by the government. I would prefer to make use of another cryptocurrency wallet mostly the ones that are decentralized are not controlled by any institution.

If you are making use of a wallet that is owned by the government, or any centralized  institution, they would be able to control your funds and even be able to freeze your account whenever they want. So it’s best to just avoid all these people if you do not want any problem with them in the future.

[KennyR]

The limited supply have made bitcoin more valuable than the traditional fiat. This isn't understood by everyone. Over the past few years the growth in terms of price, usage and acceptance have been increasing. The lastest is all about the politicians. In more countries we were able to see politicians interested in bitcoin, but they never make a proposal to the government. In Mexico one such incident have taken place. Maybe this can be a beginning for adoption of bitcoin by third world countries.

[Similificator]

What do I think about this news? After being tricked by the announcement of Do Kwon which might only be hype and the news about the Central African Republic's acceptance of bitcoin which might come only from sauces, I am beginning to notice something. There might be some whales out there who want to hype bitcoin out of desperation. This is what I think about this news. I am back to being the skeptical me. Call me the antagonizer again.

It's just right to be skeptical with all that's been going on nowadays. And I must say, what you are talking about somehow makes sense but I think it isn't the whales but instead the ones below the whales and the smaller ones. This is because whales don't care that much about short term prices and are probably buying as much as they can every dip. Only short term holders and the previously mentioned worry about these short term dips that are mostly high leverage traders worry about these short term dips. Although some do profit from scalping, nothing beats the gains when the market is bullish.

[dezoel]

Obviously the news was a positive one. I like the fact that they install the first bitcoin ATM on a government building because usually bitcoin ATMs are firstly introduced in the public places without the governments testing it first but I guess there is no need for them to do it since they already legalized bitcoin. In the article it was already explained why they did it. That is to influence everyone working on that building.

I am pretty sure that Mexicans can't now wait for the bitcoin ATM to be officially live and ready for public use. If it is possible for their government to do these things then I think It's also possible for them to make bitcoin as a legal tender soon.

[rmhuntley]

we have heard things like this very often, for example about the process of controlling bitcoin or the implementation of bitcoin ATMs in various countries and companies but this has never been realized, maybe only El Salvador has really shown their seriousness in the process of adopting bitcoin and creating several ATMs. bitcoin for transactions.but if you have installed several bitcoin ATMs in the office while in Mexico, of course it can indirectly have a positive impact on bitcoin

[slaman29]

Not so much about being 3rd world countries but about the way they do it, and the motivations behind it. These are highly corrupt countries with a lot of inequality and mismanagement of economies, and even leaders who have terrible human rights abuses. And we love to prop them up as role models and example of Bitcoin when they are just running the next scam to rob their people which happens to be Bitcoin.

It is not even about Chivo wallet man

We do not need the government to tell us whether to make use of Bitcoin or not, and even if I was living in one of these countries, I wouldn’t make use of a cryptocurrency wallet that is being issued by the government. I would prefer to make use of another cryptocurrency wallet mostly the ones that are decentralized are not controlled by any institution.

If you are making use of a wallet that is owned by the government, or any centralized  institution, they would be able to control your funds and even be able to freeze your account whenever they want. So it’s best to just avoid all these people if you do not want any problem with them in the future.

That's my whole point that it's not even about Chivo or whatever wallet. Gotta pay attention to what I'm saying man haha.

It's about fixing actual issues and problems in the economy and what makes people suffer in the country. I love Bitcoin but it's kind of a slap in the face of the people who need and want real change in their lives. Giving them $30 (or whatever) in BTC and asking them to get it from a Chivo machine is not very respectful to their problems at hand, I feel.

[wiss19]

All these push to make Bitcoin a legal tender doesn’t seem necessary to me. If they will be able to accept Bitcoin as an asset, I believe that would be good enough, because even as an asset people would be able to make use of it freely without any form of restrictions from the government (maybe to an extent).

It’s not a must that Bitcoin would be a legal tender, it can continue to be an asset as it is now, but what is more important that there shouldn’t be any form of restriction against it. The main focus should be on countries that have banned cryptocurrency, if it would be possible that their government will lift the ban and allow their citizens to have access to it, that would be good.

[Ziskinberg]

All these push to make Bitcoin a legal tender doesn’t seem necessary to me. If they will be able to accept Bitcoin as an asset, I believe that would be good enough, because even as an asset people would be able to make use of it freely without any form of restrictions from the government (maybe to an extent).

I'd presume they don't look at Bitcoin as an asset but they likely consider it as a form of payment.
Adoption may not work exactly as we think, sometime or very often that it takes time before people will realize how it was beneficial to everyone. It can be said that some are opposing it, however, giving to the extent of continuing pushing it to installation helps to change their minds, and instead of opposing it, support seems to work.