Cryptographic ATMs in Latin America
With the rise of cryptocurrencies, these devices had an inevitable evolution, allowing operations with various digital currencies, with Bitcoin being the most in demand.
They became popular very quickly, this because these machines facilitate the understanding of transactions with BTC and other cryptocurrencies.
Perhaps one of the factors driving the increase in demand and the popularity of cryptographic ATMs is the implementation of stricter regulatory policies by international organizations such as the G20, FATF, and the same cryptocurrency exchange companies with the reinforcement of its KYC (Know Your Client) policies who are making greater efforts to combat fraud, money laundering and support for terrorism.
According to a report published by ValueWalk, the number of Bitcoin ATMs worldwide has exceeded 4,000 and the market continues to grow rapidly.
This phenomenon is particularly interesting in Latin America.
Although most of Bitcoin's ATMs are currently in North America, the demand of Latin American markets is growing at a dizzying pace.
Users in emerging markets such as Colombia and Venezuela, find in cryptocurrencies a way to protect their capital from financial and political insecurity.
With the use of cryptographic ATMs these transactions have become an everyday occurrence.
Curiosity
In the US, customers of cryptographic ATMs usually use them to buy Bitcoins, but in Colombia, for example, it is the other way around, people use the ATM to withdraw cash.
But, what are the countries in Latin America that have Bitcoin ATMs?
Colombia, Mexico and the Dominican Republic are the Latin American countries with the largest number of Bitcoin ATMs.
Regional Ranking according to the CoinATMRadar portal:
- Colombia: 40 ATMs
- Mexico and the Dominican Republic: 12 ATMs each.
- Argentina and Panama: 10 ATMs each.
- Chile and Ecuador: 3 ATMs each.
- Peru and Costa Rica: 2 ATMs each.
- Brazil: 1 Cashier.
Colombia
In 2018 the ATM company installed a total of 25 cryptoactive ATMs in the Colombian territory located in the cities of Medellín, Barranquilla, Cali, Pereira, la Hormiga and Bogotá. The company Athena Bitcoin operates 19 of these ATMs.
Map of cryptocurrency ATMs in Colombia. Source: CoinATMRadar
In the capital of Colombia there are a total of 15 ATMs (14 of which are operated by Athena Bitcoin) located in various shopping centers in the city. After Bogotá, Medellin is located, with 5 ATMs; Cali with 4; and Pereira, Barranquilla and La Hormiga, with one each.
Colombia - Venezuela
Image Source
Transactions with digital currencies in VENEZUELA have allowed residents to cope with the difficult economic situation they currently experience, since due to the hyperinflationary process that affects the local currency and the difficulty of accessing foreign currency through official mechanisms, people They have chosen to invest in cryptocurrencies to protect their purchasing power and support their basic needs. For this reason the cashier was received very positively among the migrants, since they can sell the BTC to obtain Colombian pesos.
According to data published by the portal Coindance, Venezuela is listed as the country with the largest volume of commercial operations in the region through LocalBitcoins platform that connects buyers and sellers allowing the exchange keeping assets safe.
How Does a Bitcoin ATM Work?
This is how they work: For the same security that manages this digital economy system, withdrawing these values is not easy.
To acquire cryptocurrencies:
- You must write your ID number in the cashier; When you register it, it will send a code to your cell phone by means of a text message and this will go through a verification process.
- You must select the type of digital currency you want to buy (Bitcoin, litecoin ...). If you already have a virtual wallet, select the option to scan QR code and if you do not have one, you can create a paper one.
- Finally, insert the money in the slot and finish the process. Your virtual coins will arrive in your wallet and the cashier will give you a receipt with the details of your transaction.
If your intention is to withdraw fiduciary money:
- You must select the general weight range to be removed, enter your identification number and place the code that arrives at your device; This part is the same procedure of the purchase step.
- After verification, choose the digital currency to be sold and scan from your wallet the QR code that the ATM will ask for. Then choose the exact amount to send and make it.
- When the confirmation arrives, select redeem and enter the bonus code that is printed on the receipt and you will have your money.
It should be remembered that for each transaction, the machine charges a commission of 10%. Also, if you are new using these machines, you must create a profile; The cashier will ask you to register your ID number and a photograph of your faces.
Conclusion
In summary we can say that cryptocurrencies came to stay. Every day they are taking terrain in the most daily aspects of our lives. Perhaps even the use of a cryptographic ATM is somewhat complicated for some of us, but with the level of technological evolution we experience, this process will soon be easier and more common for all.
The adoption of cryptography is stimulated with these initiatives. The idea is that we are all possessors of cryptocurrencies and we can safeguard our capital away from the centralized processes that have dominated financial operations so far. Government controls on banks are paled by the operational freedom provided by the cryptographic world.
What do you think? Are cryptographic ATMs good?
Have you ever used one?
How was your experience?
I would like very much to know your opinion about it
@juanmolina
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Brother @juanmolina, thank you for the invitation to read this magnificent work. Congratulations!
Certainly, as you expressed in your publication, "the crypto-nomads came to stay" and with each news item like this we realize that the common people and the investors continue to trust in crypto, that their progress seems unstoppable.
We need even more educational campaigns regarding the blockchain to encourage and increase its use and the confidence of the people.
Blessings, great article.
I think we would like some of these ATMs here in Venezuela, do not you think so, my dear friend?
Thanks for invitation to Your post my friend...
To be honest it shows how cryptocurrency mostly Bitcoin are popular.
Latin America and currencies using there have realy low worth. That's why people from these countries want to buy some Bitcoin in my opinion 😉.
Thanks for Your article
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@ragnar94 you said "Latin America and currencies using there have realy (sic) low worth."
Oh please. You're making sweeping generalisations about 639,000,000 people in 20 different countries and 13 dependencies.
I'm struggling to find a way to describe this sort of comment without being equally insulting.
The worst thing about everything, specifically in Venezuela, is that the value falls daily. That is, the currency is devalued daily. Then taking our acpital and converting it immediately to crypto is a way to protect it.
The director of the firm Athena Bitcoin, said that the machine installed in the Colombian city of Cucuta, is a "help" for Venezuelans who cross the border to the coffee nation.
Uh yeah, no. 10% is highway robbery. This is another example of people in desperate circumstances being shamelessly ripped off by corporations. As such, it represents the very worst of predatory capitalism.
On top of this, using one's phone for financial transactions is a serious security risk, given that all mobile devices are inherently less secure than a PC. Overall, I personally would never consider using an ATM setup of this type, even if they were available here in Argentina.
My regards, brother.
What strong words!
I do not know the fact that scams have occurred regarding the use of these ATMs. What I can tell you is that many migrants have benefited. Since they do not have to travel carrying dollars in cash and exposing themselves to road robberies, which are so abundant in my country.
Thanks for your valuable comment dear friend.
@juanmolina - I do not doubt that what you say is true, but with all due respect, I think you are missing the point. I have said that 10% is a ripoff, and you have said that it's their best option; these two statements are not mutually exclusive. When the system is rigged, we are often forced to settle for the lesser of two evils, but that lesser evil is still evil.
I know a lot of Venezolanos here in Buenos Aires, most of whom are working their asses off for shit wages. The fact that working for shit wages is better than starving doesn't change the fact that they are being ruthlessly exploited.
As for strong words, yes, I know. I'm working seven days a week, haven't had a day off since early February, and I'm feeling somewhat cantankerous. But hey, you asked me to read your article and comment. I read it, upvoted it, and left a lengthy and thoughtful comment.
So far they are the only suppliers and can manage the price at that level. I hope that more adoption bring more competition, in some way that could help to reduce this fee.
Well as far I know. Probably I'm missing if there are competition.
Long time no see, dear @JuanMolina,
I do find it a very clear sign of crypto currency reaching to a broader number of people, still, me the banks and cellphones don't go along well, and after verifying that the only 3 bitcoin atm's in Portugal are located in the the three major cities that will remain intact after the mining that will destroy more than 70~80% of the country in the next ~5 Years, I don't find it at least here a good sign..But there are places where it is helping a lot of people and that is good!It's also good to see more people starting to understand how it works and how to achieve a bit more of freedom..I really can't say much more about it, there are a lot of variables I don't understand yet, so let's just wait and see ;)..Meanwhile, have an awesome day, cheers,Cy
Hello dear friend @cyberspacegod.
Thank you for that warm greeting, you are very kind.
This looks like a dark panorama. Apparently in Colombia the acceptance is quite positive and the effect of the cashiers has been beneficial for many people.
Thanks for reading and commenting.
Dear @juanmolina I would like to add to this discussion by saying that crypto ATM's provide the last mile connectivity.
There are a must but if you look at the crypto ATM density per 1000 people it is still very low.
So they need to grow at a much faster pace
Hello dear friend of mine, @thetimetravelerz.
Thank you for contributing knowledge to this discussion.
I agree with you.
We should also evaluate the proportional relationship of people with knowledge and access to crypto. Surely we will find an incredibly low rate.
Hello, my friend!
I think it's excellent that there are ATMs here in Latin America where you can exchange crypto. I think that in the future we will no longer need to carry money (fiat) with us. Surely, future generations will ask their parents what was fiat!
And this way, we can go anywhere in the world and our money won't have any problems to be used.
Thanks for sharing
Una buena herramienta para los habitantes del Táchira para cuidarse de la inflación. Aunque 10% de comisión es fuerte...
Ciertamente.
También considero que 10% es demasiado.
Gracias por acercarte hermano!
This is clearly showing the growing popularity of cryptos! The growing demand is just a way to the scenario we are going to witness in the future.
Thanks for comment!
In the Philippines it is reported that a few bitcoin atms have been put up since 2016.
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My regards, brother @guruvaj!
Are These Bitcoin? Do you know which company installs these?
Certain bank, UnionBank.
But is located in capital Manila.
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Thank you friend!
You´re so kind.