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As Venezuela Finally gets A Crypto ATM, How Needed Are They?

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One pleasing thing to see for cryptocurrency believers and adopters is a cryptocurrency ATM sitting proudly in the middle of the real world – a tangible presence of Bitcoin and other cryptocurrencies. 

These ATMs have been cropping up across the world, seen as a sign of normalization and adoption, as well as a statement that Bitcoin is building. However, their success is yet to be soundly proven as the digital currency is easier and far more available online. 

However, in an area like Venezuela, where Bitcoin and other cryptocurrencies are starting to be seen as necessary in a failing economy, an ATM has finally cropped up, according to data by Coin ATM Radar.

The ATM was installed on earlier this week in the city of San Antonio del Táchira. Latin American firm Panda BTM is said to have installed the Bitcoin ATM inside a small convenience store, called Viajes e Inversiones HC. The machine supports cryptocurrencies such as Bitcoin Bitcoin Cash, and DASH, as well as the fiat currency of Venezuela and Colombian pesos.

It seems odd that there has not been a bigger drive to get these digital cash ATMs up and running in Venezuela, a country that continues to fall apart in regards to its economy. These ATMs would provide an additional avenue for citizens to have access to this alternative monetary system. 

More so, the popularity of these ATMs is skyrocketing in neighboring Colombia. It is reported that Colombia leads the way in terms of cryptocurrency ATMs.

That being said, Venezuela has had a few attempts at getting a cryptocurrency ATM up and running in the past. Other firms have tried but seemingly failed, in launching an ATM, such as Cryptobuyer, whose machine never took off for undisclosed reasons.

Since 2013, the number of cryptocurrency ATMs has reached more than 5,400, a staggering figure given the way digital assets have made their way into the mainstream, but more so, given the fact that the currency is entirely digital and can be bought and sold on a smartphone.

Yet, they do allow for people to purchase cryptocurrencies with debit or credit cards easily, and with more regulations. There is also more in the way of anonymity for buyers of cryptocurrency through these ATMs.

Darryn Pollock
Darryn has been interested in the blockchain and cryptocurrency space since he heard about Bitcoin in 2015. He then decided to use his journalism degree to report on this fascinating fintech space in 2016, and has not looked back since.

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1 Comment

  1. They are not ATM you can’t withdraw paper Fiat from them .. they are crypto vending machines … And it is Colombia. With two O .. I suppose it is hard to pronounce for you .

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