BITCOIN ATM in the DR

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chic

Silver
Nov 20, 2013
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wow do i lose ant value or pay a fee for the exchange....and is it taken at the nite clubs???
 
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Derfish

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Jan 7, 2016
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GuillermoRamon said:
Based on the fact its price has been trending up, its also a simple way to make a few bucks by buying some and sitting on them. I already posted a list of businesses that already accept them, I am sure that list will grow in time, not exponentially, but I don't see them going away...
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It trends up and then back down, so you are taking a chance, the same as with silver or gold.
 
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Expat13

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Jun 7, 2008
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Mauricio

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Nov 18, 2002
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dv8 said:
i thought it would be interesting to post a little update on bitcoin in DR. listin diario reports today that 10 to 15 people a day use bitcoin ATM in the mall on maximo gomez. they also say there are four of those in the country, two in SD, one in boca chica and one in punta cana.
http://www.listindiario.com/economia/2017/07/05/472753/usuarios-operan-cajeros-bitcoin
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A bitcoin ATM in a tattoo shop....and in Villa Juana....I'll wait when it appears somewhere more confidence inspiring.
 
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GuillermoRamon

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Jul 28, 2014
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Bitcoin ATMs are good for a couple reasons, mainly security and for those not particularly interested in dealing with banks. Either of those reasons can be viewed as good or bad, for those semi computer literate, you probably know that "generally speaking" Bitcoin is the currency of the hacking/internet underbelly.

There are other cyber currencies available, Bitcoin is just the most established and now with the availability of these ATM's pretty much worldwide, it makes it easy for people to get outta Dodge, and go somewhere else, get money, and not be tracked "By the man".
 
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ExDR

Member
Jul 31, 2014
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chic said:
so explain it...i take 500$us and buy how many bits of it??? whats the comm...fees etc.... then when i have it where can i spend it???
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I think the Bitcoin rate is 1-$1700. So a DR's sending money would have to send fractions of a Bitcoin. lol
 
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ExDR

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Jul 31, 2014
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windeguy said:
I never meant to suggest that bitcoin fraud was a fear of governments. If there is a way to commit fraud with bitcoin, you can rest assured someone on this island will figure out how to do it.
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It's the preferred currency of the dark web. Yes, it's mostly used for illegal purchases and hiding money.
 
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Natu

Member
Jan 20, 2013
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I laugh at people talking about Bitcoin not being backed by anything, when only a small amount of dollars, pounds and euros in the world exist in physical cash. Economists estimate that only 8% of all currency in the world exists in physical form, so we can say that 92% of the money in the world is backed by nothing.. Only exists in a database and can be erased at any moment causing a world catastrophe.

Also, the amount of debt in the world largely exceeds the total amount of money that exists in the world, both physical and digital. So yeah, that's another issue.
 
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GuillermoRamon

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Jul 28, 2014
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Natu said:
Economists estimate that only 8% of all currency in the world exists in physical form, so we can say that 92% of the money in the world is backed by nothing.. .
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When you say backed, are you referring to the "gold standard"? If so, if you think about it simply, if you are to say as a country, Well, I can print "X" dollars, because I have it "backed up" in gold, what happens when the price of gold dives, do they start shredding money they issued because it no longer "matches"?

There are many factors as to what puts "value" on a currency, have a read below:
https://99bitcoins.com/what-is-bitcoin-backed-by/
 
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