BITCOIN ATM in the DR

PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
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HomeNewsCrypto NewsDominican Republic Sees First Bitcoin ATM In Santa Domingo
Dominican Republic Sees First Bitcoin ATM In Santa Domingo JP Buntinx April 20, 2016 Crypto News, News No Comments TheMerkle_Dominican Republic


The Dominican Republic is not a place most people would associate with Bitcoin and cryptocurrency, but that situation will be coming to change very soon. The very first Bitcoin ATM has been installed in the country, located in Santa Domingo.




It has been coming for quite a long time, but the Dominican Republic has finally received their first Bitcoin ATM. This will help put cryptocurrency on the map in the region for sure, as there is a growing demand for Bitcoin in the area. This machine will help users acquire Bitcoin more conveniently.

It is also worth noting the Bitcoin ATM is a Lamassu machine, which means it could be opened up to Ethereum users at a later stage. Device manufacturers are focusing on improving the software side associated with using a Bitcoin ATM, and new features will be coming in the future. In fact, some companies are actively considering adding a remittance solution to these devices in the coming months.

Placing the Bitcoin ATM in the city of Santo Domingo is a smart decision, as capital cities attract a lot of foot traffic on a daily basis. Considering how the machine is located at the WTS Travel offices in Santa Domingo, users will have plenty of opportunities to check out the Bitcoin ATM and make use of its services.

As mentioned before, this Dominican Republic Bitcoin ATM can only be used to purchase Bitcoin, rather than convert it to local currency as well. The fees charged range anywhere from 6% to 8% above the BitPay Bitcoin price, which is in line with most other ATM solutions all over the world. Operating such a device is not cheap, and the owners have to make a bit of money somehow.

What is of particular interest is how the Lamassu Bitcoin ATM in the Dominican Republic has no limits regarding how much Bitcoin one can purchase at any given time. Moreover, there is an opportunity for the operators to add two-way Bitcoin support at a later date since the machine has the built-in capability of buying cryptocurrency as well.

Source: CoinATMRadar

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Images credit 1,2

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http://themerkle.com/dominican-republic-sees-first-bitcoin-atm-in-santa-domingo/
 
melphis

melphis

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Apr 18, 2013
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I guess if you want to buy a currency that has no backing from any credible financial institution you could take a chance. Personally I would take the stack of dollars, pounds, pesos or whatever and have a nice fire. At least you would see where your money went and maybe cook a hotdog on the embers at the same time.
 
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fuchs4d

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Mar 7, 2004
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melphis said:
a currency that has no backing from any credible financial institution
Click to expand...

I am not aware of such a currency.

Bitcoins valuation against all Fiat money constantly raised so far.
No political manipulation, no transaction fees, transaction time in seconds and not days.

As soon as the ATMs pays out Pesos for Bitcoins the virtual currency could be an alternative to Western Union.
Demand is there from the many dominican expats supporting their families.


Alexander
 
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the gorgon

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Sep 16, 2010
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fuchs4d said:
I am not aware of such a currency.

Bitcoins valuation against all Fiat money constantly raised so far.
No political manipulation, no transaction fees, transaction time in seconds and not days.

As soon as the ATMs pays out Pesos for Bitcoins the virtual currency could be an alternative to Western Union.
Demand is there from the many dominican expats supporting their families.


Alexander
Click to expand...

really...the only thing in demand among the Dominican expats is the dollar. i bet if you stop 100 Dominican expats in NYC and asked them about bitcoin, not one would know jack about it.
 
C

chic

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Nov 20, 2013
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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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fuchs4d

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Mar 7, 2004
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the gorgon said:
...the only thing in demand among the Dominican expats is the dollar. i bet if you stop 100 Dominican expats in NYC and asked them about bitcoin, not one would know jack about it.
Click to expand...

Food in colmados is paid in DOP.
If the machines pay out DOP (Pesos) and transaction fees are fewer than Western Union, word of mouth will spread the news in record time.
Smartphones capabable of handling the electronic wallet application start at USD 50,-.
The bitcoin wallet applications can be used even by the average dominican user.
Also it is way faster than Western Union and less complicated.
Easier for the sender.
Receiver has to live nearer to the next Bitcoin machine than to the next Western Union agent.
This is the biggest handicap.

As long as the machines do not pay out money for Bitcoins these are just thoughts.

Think we have to get rid of the banking system and to take away control over money in circulation from administrations.
Printing money without adding economic trade volume is stealing money from the population because of devaluation in my opinion.
A little step in the right direction.


Alexander
 
R

ramesses

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Jun 17, 2005
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It's always about advanced things....meanwhile the basics are corrupt and unfulfilled.
 
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playacaribe2

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Jan 9, 2004
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This must be Pichardo's long awaited and highly anticipated beginning of e-currency for the Dominican Republic.

However, this particular machine, even for those who believe in crypto currency, is currently one way.

Meaning that you can insert pesos only and receive digital Bitcoin (there is no coin/paper currency).

That Bitcoin will be placed in your digital wallet.

You can use your Bitcoin digital currency at/with any user that accepts Bitcoin (good luck in the DR).

It's value fluctuates, sometimes wildly, and hardly qualifies as stable. How unstable? More unstable than the DOP which has at least a mostly orderly decline over the last 40 years from 1:1 to the Dollar to its present 45.6:1. The value of Bitcoin, against the Dollar for a two year period, has been as high as 1:1100 to its present value of 443:1 today. Given that, it hardly qualifies as stable.

The real value of a currency is the perceived value of what and who is backing it up. After all, money today is mere paper, nothing more, nothing less.

And that leads to who/what is backing up this currency?.....and no one really knows....it merely exists. Further, what is to prevent the currency from being hacked and your digital account wiped out. There are no guarantors that I am aware of.

Finally, there are also virtual competitors. The ETH (Ethereum mentioned in the article) is also another of those virtual currencies created by....no one knows.

Its biggest benefit in the DR might be to money launderers who can convert pesos to bitcoin and then sell those bitcoin internationally for other currencies. It might even prove to be a better alternative than buying all those cars and all that heavy equipment that sit for sale and all those vacant Torres in the DR.

Digital currency may have a time and place in the future of world finance ....but now is not the time and Santo Domingo is definitely not the place.


Respectfully,
Playacaribe2
 
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Cdn_Gringo

Cdn_Gringo

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I would say that most of those who make use of crypto-currencies know full well what it is and how it can be used. Bitcoin was never intended to be a medium of currency exchange. While the value does fluctuate and speculation can pay big dividends in some cases, the underlying anonymity is the major allure.

It's not yet "super easy" for anyone who can't figure out a smartphone to use, it's not widely accepted at concrete and mortar stores and there have been cases where the integrity of the storage system has been abused.

If and when this type of currency gains sufficient popularity, converting digital currently to hard currency won't be a problem. You would simply transfer the desired amount to the cambio of one's choice and be paid in pesos or dollars or baht.

Crypto-currency ATMs spitting out paper money I suspect is a long way off. Most who use bitcoin generally want to keep and use their money in that format. These ATMs are intended to be an easier way to obtain bitcoins not get rid of them.
 
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Derfish

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Jan 7, 2016
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the gorgon said:
really...the only thing in demand among the Dominican expats is the dollar. i bet if you stop 100 Dominican expats in NYC and asked them about bitcoin, not one would know jack about it.
Click to expand...

Ask 100 Americans walking down the street in Memphis, or Miami or Minneapolis, and you won't find 10 that have ever heard of it and less than one who understands the idea.
 
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windeguy

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Jul 10, 2004
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I understand after reading the above that this ATM is for buying bitcoin.

One of my banks in the US recently told me they no longer allow the use of their regular ATM cards in the DR because of the massive fraud here in the DR.
 
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Derfish

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Jan 7, 2016
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windeguy said:
I understand after reading the above that this ATM is for buying bitcoin.

One of my banks in the US recently told me they no longer allow the use of their regular ATM cards in the DR because of the massive fraud here in the DR.
Click to expand...

I had to change banks a couple of years ago because mine no longer allowed withdrawals of cash in Libya, Vietnam, nor the DR.
Der Fish
 
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windeguy

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Jul 10, 2004
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Derfish said:
I had to change banks a couple of years ago because mine no longer allowed withdrawals of cash in Libya, Vietnam, nor the DR.
Der Fish
Click to expand...

I am sure there are many who will not wish to be a part of any e-currency plans here in the DR. Imagine how much fraud there will be.
 
B

Blueceo

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Nov 1, 2015
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There is another negative aspect to the bitcoin that everyone may not be aware of. The IRS in the US views bitcoins not as money but as a commodity similar to gold or silver. So, when you buy your bitcoins with dollars the price you pay is your basis. If you then use them to buy something in the future and the price of bitcoins has gone up in comparison to the dollar then you will have to report the gain in value and pay tax on that gain (assuming you are doing everything 100% by the law... lol)
 
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fuchs4d

Active member
Mar 7, 2004
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windeguy said:
I am sure there are many who will not wish to be a part of any e-currency plans here in the DR. Imagine how much fraud there will be.
Click to expand...

The transaction history of each Bitcoin is trackable since its existence, unlike with paper money.

I do not see how the use of Bitcoin permits more fraud than the use of paper money.
Bitcoins have advantages and disadvantages, as have paper money, money transactions, exchange of cigarettes, rum, gold etc.

I see it as an additional commodity suitable to exchange goods and services.
We have the choice.

Interesting question is what administrations restricting the use of virtual currencies are exactly afraid of.
It is not the fear that Bitcoins enable more fraud in my opinion, but the fear of loss of power by printing money.

Again, printing money is like stealing and virtual currencies, like gold, do not allow theft by increasing the volume of money in circulation.
Also widespread use of a currency like Bitcoins in combination with crowdfunding put the right to exist of the banking system in question.
This are the real reason administration hate virtual currencies, in my opinion.


Alexander
 
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