El Salvador expected to default as Bitcoin plummets

Re:El Salvador expected to default as Bitcoin plummets by WA on Wednesday May 11, 2022 @09:42AM (#31339808)

And the crypto bros conveniently ignore that you can’t easily exchange your BTC for actual cash to buy real things without an exchange or a bank account.

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Re:El Salvador expected to default as Bitcoin plummets by neonihil on Wednesday May 11, 2022 @10:04AM (#31340096)

Except for conveniently using one of the ~40,000 crytpo ATMs that are already installed globally.

https://coinatmradar.com/

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Re:El Salvador expected to default as Bitcoin plummets by VWWHFSfQ on Wednesday May 11, 2022 @10:09AM (#31340166)

40,000 is a microscopic number and 95% of them are in USA and Canada.

The countries that could make most use of these crypto ATMs have no access to them.

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Re:El Salvador expected to default as Bitcoin plummets by neonihil on Wednesday May 11, 2022 @10:24AM (#31340395)

El Salvador has more than 2000 of them. If people want to cash out BTC, they can. No network access or exchange needed.

https://coinatmradar.com/country/64/bitcoin-atm-el-salvador/

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Re:El Salvador expected to default as Bitcoin plummets by otterley on Wednesday May 11, 2022 @10:34AM (#31340542)

How much do they charge for this service? How quickly do they perform the transaction vs. a typical ATM?

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Re:El Salvador expected to default as Bitcoin plummets by andrewshadura on Wednesday May 11, 2022 @11:04AM (#31341022)

A lot! I tried them a couple of times just for fun, the exchange rates were horrible.

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Re:El Salvador expected to default as Bitcoin plummets by grayfaced on Wednesday May 11, 2022 @10:44AM (#31340684)

Is that actually realistic? I clicked through Ukraine and couldn't find an ATM to sell BTC. Crypto requires the same assumptions of stability once you want to turn it into something real.

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