Cryptobuyer to Install First Bitcoin ATM in Costa Rica

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Cryptobuyer, a Venezuelan company based in Panama, has announced that it will soon install a Bitcoin ATM in Costa Rica, the first ATM of its kind in the jurisdiction. The exact location has not yet been determined, but the company says that it is going to be a one-way Bitcoin ATM.

First Bitcoin ATM in Costa Rica

Cryptobuyer says that it will install the Bitcoin ATM by the end of September, but is still hunting for an ideal location in Costa Rica. Since the machine will be one way, people can only use it to get bitcoins for their fiat currencies. Currently, there are only six such ATMs in Latin America.

According to a Bitcoin Magazine report of 2014, MBTC Corporation, a company based in Costa Rica, had announced plans that year to launch the very first bitcoin ATM in Costa Rica. But the company hadn’t installed any ATM. The official website of Mundo Bitcoin, the parent company of MBTC, bears the message that the site is under construction. It also features a copyright notice dated 2014 – 15, indicating that the company hasn’t enjoyed much success. And now, Cryptobuyer has turned out to be the second company to announce similar plans.

About Cryptobuyer

As a bitcoin brokerage company, Cryptobuyer wants to provide better access to cryptocurrency technology and Bitcoin in Latin America. Denar Capital, a venture capital fund, is providing the required funds to Cryptobuyer, which says that it is closely associated with Bitcoin Foundation of Venezuela.

Earlier in 2017, the company launched two bitcoin ATMs in Panama City, at the main offices of the Banismo Bank. On that occasion, it revealed its plans to expand into markets such as Brazil, Chile, and Costa Rica.

Home of Online Gambling Companies

Costa Rica is the home of several gambling operators who accept deposits in bitcoins. However, it does not have a very well-developed cryptocurrency community mainly because of the failure of its government to frame clear cut regulations about cryptocurrencies. At the same time, data regarding local bitcoin trade is not available.

In spite of this state of affairs, Costa Rica is a haven for bitcoin online casinos because of its highly favorable tax laws. Some of the bitcoin online gambling companies based in Costa Rica are Bitdice, Breakout Gaming Group, and a BetKing subsidiary, which will be soon launched.

Bitcoin and other cryptocurrencies are slowly gaining popularity because more people have heard about them and understood how they work. Using bitcoin is very convenient and secure as bitcoin works on the blockchain technology and maintains protocols to keep transactions safe and secure.

How to Use the Bitcoin ATM

To use the bitcoin ATM, consumers need to install and configure a bitcoin wallet on their smartphone. Whenever bitcoin users gain access to their wallet, they will see a QR code, which the ATM will scan. Users will have to input the fiat currency value of the bitcoins they would like to purchase. The wallet balance will be updated in just a few seconds after users receive their money.