A Cryptocurrency ATM Has Opened Up In Honduras

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Cryptocurrency is claimed to be the future currency of the world. It has even been said that in the course of the next five to ten years, cryptocurrency will replace the dollar. This being said, the potential and possibilities associated with crypto cannot be overlooked. People are shifting towards this form of digital money to secure their future as in the near future, most, if not all, of the dealings, will be made in crypto.

There are developments being made to enable the flow of cryptocurrency. Recently in Honduras, a cryptocurrency ATM was just introduced for the first time there. This was made possible by the fact that El Salvador, the neighboring region, became the first country to make bitcoin a legal tender.

The machine was placed in an important building of the capital, Tegucigalpa by Honduran firm TGU Consulting Group. The machine is being called “la bitcoinera” and can be used to get bitcoin and Ethereum in return for local lempira currency.

Before this precedent was set, there was no option for people to have access to digital currency like this. Some people did not even know the process to get into this business. “You had to do it peer-to-peer, look for someone who … was willing to do it, meet in person and carry X amount of cash, which is very inconvenient and dangerous given the environment in Honduras,” the Chief Executive of TGU stated.

On Friday when the ATM was launched, ethereum was trading at $3,237, and bitcoin; $48,140. If the demand increases, more units will be placed as well. In order to perform a trade, the person has to provide identification details and personal data and can then purchase cryptocurrency by using lempira. The software involved is also paid in crypto. The region is moving towards more use of bitcoin and crypto. This is why the infrastructure is being developed so the system can be enabled.

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