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 Santo Domingo.
The First Dominican Republic Bitcoin ATM
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 Santo 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.
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