Two-way Bitcoin ATMs are a lot less common than many people think. The purpose of such machines is to not only let people buy Bitcoin with cash, but also accept Bitcoin payments and return cash to customers. About 200 of these two-way machines will be making their way to Argentina next month. This is a major development for the cryptocurrency industry as a whole.
More Bitcoin Functionality in Argentina
Bitcoin and other cryptocurrencies have been received rather warmly in Argentina. The country is home to a growing cryptocurrency and blockchain community. Given the financial struggles plaguing this Latin American country, it is only normal that consumers and business would start to look for alternative financial tools. Bitcoin and certain altcoins make a lot of sense, as they are not controlled by any central bank.
That said, obtaining cryptocurrency with cash can sometimes be a bit difficult. Bitcoin ATMs are a welcome solution since they let anyone buy cryptocurrency with cash in a convenient manner. It appears between 200 and 250 of these teller machines will be installed in Argentina between now and the end of October. Given the popularity of Bitcoin ATMs worldwide, it is not entirely surprising to see such a major effort in Argentina. However, it does not often happen that hundreds of these machines are brought online in such quick succession.
Odyssey Group is the company behind this latest initiative. The group has announced it will maintain these Bitcoin teller machines, which will support Ethereum and Litecoin transactions as well. It appears two-way support will be made available for all three cryptocurrencies from the start. More altcoins may be supported at a later time, depending on how the local communities respond to these machines over the coming months.
Stated Odyssey Group’s CEO, Sebastian Ponceliz:
“Our company transfers technology outside the United States. The Octagon platform, allows to communicate with the transactional port of each country and in that way, to manage the bidirectional ATMs. Octagon, allows the ATM user to obtain cash, exchange cryptocurrencies, obtain microcredits, transfer money and many other functions through electronic wallets. Octagon is the first global platform integrating fintech solutions, cryptocurrencies, and cash, of direct contact with the human being, facilitating the movement of foreign exchange, the commerce and the reduction of the transactional costs.”
Based on the information we received, the cryptocurrency ATMs will be installed in Buenos Aires, Jujuy, and Córdoba. Odyssey Group is apparently also in talks with central banks of other Latin American countries to expand its ATM network to other countries including Chile, Paraguay, Colombia, and Mexico. Argentina is evidently the number one priority for now, thanks to a recent change in the law allowing private entrepreneurs to perform ATM installations.
All things considered, it is good to see more two-way cryptocurrency ATMs in the world. The vast majority of these devices only allow users to convert cash to cryptocurrency. However, there is also a growing demand for services in the other direction. Argentina may very well set a new trend for the rest of the world in this regard. It is an interesting development that may bring some positive financial vibes to this Latin American country moving forward.