50 “Chivo” ATMs installed in the United States to send remittances in bitcoins to El Salvador

Photo: MARVIN RECINOS / AFP / Getty Images

Since last September 7, many Salvadorans celebrated the entry into force of the legal course of Bitcoin throughout the country. This not only allows the inhabitants of El Salvador to use digital currency, but from the United States can also send remittances in crypto, through the 50 ATMs installed in different American cities.

Los Angeles, San Francisco, Doral , Atlanta, Chicago, El Paso, Dallas, Houston, Laredo and McAllen, are the cities where you can now make transactions with bitcoins at the “goat” ATMs, name that also has the official wallet promoted by Najib Bukele for handling bitcoins, the “Chivo wallet”.

At the same time, In June an American company began installing bitcoin ATMs in various places in El Salvador. The first installation phase comprised a total of 14 ATM.

YES well in El Salvador, They have seen long lines at Chivo ATM bitcoins, in the United States the case has been different. In a work done by Noticias was able to learn that there are many doubts regarding the use of cryptocurrencies and these ATMs.

The first thing you should know is that through ATMs, you can buy bitcoins and send them as remittances to relatives in El Salvador, who from the Central American country can use it or exchange it through the goat wallet promoted by the government.

How Chivo ATMs work

1. Register: The first thing you should do is register in the “Chivo Wallet ”, with telephone number, identity document, personal data. You will then need to create a six-digit PIN number. And your ID will be validated with a selfie and your ID. Once this is validated, the first thing you will receive is the bonus offered by the Bukele government of $ 30 Dollars.
2. Buy Bitcoins : At the ATM you will select the option “recharge “; then you will enter the phone number to receive a code by text message; enter the confirmation code and it will ask you to scan the QR code of the Chivo Wallet; then the amount of money in dollars that is equivalent to your purchase of bitcoins will enter the ATM; you confirm the transaction and you will have bought bitcoins.
3. Change bitcoins to dollars: Once in front of the ATM, you will select the option “cash withdrawal “; They will ask you for a telephone number and country of residence; you will receive a confirmation code on the phone and enter it at the ATM; the cashier will ask what amount you want to withdraw, it must be in multiples of 10; then you go on to scan the QR code and specify the amount of bitcoins you want to exchange; the cashier will deduct that amount of bitcoins from the Chivo Wallet and will immediately supply you with dollars in cash.

The procedure is quite simple, as long as you have the tools to use it: a mobile phone, the Chivo digital wallet; and the rest is to have the money to start buying bitcoins and to exchange or vice versa.

Until now, The Salvadoran government has indicated that more than 2 million people have downloaded the digital wallet and registered to receive the bitcoin bonus. This was announced by the Salvadoran President Najib Bukele himself on his social networks.

Therefore, it is estimated that the government has had to disburse for the bond, between $ 60 and $ 80 million dollars, however, no entity government has pronounced a figure. However, it was known that many Salvadorans downloaded the digital wallet to obtain the bonus and then stopped using it .

For these reasons, of “expense” Many Salvadorans have not been in favor of the use of bitcoin as official currency, and since its announcement there have been countless protests against this new law , including the burning of Chivo ATMs have arisen.

For President Bukele there is a lot of ignorance about it and he has used his social networks to, ironically, communicate with Salvadorans.