Last Updated on December 23, 2021
Somebody asked, why are there bitcoin ATMs when transactions are 1-1 through an app on your phone?
ATMs in El Salvador are used to turn cash to bitcoin, or (more commonly) to send and receive money from abroad. 24% of EL Salvador’s GDP is remittances from abroad.
Part of the El Salvador bitcoin plan is to increase the amount of money inward, by removing third parties such as Western Union, that can charge up to 50% of the amount wired.