As El Salvador’s Bitcoin Law has now passed, it’s very important for there to be a way that is easy for individuals to purchase bitcoin as it will be used as legal tender. Because as much as 70% of El Salvador’s citizens are unbanked, they will have to use an alternative from the traditional banking industry to purchase their bitcoin.
This is where Bitcoin Teller Machines (BTM) come in. A BTM is used to buy and sell bitcoin in person for people who do not have bank accounts or prefer to buy/sell with fiat. 58.5% of Bitcoin ATMs are transacted with cash.
US-based Athena Bitcoin plans to launch 1,500 BTMs in El Salvador. This will allow citizens of El Salvador to buy and also use bitcoin in a simpler way.
If you’re curious where most BTMs are located, these are the statistics according to coinatmradar.
The top 3 countries for the amount of BTMs in order:
- United States (19,416 locations)
- Canada (1,556 locations)
- United Kingdom (192 locations)
Currently, El Salvador is ranked #53 with two locations. After Athena Bitcoin installs 1,500 BTMs in El Salvador, it will put them in third place, beating the United Kingdom in the amount of BTMs installed.
(BTMs fund their operations by charging a fee. According to how many bitcoin atms, the Athena Bitcoin purchase fee is around 15% which is cheaper than the 7 other BTM operators listed.)