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El Salvador BTC as legal tender: Current situation from, from a foreigner perspective (on the ground)

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by COINS NEWS 104 Views

Recently I made some post from my perspective (As salvadoran) of the Bitcoin as legal tender in El Salvador. During the day many salvadorans has been sharing an article of Coinbase in Twitter, that is about a foreigner living in El Salvador for 2 months, and what he found out while he was in the country.

Source: 2 months in El Salvador, the Ground Game for Bitcoin Adoption

I would like to emphasis in a problem that he mentioned about the bitcoin and fiat ATM's fees, which are quite high if we consider that the minimum wage in el salvador is USD365 /month.

"Bitcoin ATMs are not as commonplace as fiat ATMs here yet. However, it was not long before I found an Athena bitcoin ATM in a nearby mall using Athena’s map on their website. The Know-Your-Customer (KYC) requirement to deter money laundering made the process slower than using a normal ATM: I had to present an ID, have my picture taken, and wait 30-plus minutes for confirmation via SMS text message.

Athena also takes a 5% fee for the bitcoin-to-fiat conversion, which ended up being significantly more than the fiat ATM fees. However, the second time I used the ATM, I found the process to be more straight-forward as a foreign visitor because I did not have to deal with canceled transactions and SMS fraud alerts from my bank in the U.S."

What can be done to improve this? Is it a dream an economy that can harmonize the use of FIAT and CRYPTO in a daily life?
How is this balance possible?

submitted by /u/changhuanese
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