#libra#Binance
12/10/19 06:21 UTC-4

Venezuela's largest department store opens first Bitcoin ATM

CryptocurrencyVenezuela’s department store opens first Bitcoin ATM
Venezuela’s department store opens first Bitcoin ATM

Traki, Venezuela’s largest retailer and pioneer of the cryptocurrency field, launched the first Bitcoin ATM in the country with the help of a local exchange.

Towards digital currencies

Venezuela, despite its current economic difficulties, is making a big leap forward towards innovative blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology. The country aims to become a leading “crypto-state.” Traki has become a pioneer in the country in terms of using cryptography as a means of payment. A division of the largest department store Traki, CriptoTraki, which is responsible for cryptocurrency operations for businesses, has installed a Bitcoin ATM in one of its stores.

The crypto-ATM is located in the Traki store in the trade center El Recreo. It will be managed by the Venezuelan exchange platform VEINTE (Venezolana de Intercambios). However, now, the machine is only unidirectional. This means that customers can only buy Bitcoins and other cryptocurrencies from an ATM. They cannot exchange them for cash.

The Venezuelan ATM will only accept US dollars and not the national currency of Venezuela (a sovereign bolivar). However, other conventional ATMs in the country do not currently store cash in bolivars, either.

Crypto-ATM is in the first phase of implementation, which will create the necessary conditions for future users who want to buy and exchange tokens for dollars and euros.

  • With the increasing popularity of cryptocurrencies, the commercial enterprises for their extraction, called miningMining
    – is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
    farms, started to develop actively. In today’s Financial Geography weekly article, we'll talk about the places and countries where the biggest cryptocurrency mining data centers are located

See also: "French billionaire: “Launch of Libra is inevitable and it's better to accept it”"

#Venezuela #departmentstore #Traki #Bitcoin #ATM

Editor: Alyona Deryabina
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