K1 Mini, the El Salvador-built ATM where you can buy bitcoins (BTC) from 5 cents, is already operating outside the country. There are machines operating in many countries around the world.
So open Edgar Borja, CEO of K1 Technology, the Salvadoran company that made the device, during a podcast published July 2. As specified, the K1 Mini came to United States, Canada, New Zealand, Netherlands and Germany.
The design of this ATM, which is more recognizable as a bitcoin vending machine, It is accomplished according to company plans. K1 Technology reported in November 2022 that worldwide distribution of the devices will begin at the beginning of this year.
The device, which is designed solely for buying bitcoins, uses the Bitcoin Lightning network to pay/deposit to the customer’s wallet. The device exchanges coins from 0.05 USD, with the intent Retail service in the Latin American regionAccording to Borja.
“Within our context, we want to solve the problems that we are familiar with in Latin America,” Borja said, referring to the high inflation and economic crises that many countries in the region are facing. this, Because it’s “not just a need for El Salvador”as noted.
An automated teller machine designed for small economies
As Borja said, the ATMs set up by his company are “beneficial” to the economies of Latin America, “Where daily transactions usually do not exceed 10 USD. Thus, the businessman stated that this machine is designed to survive in small economies.
This is different from other countries in the world, says the director. “Here (in Latin America) people don’t go to an ATM every week to withdraw $300, because that’s what they earn a month,” he said.
Generally, these ATMs are located in small shops and shops. precisely because not intended for large business transactions, But for the little ones, even made of coins.
It is worth clarifying that these are machines It is made with Salvadoran materials and labor. As explained by Borja, the total offer of the most important components of an ATM, in addition to software and the background device, in El Salvador.
Three types of K1 Techology ATM consumers
Borja explained during the podcast that there are three groups of consumers for the K1 Mini ATM, which, according to him, continue to grow more and more.
The first level of users are people, Companies and organizations developing Bitcoin-focused events and meetings. He claims that those who want to let people buy their first session (or bitcoin cents) reign supreme here.
The second group, Borja says, are bitcoin-themed restaurants and venues. These consumers are interested in getting people to their stores To become centers where you can talk about the first cryptocurrency.
And the last group is the education sector, which, in his opinion, is very important. There are people who carry out educational events And they want there to be BTC ATMs in these placesin order to theoretically and practically teach people to use cryptocurrency.
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