Bitcoin is starting to become a household name when speaking of online payments and its expansion is spreading not only through the United States, but throughout the world. Latin America, however, seems to be embracing it while other countries seem to resent the idea of decentralization. News from Paraguay is that the first Bitcoin ATM will be installed in a restaurant named “Be Okay” meaning that the restaurant becomes the first business in Paraguay to accept bitcoin.
The Bitcoin ATM was installed by the actual owner of the restaurant, Juanjo Benitez Rickmann, who happens to be a bitcoin enthusiast. He said that the installation of this ATM was done in order to support cryptocurrency in Paraguay as well as introduce new technology into the country. Not only this, Juanjo is also organizing the first bitcoin meetup in Paraguay which should be like a Satoshi Square which will be run alongside the launch of the Bitcoin ATM. In an interview last week, Juanjo said that over 10 customers have already paid their bills using bitcoin which makes “Be Okay” the first business to accept cryptocurrency in Paraguay.
An interview held with Juanjo helps us make some interesting inferences regarding his past experiences with bitcoin and how he came to accept bitcoin as a payment in his restaurant. For starters, it seems that accepting bitcoin in their restaurant was highly successful as people did in fact come to purchase food. However, it makes sense to purchase a bitcoin ATM and place it there as it opens doors to people who are intrigued by the ATM or bitcoin enthusiasts that come to the restaurant to purchase bitcoin and then spend it at the restaurant. It could work the other way as well, spend bitcoin at the restaurant and buy more at the ATM.
Personally, I live in Latin America as well, and its great to see people spreading knowledge regarding Bitcoin throughout other Latin America countries. Fortunately, bitcoin’s presence is felt in Panama as Coinapult is based in Panama with many of its workers living here as well. Juanjo is a great contributor for bitcoin’s expansion in Paraguay and credit is due. The way we begin bitcoin’s expansion is through new investors, and new customers which is what ATM’s bring to the table. Yet, it does not end there as we see bitcoin meetings such as Satoshi Square which attracts new bitcoin users. Bitcoin’s expansion is moving at a fast pace and soon, we will see how countries begin accepting both bitcoin and its idea of decentralization.