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This is how ATMs work for buying and selling bitcoin in Ecuador: “there are indeed quite a few people who come for cryptocurrencies”

In the country, cryptocurrencies are not legally recognized as legal tender, nor as a means of payment.

In Ecuador, cryptocurrencies are not legal tender, nor a recognized means of payment; however, there is also no law or regulation that prohibits the buying and selling of crypto (short for cryptocurrency), which is a speculative asset that has reached high valuations in international markets. Therefore, there are already ATMs in the country that allow buying or selling cryptocurrencies such as bitcoin, litecoin, dash, and others.

There are three ATMs located in Quito and Cuenca, according to the website https://bitcoin.com.ec. The website details the steps to buy and sell crypto.

The minimum amount to sell is $20, indicates the promotional video displayed on the ATMs installed in Quito. The sale of crypto, with which the user will receive cash, is carried out in four steps, according to the website. First, the cryptocurrency to be sold is selected, then the amount of cash the user wants to receive is chosen, after that the user must send the cryptocurrencies to a specified address in a QR code that the ATM will print; finally, the QR code must be scanned at the same ATM, and then the cash dollars will come out.$BTC $ETH $XRP