Blog
Bitcoin ATMs Spotted In Hamra and Dawra
As Lebanon’s economic situation continues to take a dive, there have been reports that some have been resorting to investing in cryptocurrency as a means to stash savings in non-banking institutions. Just this week, a Bitcoin ATM was spotted in Hamra, and another in Dawra, giving Lebanese people more access to digital currencies.
These ATMs offer buying Bitcoin and other cryptocurrencies directly at ATMs using cash (US Dollars), they currently only offer Bitcoin (BTC) and Tether (USDT) but are looking to expand their offerings to Ether (ETH) and other smaller coins. As for fees, BitBeirut Bitcoin ATMs charge 5.5% over the spot price for BTC and as little as 1% for USDT.
Basically, you deposit cash USD into this machine, and you get BTC and USDT put in your digital wallet in exchange. As far as we know, the machine does not allow investors to cash their crypto out as USD thus far.
The use of Bitcoin and other cryptocurrencies is becoming increasingly widespread, as they have pushed further into the mainstream over the past few years. They have also managed to turn a few lucky early investors into millionaires and billionaires a few times over. The company distributing the ATMs around Lebanon, BitBeirut is set to expand to several locations across the country.
Locations:
The Hamra ATM is located at Ugarit currency exchange shop near LC Waikiki on Hamra’s Main Street.
The Dawra ATM is located in Cash Plus, Dawra.
Naturally, Twitter had a few things to say concerning the new installations:
The cryptocurrency market is a volatile one that can create both huge gains and massive losses, it is advisable that you only invest what you are comfortable using.
First Bitcoin ATM in Hamra, Beirut -Lebanon @marco_bdl @BitcoinduLiban @saifedean pic.twitter.com/xaV5CrDhAj
— Mohamad (@technolaaji) November 6, 2021
These ATMs offer buying Bitcoin and other cryptocurrencies directly at ATMs using cash (US Dollars), they currently only offer Bitcoin (BTC) and Tether (USDT) but are looking to expand their offerings to Ether (ETH) and other smaller coins. As for fees, BitBeirut Bitcoin ATMs charge 5.5% over the spot price for BTC and as little as 1% for USDT.
Basically, you deposit cash USD into this machine, and you get BTC and USDT put in your digital wallet in exchange. As far as we know, the machine does not allow investors to cash their crypto out as USD thus far.
#Bitcoin ATMs taking over Beirut pic.twitter.com/wcuq0qDI2Q
— (@0xJCT) September 4, 2021
The use of Bitcoin and other cryptocurrencies is becoming increasingly widespread, as they have pushed further into the mainstream over the past few years. They have also managed to turn a few lucky early investors into millionaires and billionaires a few times over. The company distributing the ATMs around Lebanon, BitBeirut is set to expand to several locations across the country.
Locations:
The Hamra ATM is located at Ugarit currency exchange shop near LC Waikiki on Hamra’s Main Street.
The Dawra ATM is located in Cash Plus, Dawra.
Naturally, Twitter had a few things to say concerning the new installations:
Big win for Lebanon #Bitcoin https://t.co/mbRuD0FX87
— Bitcoin News Report (@Sirdhamzy) November 6, 2021
An important step in the right direction. The plebs of #Lebanon are charting a path out of this mayhem. https://t.co/FU8H5Gfbcb
— Bassam El Khoury (@bassam_ek) November 6, 2021
Probably best time to put out these machine! https://t.co/rfDf8BcPju
— WealthSquad MONEY-BOY X (@MB_3213) November 6, 2021
Inshallah a new era https://t.co/astLEKenBY
— Sanicrete Hater Account (@OtsutsukiXBT) November 6, 2021
The cryptocurrency market is a volatile one that can create both huge gains and massive losses, it is advisable that you only invest what you are comfortable using.