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Even though the volcano has been dormant for over 600 years, there are still thermal springs bubbling up around it. These hot and bubbly mineral water are right next to the Caldera River. Take a dip in both hot and cold. From the bus stop in Caldera it's about 1 hr walk to the hot springs. After crossing the bridge the signage is clear. Tourists that book a tour with a tour operator in town are taken to the hot springs with some daily departures for fun evenings soaking in hot water and sharing stories over the sunset. If you take a taxi or tour, make sure to tell them to take you to the hot springs left, not the commercial ones another 3 km to the right, which apparently charges $5. However, check out the ratings online, for the one that suits you better.
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I did not find the entrance, there is no sign or clear path. One place that organizes the (cheap) tour there is Bambuda castle hostel, you can either use it, or call them and ask where the trail starts. It's a 4WD drive, or a walk from here 8.762299515524884, -82.39846932988439 to the trail start.
A nice and not too long hike of 20-30 min for a good view of the town.
Weekly "drumming circles" are held at the Stone Cabins. Its mostly expats, but visitors are welcome. They have extra percussion instruments there, if you didn't think to bring your drums with you.
Try this uncommercial trail if you fed up with paying for even a little trail. However, you should bring a proper map and GPS not to get lost.
A beautiful huge wall with volcanic tubes. Great for some pictures and to actually understand that you are on top of a volcano.
A nice and huge waterfall at the end of this trail, best during wet season. It's walk of around 6 km. Take a bus or mini van from Boquete going towards Bajo Mono. The ride takes about 40 minutes. The trail walk itself can take 3 hours. They have washroom etc at the beginning of the trail, where they collect the entry fee of $5. You can see three waterfalls along the way and also see the oldest tree. It appears that multiple trails are merged into one here.