To start this week, we’ll be looking into cryptocurrency, specifically Bitcoin and the potential to be found in Argentina through its many applications.
What is Bitcoin?
Bitcoin is one of the many cryptocurrencies available to purchase and can be used in an ever-increasing number of ways, whether it is to purchase a car or a house, or perhaps to use in place of local currencies as is becoming a popular choice in countries suffering from high levels of inflation.
However, if we’re going to be a bit more technical, Bitcoin, BTC for short, is a non-physical,
decentralised currency stored in a digital wallet and used in transactions without the need for an intermediary agent. This not only makes it attractive as a secure means of payment, but also the blockchain element of the cryptocurrency serves to keep everything transparent, this is because everyone has access to it.
Obviously, as with any currency, Bitcoin is affected by market conditions and does not stay at the same value for long periods of time, making it volatile. This means that despite all of the innovative development and exciting changes taking place all of the time, it is important to also bear in mind the fluctuating nature of the game before you get yourself involved!
So, why Argentina?
Before introducing you to all the information related TO Argentina and this Bitcoin topic, if you are considering options to develop a business, contact us!. Our specialized team can help you with all your concerns. Click here.
If we look back at an example from the end of 2020 to understand how recent years have
seen such rapid development in the Argentine crypto scene, in the midst of the pandemic, Ripio, a crypto exchange platform based in the country, increased from 400,000 to over 1,000,000 users in just under a year, representing not only the explosive potential of the currency within the nation, but also demonstrating to other countries in the region that Argentines are taking notice of the innovative potential of owning Bitcoin.
Since then, with Bitcoin reaching higher peaks during 2021 and inflation doing the same towards the end of the year, the Argentine Peso has suffered quite a bit, making exchanges to US Dollars difficult if not impossible, however, Bitcoin is on hand for citizens in their time of need, presenting an alternative way to protect their capital assets with the constant devaluation taking place in the world of physical money.
Argentina’s technology giants
This leads us on to 2022, where the nation’s community of world-renowned web developers and innovative tech designers continues to break boundaries and provide services for citizens which brings Bitcoin to the forefront of everyday activity, making it more than simply a way to save money in another currency.
Ranking at number 9 of 142 in terms of countries that have adopted cryptocurrency, it is clear that some digital infrastructure is going to be needed to handle the subsequent traffic, and this is where Bitcoin becomes such an exciting prospect in Argentina, because these tech companies are building fintech (financial technology) platforms to support exchanges, payments and transfers regarding Bitcoin, making a stable platform from which development can continue to boom in the nation.
What can I use Bitcoin to buy in Argentina?
To list a few just to get us going:
- Cars
- Property
- Jewellery
- Soybean
This is obviously just a small sample size of commodities, but the broad range is enough to know that the potential is huge, and this is made even more exciting when the prospect of mining Bitcoin is taken into consideration, something which we have posted an article on our blog already.
Another interesting thing to note is that Mercado Libre, one of Argentina’s most inspiring start-up success stories, is accepting BTC payments on some products, opening up a huge market place to a big consumer base, increasing the options for customers and making products available for purchase using whichever currency you prefer, and should it be Bitcoin, you have the added peace of mind from the security of the blockchain transaction!
So, if you are interested in finding out more about Argentina and its opportunities to develop business, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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