Zero to 30: Bitcoin ATMs Come to Argentina as Peso Dives and Inflation Soars

[oksgvardukraine2018]

Zero to 30: Bitcoin ATMs Come to Argentina as Peso Dives and Inflation Soars
With inflation in Argentina expected to rise above 40 percent before the close of the year, the demand for bitcoin in the South American country has surged, resulting in cryptocurrency ATM firms projecting a large increase in the number of devices they plan to install in the country.

Argentina Prime Real Estate for Bitcoin ATMs
Currently, there are only two bitcoin ATMs in Argentina, both of them located in the country’s capital Buenos Aires, but by the end of the year, this figure could rise to 30, according to Reuters. The two machines were installed in the last three weeks with one activated on Sept. 18 while the newest came online on Oct. 3, according to Coin ATM Radar.

Per Dante Galeazzi, the operations manager of Athena Bitcoin, the firm that launched Argentina’s first cryptocurrency ATM last month, the loss in value of the Argentinian peso vis-à-vis the U.S. dollar has resulted in the marked growth of cryptocurrency transactions.

“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market,” Galeazzi told Reuters.

For now, the two ATMs that have already been installed by Athena only support bitcoin, though there are plans to include other cryptocurrencies such as bitcoin cash, ethereum, and litecoin in the future.

Besides the U.S.-based Athena Bitcoin, another firm which is eyeing Argentina’s cryptocurrency ATM market is Odyssey Group, also a U.S. company. Odyssey’s ATMs will, however, not be restricted to the buying and selling of digital currencies but will offer other services associated with regular ATMs, such as withdrawing and depositing cash as well as money transfers between accounts.
https://www.ccn.com/from-zero-to-30-more-bitcoin-atms-coming-to-argentina-as-peso-dives-and-inflation-rises-by-double-digits/

[frowsiter]

So crypto currencies are really getting affected in terms of their use when something bad happened in the real world. So the economic drive of the Argentina is going down basically and all they have seen is increased use of the bitcoin over the Peso's. This means people are preferring more crypto rather than their local currency and showing more democratic outburst here. That is really good to see how their officials have seen this surge and changing the plans of using crypto so that Peso's will also be used side by side as the people go on using their ATM's. The plan seems to be done to motivate people to use fiat-crypto's within that region and keep the Peso's in circulation as well.

[dothebeats]

So crypto currencies are really getting affected in terms of their use when something bad happened in the real world. So the economic drive of the Argentina is going down basically and all they have seen is increased use of the bitcoin over the Peso's. This means people are preferring more crypto rather than their local currency and showing more democratic outburst here. That is really good to see how their officials have seen this surge and changing the plans of using crypto so that Peso's will also be used side by side as the people go on using their ATM's. The plan seems to be done to motivate people to use fiat-crypto's within that region and keep the Peso's in circulation as well.

Cryptocurrencies are good hedges against further devaluation of assets and due to this, people who are within a country suffering from hyperinflation (see Venezuela) utilizes crypto in order to keep their money intact while also keeping the prices of goods unchanged by the effects of hyperinflation. However though, once rapid movements in price occurs in crypto, these guys are also affected, but it's better than lifting the burden of a currency that's failing to gain traction and spending power IMO.

[hugeblack]

If we want a healthy look, we will see a high demand for plots, homes, coins, and cryptos to avoid excessive inflation of local currencies.
The increase from 0 to 30 does not mean much, but a sign of diversification in the investment to achieve the least amount of losses and not tend to use those currencies.
Bitcoin ATMs are one of the easiest ways to do this as they provide privacy, so no more tax is paid, so their popularity increases.

[The Sceptical Chymist]

Currently, there are only two bitcoin ATMs in Argentina, both of them located in the country’s capital Buenos Aires, but by the end of the year, this figure could rise to 30, according to Reuters.

Jesus, two machines is nothing--and they sound like they're not even that old themselves, but I guess this is a start, right?  30 ATMs in a city is another thing entirely.  That'd be pretty decent. 

What I'm wondering is how much bitcoin is really being adopted in these embattled S. American countries like Argentina and Venezuela.  I haven't done much reading about the problem, but I'm assuming that they're still either using their local fiat currency pretty damn quickly or using something like the USD. 

It's curious that I never read about people using gold or silver in situations like these, which is what the precious metals hawksters would have you believe is the only good option.  Bitcoin is so much more convenient, and I can see why it'd become popular.  It sucks that it would have to rise to popularity under circumstances like this, but it's good for the crypto economy at least.

[sunanbonang]

oh that is very exciting news because it means that bitcoin is becoming popular with many people. I hope bitcoin ATMs are not only in Argentina, but are spread throughout the country.

[naidray]

So crypto currencies are really getting affected in terms of their use when something bad happened in the real world. So the economic drive of the Argentina is going down basically and all they have seen is increased use of the bitcoin over the Peso's. This means people are preferring more crypto rather than their local currency and showing more democratic outburst here. That is really good to see how their officials have seen this surge and changing the plans of using crypto so that Peso's will also be used side by side as the people go on using their ATM's. The plan seems to be done to motivate people to use fiat-crypto's within that region and keep the Peso's in circulation as well.

Obviously, it is just a matter of time before we started seeing that, and this is just a very good signal that more is coming and it would really pay off for those who have been in this space for a while now who are the early adopters.

We have seen how a lot of people have tried to go into physical assets like gold, silver and the likes in the previous global financial crisis, and now that we have digital assets that are accessible to everyone, then, it makes it even more interesting. It is a good thing though that they are even allowing this. Not like a country like Zimbabwe, that even with the hyperinflation, and their dead fiat system, the government is still trying to frustrate the usage of cryptocurrency.

[el kaka22]

That's what’s. We are gradually getting there in which a lot of countries with all the crisis looming will be looking for a means to at least get away from fiat, and looking at the decentralized space, this looks like just the coolest spot at the moment for it. This is something I have so much expected and been looking forward to. Crypto has been known to be a new store of value and even though it is new, the future is there and for that fact, a lot of people will keep looking for a safe haven in this position where fiat currency becomes the last thing you want to be holding with the inflation and whatsoever.

it is just a matter of time before we started seeing that, and this is just a very good signal that more is coming and it would really pay off for those who have been in this space for a while now who are the early adopters.

Yes, I do observe almost all the people from economically struggled countries are slowly opting for adopting cryptos in various methods. When their  local fiats are not helping to feed them then how we can expect them to keep their faith up on fiats all the times.