Why Latin American economies are turning to bitcoin

[qiwoman2]

Also because of the poverty issues as well, it is much easier for even the poorer residents to by up small amounts of bitcoin slowly slowly than to buy gold. It is also far more easier to liquidate or use as well. I guess also clicking faucets and doing other tasks for bitcoin in a country where the wages are much lower could also boost small households who may have access to internet.

[1715608517]

1715608517

[trenchflaint]

Also because of the poverty issues as well, it is much easier for even the poorer residents to by up small amounts of bitcoin slowly slowly than to buy gold. It is also far more easier to liquidate or use as well. I guess also clicking faucets and doing other tasks for bitcoin in a country where the wages are much lower could also boost small households who may have access to internet.

This is right, the lack of decent work and stable job are the reason why they are turning to bitcoin, being in bitcoin can get you somewhere else.
The extra income that bitcoin gives make most people turn to it.

[qiwoman2]

Also because of the poverty issues as well, it is much easier for even the poorer residents to by up small amounts of bitcoin slowly slowly than to buy gold. It is also far more easier to liquidate or use as well. I guess also clicking faucets and doing other tasks for bitcoin in a country where the wages are much lower could also boost small households who may have access to internet.

This is right, the lack of decent work and stable job are the reason why they are turning to bitcoin, being in bitcoin can get you somewhere else.
The extra income that bitcoin gives make most people turn to it.

Also for many who can't afford a computer but can use a mobile device or phone can have easier access to bitcoin and still get to earn as many sites now are becoming cellphone/mobile friendly as well. I think that may also help those in remoter regions as well.

[SFR10]

That was one lengthy article. It has good points throughout as well. One of the main factors for them turning to BTCitcoin is, it's their only getaway since all other options seem to failed to live up with what it supposed to in the first place. The adoption will be the major challenge here since now everyone has internet and not all the merchants know BTCitcoin (until now). In regards to the huge inflation, I though my country of residence had the biggest inflation rate but it seems I was wrong. We've been on the inflation for so long (not anymore since recently were on deflation) that I could understand the damages done or will be done and if ever BTCitcoin reaches it's peak with stable value, then nothing would beat it and surely will be the best option for countries of such.

[LiteCoinGuy]

Venezuelan government lambasts Bitcoin as currency of criminals

As digital currency gains popularity in Latin America, Venezuela is one of the latest countries where ordinary consumers and businesses are turning to Bitcoin in the face of political instability and economic collapse.

https://thestack.com/world/2016/03/17/venezuelan-government-lambasts-bitcoin-as-currency-of-criminals/


Wonder why? Look:



https://forum.bitcoin.com/post19052.html#p19052

[Amph]

aren't latin america more porer, maybe it's because of this that they are interested in bitcoin, bitcoin can grow well with corrupted government and bad econmic conditions

[xuan87]

maybe the Latin america can increase their life quality using bitcoin because as we know there a lot of unemployed people in latin, so the only answer for them is earning from bitcoin, this is what i thought

[alyssa85]

That sounds good, but are they? I think if any significant part of a country, or even the rich in a country, decided to 'turn to Bitcoin' the price would be much higher than it is now.

The price went from about $200 at the end of last year to about $400 now - and that coincides with the oil price crash sending Venezuela into a tailspin.

[spendabit]

Have a nice read

http://techcrunch.com/2016/03/16/why-latin-american-economies-are-turning-to-bitcoin/

Good read, thanks. Do we think Brazil is maybe the next big Bitcoin frontier? As I understand they're in real trouble while the real (currency) is tanking.

[calkob]

Well some of the currencies have less intrinsic value than goat shit.......... (i stole that from andreas)

[spendabit]

Well some of the currencies have less intrinsic value than goat shit.......... (i stole that from andreas)

Bless you for leading the train of though to this very special place:
http://www.extension.umn.edu/agriculture/manure-management-and-air-quality/manure-application/calculator/

I certainly would never have crossed paths with it otherwise! 

[sdp]

I live in Argentina and I find it very difficult to find brickand motor locations that accept bitcoins.   There is ONE web site and there is rampant confiscation of things by customs.  So bitcoins are a long term investment here ONLY.   Whenever I ask whether a shop accepts bitcoin they either say noor they still don't know what it is.

sdp

No worries, I am sure Argentina wi pick things up soon. It is no doubt that bitcoin is most economy way to move coins across border.  Also, from wiki:

It was around 4 pesos per US dollar from 2009 to 2011, surpassed 6 pesos in November 2013, sat at 6.5 pesos per dollar during December 2013. As of October 2014, the exchange rate was about 8 pesos per dollar, by February 2015, it was 9 per USD, and by December of 2015, 13 pesos per USD, after a record of 14.

Do you think keep Peso is inferior to bitcoin?

You just showed me statistics that support that the us dollar bills are superior to pesos.   Though for one year of putting away some money in bitcoins are appropriate, there is the spread between buys and sells,  so it makes more sense in a very short term to keep pesos for basic living expenses.  The rule is if you might spend it within two months or less keep local currency.

sdp

[OROBTC]

I live in Argentina and I find it very difficult to find brickand motor locations that accept bitcoins.   There is ONE web site and there is rampant confiscation of things by customs.  So bitcoins are a long term investment here ONLY.   Whenever I ask whether a shop accepts bitcoin they either say noor they still don't know what it is.

sdp

I know two guys way into BTC who on occasion go to Argentina (their native land), they tell me that the scene is lively with traders but (as you report) there are few outlets to SPEND.

BTC also goes for a high premium there, as it does protect a BTC holder against the weak currency.

*   *   *

But the country in S. America I know best is Peru.  Almost NOTHING going on in Peru even though their economy is now weakening.  Peru allows free convertibility of their currency vs. the US dollar (their big grocery store chain accepts dollars and "soles").

[alyssa85]

Venezuela is panicking about it: they've arrested two miners. See

http://www.diariobitcoin.com/index.php/2016/03/18/fiscalia-venezolana-presento-a-dos-implicados-por-mineria-bitcoin/

Here is an English language report:

https://www.cryptocoinsnews.com/venezuelan-govt-media-publishes-anti-bitcoin-rhetoric/

[West man]

Venezuela is panicking about it: they've arrested two miners. See

http://www.diariobitcoin.com/index.php/2016/03/18/fiscalia-venezolana-presento-a-dos-implicados-por-mineria-bitcoin/

Here is an English language report:

https://www.cryptocoinsnews.com/venezuelan-govt-media-publishes-anti-bitcoin-rhetoric/

Arresting miners? Don't the law enforcement agenecies have better criminals to go after like Drug Dealers or something 

[the_poet]

Bitcoin Price: Here’s Proof Governments Are Worried About Bitcoin

http://www.profitconfidential.com/forex/bitcoin-price-heres-proof-governments-are-worried-about-bitcoin/

[Zeke2345]

Imagine bitcoin is a really scary issue for South American Countries since a lot of them have a hard time as it is keeping the currency a float.
If it was to gain traction enough if could sweep right through South America and really shake up the system in place. The only issue is internet access for these isolated villages and you would have to make it really easy to use.

The control would be lost for some of these Countries if they can not use the banking system against the people.

[spendabit]

Imagine bitcoin is a really scary issue for South American Countries since a lot of them have a hard time as it is keeping the currency a float.
If it was to gain traction enough if could sweep right through South America and really shake up the system in place. The only issue is internet access for these isolated villages and you would have to make it really easy to use.

The control would be lost for some of these Countries if they can not use the banking system against the people.

Bitcoin received "regulated" status in Brazil in 2013, whatever that means.

[mayax]

Pure LIES and manipulation.     Nobody is turning to Bitcoin.

https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/

[West man]

Argentina's new presiente is nuts as I saw on 60 mintues tonight