Why Latin American economies are turning to bitcoin

[sdp]

Well their own currencies sucks,having bitcoin,will mean have something like gold,or the strongests fiat,being dollar euro or others,this are very strong and almost stable at their values,soo i believe this is what people are investing at bitcoin ,to protect their capital at euro/dollar.

OK, I hear you, but...:

1) Latins "down there" have to be able to buy & hold Bitcoin.  That is very hard in most cases, for various reasons.

2) Prospective Latin buyers need to feel confident that they can spend their BTC when they need to, it's hard to spend BTC in LatAm.

3) Bitcoin is still a tad too technical.  If it's hard for it to catch on (massively) in Europe & the USA, well...

The above comments, of course, may be subject to change.  I wish Latin Americans well (and hope BTC is an answer for many) who are in crappy authoritarian places with bad money.

Sorry knowhow, but here in South America people couldn't care less about euro/dollar protection by buying btcoins. I live in Brazil and here bitcoins (and altcoins for that matter) are only (for now) for investment (sell high, buy low). We dont have plenty physical stores that accept bitcoins.

Some people buy stuff on internet using bitcoins, but its like 0.5% of the market.

OROBTC:

1) yes, thats right.

2) yes, thats right, but like i said, the core utility of bitcoins "down here" is speculate.

3) i agree with you.


About Venezuela: venezuela is the highest inflaction on south america for several reasons, i think what knowhow said is more applied to venezuela's case. Not only that, but venezuela has the cheapest energy in the continent, some south american miners go to venezuela to mining bitcoins.


p.s: sorry for my bad english.

I have been living in Argentina and what this guy says is right on the money.   so to speak.

sdp

[Card]

Well their own currencies sucks,having bitcoin,will mean have something like gold,or the strongests fiat,being dollar euro or others,this are very strong and almost stable at their values,soo i believe this is what people are investing at bitcoin ,to protect their capital at euro/dollar.

Yes, that is true
Because the technological currency bitcoin where all the money can use bitcoin around the world.
So they do not have to bother anymore exchange currency..

[davis196]

The Latin American countries are turning into bitcoin becuase the country's governments usualy tend to force capital control over citizens and bitcoin is the only was to go around this.

All the altcoins are the way to go around this,but bitcoin is the most trusted and secure crypto.
I heard news about african countries adopting bitcoin and now Latin America joins the party.
Bitcoin will conquer the third world.

[OROBTC]

...

Despite all time highs and BTC being in the US news, I have NO evidence that BTC is catching on in Peru at all.  ZERO interest, NO ONE here (visiting Lima) has heard of it.  NO ONE cares.  Peru's very small BTC group seems to be in the provincial city of Ica.

In Argentina and Brazil there appear to be active BTC communities that have sprung up, I suppose Venezuelans are looking very hard at it as well.  Mexico?  Could be, I live nowhere near the US/Mexico border so I have no idea.

[Chin Cheng]

Despite all time highs and BTC being in the US news, I have NO evidence that BTC is catching on in Peru at all.  ZERO interest, NO ONE here (visiting Lima) has heard of it.  NO ONE cares.  Peru's very small BTC group seems to be in the provincial city of Ica.
In Argentina and Brazil there appear to be active BTC communities that have sprung up, I suppose Venezuelans are looking very hard at it as well.  Mexico?  Could be, I live nowhere near the US/Mexico border so I have no idea.

With the price of bitcoin in major news and financial magazines people will notice about it and may be they are not confident enough to enter at the current price because it is really a very huge amount when they are planning to invest in it,so it looks like they will come into bitcoin or either into alt coin ,lets see what the future is and i am sure people will make an attempt to learn about the new markets.

[webtricks]

Is it only Latin America?
I think no! Bitcoin and Cryptocrrencies are on front-seat in almost every country and economy. Though there are several different reasons for it around the globe but still major domination coming from 'individual investors' who are investing in large in cryptocurrencies. Take a time and visit coinmarketcap, you will able to see that 95% of the coins are rising these days.

[target]

Brazil been with BTC long enough but had never really made it to the news brought huge impact to the price of BTC. But after Japan started accepting BTC, it bought a lot of money, just take a look at how much is the marketcap of btc a month ago.

If there are going to be more Latin countries, it should make a big changes too.

[TravelMug]

Is it only Latin America?
I think no! Bitcoin and Cryptocrrencies are on front-seat in almost every country and economy. Though there are several different reasons for it around the globe but still major domination coming from 'individual investors' who are investing in large in cryptocurrencies. Take a time and visit coinmarketcap, you will able to see that 95% of the coins are rising these days.

I think bitcoin has been in the radar for quite some time for Latin American countries. They might have been investors as well from those nations. However, it is not quite familiar to the general public. Only the upper class may have heard the new about bitcoin being a save haven for investors. But for the general public is not quite popular yet. But its just a matter of time before they will catch up and used bitcoin as well.