Bitcoin Popularity Soars in Argentina Due to Mass Inflation

[niisarearning]

It’s really interesting if Argentina adopts bitcoin how it will reduce inflation. May be people may taking secure decisions like venuezuala petro failure and now people may converting money into bitcoin avoid further money loss

[Artemis3]

in Turkey where im living is going to be same very soon.me and people around me runs to dollar,gold and little of us like me cryptocurrency.if speculations will come true and there will be a global crisis, bitcoin will hit new ath i guess.

Then you have an excellent opportunity to move all your savings before the true crisis hits. When its already late you won't be able to protect most of the value, but now before crisis hits you have the highest chance of keeping most of your savings value (or even increase it if the market favors you).

Don't wait until your economy crashes, it will be too late by then.

Just be smart and learn to use cold wallets, nothing online or plugged is safe enough. But nobody can touch your cold wallets when done correctly. (using the linux live iso method, for example).

[Leonardo7]

I think to get out of recession will not just be left to the adoption of bitcoin alone. Their government can as well employ the blockchain technology in solving the various problem in their different sector, this too will improve the unhealthy economy. It will be nice to see Argentina adopting bitcoin as part of their reserve.

[Carrelmae10]

..if argentina government would adoot the use of bitcoin,and make it as their own currency,,would it resolve the inflation rate that takes place on their economy??..it is nice to hear that bitcoin adoptation in argentina takes place but this occurs because of crisis it suffers,,I hope that no other countries will suffer this same situation in order for Bitcoin to be adopted and legalized..

[goaldigger]

Inflation is something we cannot control that only the government has the power to increase or decrease it by manipulation of things. The good news is that, with the use of bitcoin, we now have the power to somehow contradict this financial problem. Nice move by the way.

[Kakmakr]

There are actually two motivating factors for people to turn to Bitcoin, when things fall apart in their countries. The one thing is the trigger and that is the inflation or in some instances also hyper inflation.

The other reason why these people are turning to Bitcoin, is the political instability that higher inflation bring to that country, because the citizens in that country start to doubt their leadership and then try to flee the country before the s#$@ hits the fan. They know many governments start to implement strict capital controls to stop people leaving the country, so they use Bitcoin to bypass these restrictions.  

[vv181]

Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

Less likely a country will fully adopt Bitcoin when massive inflation happens, I know its a critical situation, and adopting bitcoin will result in either a more economic collapse or the economy kind of getting 'better'. It would be a big bet for the president to apply such kind of suggestion, it is a high risk to put nation currency into speculative assets.

Anyway, do you have statistics about how conventional assets like gold and silver perform in such condition Argentina?

[blockchainwriters]

South American countries like Argentia and Venezuela and Peru and Brazil all countries are now adoption towards cryptocurrencies as the main payment processor due to hyperinflation cryptocurrency is safe of storing money and doing transactions

[morrisgonzalez]

Inflation is a big threat for economics, Argentina now face inflation, due to mass inflation now Argentine economics face huge problem through this inflation. I think due to mass inflation Bitcoin going more popular to solve this problem. But it's not possible to solve totally this mass inflation, but bitcoin solve little bit this problem through using bitcoin.

[Artemis3]

..if argentina government would adoot the use of bitcoin,and make it as their own currency,,would it resolve the inflation rate that takes place on their economy??..it is nice to hear that bitcoin adoptation in argentina takes place but this occurs because of crisis it suffers,,I hope that no other countries will suffer this same situation in order for Bitcoin to be adopted and legalized..

No, the inflation rate on their fiat would go on normally, because adopting bitcoin doesn't magically make the peso "strong". But of course listing things in bitcoin price will make it look that way if you ignore the peso price going up and the bitcoin price going down on the same item.

In a way, it would halt the inflation, because its like telling people to start using gold coins from now on. Argentina can have dual coins, like Peru with the USD, or get rid of the peso entirely but that would probably cause more confusion at first than simply letting both be used for a transitional period at least.

To adopt a "strong" currency (ie. like gold) adopting Austrian economics is a must. You have to get rid of debt asap and force banks to adopt 100% reserve system, and close the central bank because you won't need it anymore. If you only adopt the "strong" currency but keep the rest intact, you might be getting in a worse situation similar to what happened in the 2000ies, because that's was Chicago economics, the one socialists mistakenly call "neo-liberal", Ie. Friedman et al (Growth by debt, instead of growth by "true" accumulation).

[sehoon]

Adopting bitcoin is surely a good move. It will help alot of people to sustain their needs. However, it will not reduced their rate of inflation. They can solve it by adding the salary of the people and that is the normal thing to do. But they can't just live their currency since it is an economics crisis.

[pushups44]

South American countries like Argentia and Venezuela and Peru and Brazil all countries are now adoption towards cryptocurrencies as the main payment processor due to hyperinflation cryptocurrency is safe of storing money and doing transactions

In developed countries we tend to take stable fiat currencies for granted, and forget that in much of the world people don't know if their paper money will have any value next week, month, or year. Thus, while bitcoin is still highly volatile, its value tends to go up in the long run, making it an attractive alternative in much of the developing world.

[lyks15]

It is amazing if ever Argentina is the first country who make bitcoin as a main currency. And if happen in the near future other country will inspired by Argentina. It can make the country progressive and more accessable in terms of payment system and good investment venture that all netizens of that country will benefited.

[kaya11]

It is still hard for the Argentinian people to accept a crypto currency in their country with it's volatility rate. Seeing normal traders of goods at the market using Bitcoin as mode of exchange, how would that seem possible? Every moment then and on they must constantly check the price to match the amount that should be paid to their goods. I think a possibly that the country should adapt the Blockchain tech and make their own cyrpto currency, this should be done for all the countries with increasing inflation rate.

[Fredomago]

It is amazing if ever Argentina is the first country who make bitcoin as a main currency. And if happen in the near future other country will inspired by Argentina. It can make the country progressive and more accessable in terms of payment system and good investment venture that all netizens of that country will benefited.

Surely do, if this moved will works more country will also follow this way, government of each nation's will find interest, it will be determined if this first country to consider will succeed from this attempt,a very good news for every crytpo believers and investors.

[Dreamchaser21]

Inflation is something we cannot control that only the government has the power to increase or decrease it by manipulation of things. The good news is that, with the use of bitcoin, we now have the power to somehow contradict this financial problem. Nice move by the way.

That's why we need this market because bitcoin can beat inflation and bitcoin will make financial system more stable I believe. Government is the main reason why inflation are increasing, they need to do that. Inflation will stay that's why we need to look for a good investments like bitcoin and stocks, Argentina is a nice country its people have now more good option where to put their money and earn some bitcoin.

[teejayrichard2]

Before making a tough decision to fully adopt bitcoin as a  major currency in Argentina, I seriously do hope they are sure bitcoin adoption will help solve the inflation issue the country is currently facing. Anyway, bitcoin adoption is a welcomed idea and am sure it will attract so many investors in the country and also people around the world.

[Artemis3]

It is amazing if ever Argentina is the first country who make bitcoin as a main currency. And if happen in the near future other country will inspired by Argentina. It can make the country progressive and more accessable in terms of payment system and good investment venture that all netizens of that country will benefited.

This will not occur unless the country also adopts Austrian economics and boots all the chicago/keynesians that keep misleading things there.

Simple reason is they FEAR deflation, due to their flawed thinking. There is no way a country would adopt any deflationary currency without also going full Austrian. For starters, go with full reserve banking and close the central bank, you don't need that anymore once you adopt Bitcoin AND full reserve banking.

The only reason things are worsening AGAIN, is because AGAIN a fool politician gave the order to print more money. Never ever again, separate money from State or else sooner or later it will happen.

But as you might have guessed some things are so entrenched you might even need to change the constitution and banking laws, among many other things. You should invite the Spanish Jesús Huerta de Soto, a living Austrian, to give advice to Mauricio Macri. Then you could save the country...

[Shragger]

first of all when a country is hit with inflation majority of people don't look to bitcoin, and many who were aware of it are still not going to take the high risk of converting their fiat to bitcoin.

This guy gets it. If an economic collapse could translate into a massive wave of bitcoin adoption, then Venezuela, a country suffering a rampant inflation currently at 2.000.000% (according to sources not linked to the govt), then Venezuela would be the first country to adopt bitcoin and every citizen would be using or holding bitcoin, reality is that none of that is actually happening.

If the btc volume in those countries is increasing is because the big companies or the upper class are using bitcoin, middle class and lower class, pretty much the majority of the population, have no access to bitcoin or don't even know what it is.

Countries like Argentina, Venezuela etc which are basically facing an economic crisis right now are already using Bitcoin as one of the primary forms of payment since quite sometime.

Lies. Show me proof of the stores accepting bitcoin as the main form of payment in those countries. Pro tip: you won't find any.

What actually happens in Venezuela is that they buy what they can the same day they get paid and they try to hold US dollars instead of their currency. This happened in Argentina too back in 2000. USD is accepted by almost everyone. Bitcoin isn't. That's the facts.

[DreamStage]

I have also read as some users who already posted here that many more countries rather than the ones mentioned are going to at least try to make Bitcoin their countries currency.
Nevertheless Crypto is volatile and unpredictable. If it reaches top bottom their economy will follow the same pattern which becomes bad for each private economy and even those linked to those specific countries.