Bitcoin becoming a safehaven currency in Argentina

[Getmon]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

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[Kimonoe]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

right, some countries use bitcoin to overcome hyperinflation in their countries. the chaos of their country's economy makes their fiat money worthless, so that people come to live in poverty, indeed Hong Kong is a country that still has many problems today, and it is possible to lead to crypto

[CarnagexD]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

Bitcoin will only be a safe haven when it is stable but it's not. Venezuela, Argentina and Hong Kong are not making bitcoin or any cryptocurrencies as safe haven because of a certain problem in their country, what they are doing is a mere saving, uniting, and storing of amount in a most volatile assent present now. That is not a safe haven, that is the only choice they have for now because of inflation and protests. But look at the price now even if some countries are going in with bitcoin, I've never seen such significant change in price for a quite long time.

[Getmon]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

Bitcoin will only be a safe haven when it is stable but it's not. Venezuela, Argentina and Hong Kong are not making bitcoin or any cryptocurrencies as safe haven because of a certain problem in their country, what they are doing is a mere saving, uniting, and storing of amount in a most volatile assent present now. That is not a safe haven, that is the only choice they have for now because of inflation and protests. But look at the price now even if some countries are going in with bitcoin, I've never seen such significant change in price for a quite long time.

And since Bitcoin's price is not stable right now, do you not consider it as a safe haven if in case the country where you are leaving right now is caught in so much turmoil your fiat currency might turn into a worthless piece of paper anytime? Volatility is indeed a concern but in a country where there are so few options, I would rather risk on that option. In those countries, Bitcoin is the safe option right now.

[agentx44]

https://www.newsbtc.com/2019/10/30/bitcoin-trades-at-large-premium-in-argentina-as-dollar-purchase-restrictions-set-in/

Bitcoin is trading at a large premium on cryptocurrency exchanges in Argentina. Demand remains high after the nation’s central bank announced a further tightening of a limit on the number of dollars an individual can purchase from it each month.

The policy essentially forces the people of Argentina to either sink of swim in an economy with a less than perfect track record. Well, it would, were it not for Bitcoin.

According to data taken from local cryptocurrency exchange Ripio, Bitcoin is trading at a large premium in Argentina. Whereas Coinmarketcap has the price of the leading digital asset at around $9,150 at the time of writing, Bitcoin is currently selling at the South American trading venue for ARS$633,862 ($10,578).

The nation has been in the grips of successive economic crises which have seen the value of the peso plummet. In an attempt to stabilise the currency, the central bank first limited the amount of dollars an individual could purchase each month to $10,000 in September. Just days ago, it drastically increased this restriction to just $100 in physical bank notes per month.

I guess the workaround is buying bitcoin and then taking a trip to another country where you can cash out in dollars using local bitcoins.

I think instead of looking at bitcoin as a safehaven for some countries, they should see it more as permanent tool for the recovery of their economy. Bitcoin has been a great help for a lot of countries already and we are alreadys seeing the progress and benefits it has brought to them. We cannot rely alone on fiat, technology is quickly innovating as time passes by and we should be flexible enough to ride on the change that is occuring most specially in terms of the monetary system of the world which will dictate the fate of the economy of different countries.

[clickerz]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

And in Hong Kong too. I read reports last time that cryptocurrency especially bitcoin was being favored or favorite crypto they used. Well, it is not surprised because a bitcoin is safe, portable and reliable too. Truly, bitcoin becoming a better option in countries that is having trouble, unstable, etc. IMHO, this situation can add to the global adoption of cryptocurrency.

[ene1980]

right, some countries use bitcoin to overcome hyperinflation in their countries. the chaos of their country's economy makes their fiat money worthless, so that people come to live in poverty, indeed Hong Kong is a country that still has many problems today, and it is possible to lead to crypto

The  main reason for the shift is the choice of the people, they might not have any other options in a hyperinflation and there is no point in a holding a currency where the base valuation keeps on going down and they need to either convert those to a currency that is impervious to the inflation and some have chosen bitcoin over that fiat currencies and that is the recurring theme in all the affected places for the past few years and it will continue to grow in the future.

[Wexlike]

right, some countries use bitcoin to overcome hyperinflation in their countries. the chaos of their country's economy makes their fiat money worthless, so that people come to live in poverty, indeed Hong Kong is a country that still has many problems today, and it is possible to lead to crypto

The  main reason for the shift is the choice of the people, they might not have any other options in a hyperinflation and there is no point in a holding a currency where the base valuation keeps on going down and they need to either convert those to a currency that is impervious to the inflation and some have chosen bitcoin over that fiat currencies and that is the recurring theme in all the affected places for the past few years and it will continue to grow in the future.

Not just that, it is also the mindset that the available fiat paper currency is losing value year after year for decades. Either you move your money to Dollars or Gold, but now you have the choice with something better, Bitcoin.

[Ayiranorea]

right, some countries use bitcoin to overcome hyperinflation in their countries. the chaos of their country's economy makes their fiat money worthless, so that people come to live in poverty, indeed Hong Kong is a country that still has many problems today, and it is possible to lead to crypto

The  main reason for the shift is the choice of the people, they might not have any other options in a hyperinflation and there is no point in a holding a currency where the base valuation keeps on going down and they need to either convert those to a currency that is impervious to the inflation and some have chosen bitcoin over that fiat currencies and that is the recurring theme in all the affected places for the past few years and it will continue to grow in the future.

Not just that, it is also the mindset that the available fiat paper currency is losing value year after year for decades. Either you move your money to Dollars or Gold, but now you have the choice with something better, Bitcoin.

The money value decline in different countries experience different levels of progression. This means the decline of fiat is much about the regulations and plans that governments take forward. Gold being a global asset for investment is preferred based on its value that don't crash that easy. Now bitcoin gets added as a choice, this got the higher risk but assures of being a safe haven in countries like Argentina where the economic scenario is very worse.

[drlukacs]

I think this is a policy of tightening demand for Bitcoin in Argentina. With such a high price difference, no one wants to buy bitcoin anymore, which will cause disadvantage for the crypto market when losing large customers in Argentina. but I also understand this because the government only wants people to be safe. They realize that the crypto market is just a manipulative market and its value will soon become 0 anytime. That's why I think this is a reasonable policy, does anyone think the same as me?

[Getmon]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

And in Hong Kong too. I read reports last time that cryptocurrency especially bitcoin was being favored or favorite crypto they used. Well, it is not surprised because a bitcoin is safe, portable and reliable too. Truly, bitcoin becoming a better option in countries that is having trouble, unstable, etc. IMHO, this situation can add to the global adoption of cryptocurrency.

I have already mentioned Hong Kong. There are also other countries out there whose economic, political, and social structures are shaking hard that the status quo is on the verge of collapsing, or has collapsed in some cases. These situations will cause law and order to lose their solid foundations so that even their fiat system is rotting. When this happens, no bank is safe, no currency is safe. Bitcoin is a nice option as it is global and does not bend according to a certain country's status.

[BartS]

Bitcoins power to be out of reach from all governments failures is the reason why it was created in the first place. It was basically a back up plan for everyone after 2008 because that was a global crisis that was created by just bunch of guys in suits in a wall street office.

You may think how small they are in the grasp of things, just maybe 1000 people involved with the housing mortgage bubble at most, probably less of them that are worthy like CEO's and CFO's yet those guys literally almost bankrupted all of USA as in the biggest power on the earth economical and military wise and they actually hurt Greece+Spain+Italy type of huge countries as well. Now if bitcoin was around and people invested into bitcoin as much as they did to other stuff in those nations, they would have been safe even with economy going south.

I wonder how long bitcoin is going to keep being the backup plan of people and when it will become the main plan, I do not own a lot of bitcoin but thanks to it if I wanted I could exchange by bitcoin for more fiat than what I have in my bank account.

And if governments keep printing money we will get to the point bitcoin will be many times more valuable than what it is now and governments will not be able to ignore bitcoin anymore but at that point it will be too late and an important part of the whole population will prefer to use bitcoin instead of fiat.

[meliodas]

Bitcoins power to be out of reach from all governments failures is the reason why it was created in the first place. It was basically a back up plan for everyone after 2008 because that was a global crisis that was created by just bunch of guys in suits in a wall street office.

You may think how small they are in the grasp of things, just maybe 1000 people involved with the housing mortgage bubble at most, probably less of them that are worthy like CEO's and CFO's yet those guys literally almost bankrupted all of USA as in the biggest power on the earth economical and military wise and they actually hurt Greece+Spain+Italy type of huge countries as well. Now if bitcoin was around and people invested into bitcoin as much as they did to other stuff in those nations, they would have been safe even with economy going south.

I wonder how long bitcoin is going to keep being the backup plan of people and when it will become the main plan, I do not own a lot of bitcoin but thanks to it if I wanted I could exchange by bitcoin for more fiat than what I have in my bank account.

And if governments keep printing money we will get to the point bitcoin will be many times more valuable than what it is now and governments will not be able to ignore bitcoin anymore but at that point it will be too late and an important part of the whole population will prefer to use bitcoin instead of fiat.

People should not make it as a main plan for making money or a store of value because first, bitcoin is volatile so it is risky and there is a high chance for people to lose their money when they put it on bitcoin since the market is a combination of emotion and manipulation. It should be still fall under back up because people should learn to diversify so they will not become frustrated if something goes wrong with bitcoin.

[naikturun]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

yes in venezuela is very profitable there because there currency is almost not worthless, they use this way to avoid that, maybe after using crypto their economy is continue recover, i know it wont fast and run smoothly.
but atleast they make develop before their currency going dead.

[asus09]

Not just in Argentina. It happened in Venezuela also and in other countries including Libya. This might also be happening in Hong Kong with the rising tension within their territory. All of these cases are giving their fiat a very uncertain value and future. And if they want to make sure that whatever money they have left will not end up worthless they need to convert them into something whose value will grow instead of decrease. Bitcoin is one great option of course.

yes in venezuela is very profitable there because there currency is almost not worthless, they use this way to avoid that, maybe after using crypto their economy is continue recover, i know it wont fast and run smoothly.
but atleast they make develop before their currency going dead.

American country have accepted bitcoin after Venezuela and now Argentina try to accept bitcoin as legal currency payment, have been revolution change payment from traditional become modern payment where give benefit with higher profit by using bitcoin and altcoin as currency payment, have to change payment from USD become bitcoin because keep increase with higher price always by using bitcoin.

[carlzec]

BTcoin is safer than most developing countries' money. You can carry it very easily and it is very easy to transfer. Some doors for Bitcoin are now opened. This market has been trading for 10 years. Bitcoin may be required.

[jonatha28]

BTcoin is safer than most developing countries' money. You can carry it very easily and it is very easy to transfer. Some doors for Bitcoin are now opened. This market has been trading for 10 years. Bitcoin may be required.

Bitcoin is indeed safer than most developing countries, but Imo there are stablecoins that more worth investing in (if your money were blown away by own govs)

[BartS]

BTcoin is safer than most developing countries' money. You can carry it very easily and it is very easy to transfer. Some doors for Bitcoin are now opened. This market has been trading for 10 years. Bitcoin may be required.

Bitcoin has many advantages over traditional currencies, personally I do not travel a lot but it is very easy to see that if I did bitcoin will have the advantage of being accepted all over the world and what it is even better no one will ever know that you are carrying bitcoin with you unless you decided to tell this information to other people.

This is important because the fees of exchanging your currency to another one and sending that money to another country can be very high but with bitcoin this is not an issue.

[Shimmiry]

BTcoin is safer than most developing countries' money. You can carry it very easily and it is very easy to transfer. Some doors for Bitcoin are now opened. This market has been trading for 10 years. Bitcoin may be required.

Bitcoin is indeed safer than most developing countries, but Imo there are stablecoins that more worth investing in (if your money were blown away by own govs)

Bitcoin has been and is still being a safe haven for some countries and the number of these countries keeps on rising, especially countries that has been undergoing a stormy market and economic situation. Investors especially in Argentina probably sought safehavens, which happened to be bitcoin, to lessen their exposure to the losses that the market turbulence might bring to them. So for them to avoid losses of assets they found bitcoin a safe haven while the mainstream market stumbles.

[Wexlike]

BTcoin is safer than most developing countries' money. You can carry it very easily and it is very easy to transfer. Some doors for Bitcoin are now opened. This market has been trading for 10 years. Bitcoin may be required.

Bitcoin has many advantages over traditional currencies, personally I do not travel a lot but it is very easy to see that if I did bitcoin will have the advantage of being accepted all over the world and what it is even better no one will ever know that you are carrying bitcoin with you unless you decided to tell this information to other people.

This is important because the fees of exchanging your currency to another one and sending that money to another country can be very high but with bitcoin this is not an issue.

Depends on where you are traveling, but I'd rather use the easy use case of a credit card than trying to deal with crypto currencies in foreign languages. As a safe heavon in a failing fiat society it is indeed very useful.