Bitcoin becoming a safehaven currency in Argentina

[LUCKMCFLY]

Without a doubt, when a country has economic and inflation problems, there is an increase in demand, in this case Bitcoin is the protagonist, a large percentage may increase due to the great fear of people to protect their money due to an imminent fall in the economy local, based on this, market speculation grows, in this article they explain what happened in Argentina: Bitcoin Sees 4% Premium in Argentina as Peso Plummets 30%, a similar case is what is happening in Iran today, as demand has grown a lot and Bitcoin is in order of the $ 24k , Bitcoin Selling for $24,000 per BTC in Iran as US Tensions Escalate, it is an effect that generates panic.

[abhiseshakana]

Bitcoin is a universal currency that anyone around the world can easily access. It is the only true global currency and Bitcoin would always come to rescue if people find it difficult to believe in their own currency. Bitcoin is independent from the government's created pyramyds. Let the entire world exchange for once and for all with bitcoin ditching fiat.

Bitcoin can indeed be an alternative universal currency replacing the dollar or other currencies that can be accepted throughout the world. But bitcoin cannot be the solution for all existing problems. Let's think rationally for fluctuations in the value of bitcoin is still a stumbling block for mass adoption. We can only predict and grope about the future of bitcoin.

Learn from the history of damage that has been caused by FIAT money on the global economy. The use of currencies that have no intrinsic value brings massive damage to the world economy. Will we repeat the same mistake by using bitcoin which has no guarantee to sustain the world economy.

[BartS]

Without a doubt, when a country has economic and inflation problems, there is an increase in demand, in this case Bitcoin is the protagonist, a large percentage may increase due to the great fear of people to protect their money due to an imminent fall in the economy local, based on this, market speculation grows, in this article they explain what happened in Argentina: Bitcoin Sees 4% Premium in Argentina as Peso Plummets 30%, a similar case is what is happening in Iran today, as demand has grown a lot and Bitcoin is in order of the $ 24k , Bitcoin Selling for $24,000 per BTC in Iran as US Tensions Escalate, it is an effect that generates panic.

While it is a slow process we are slowly seeing the economies of the world showing more and more problems and people are not going to stand and see how they lose everything they have worked so hard be destroyed by the policies of a few politicians and bankers.

They will do what they can to thrive in those conditions and if that means adopting a currency like bitcoin they will do it, I am sure governments are not happy but there is not much they can do against a decentralized currency.,

[Brunus]

Let's say that people with a bit of intelligence and initiative seek (and find) ways to defend their wealth from the greed and above all from the stupidity of their governments.
Bitcoin is definitely a good way to do it.

[carlzec]

Developing countries have the opportunity to spread for bitcoin. But it can be a revolution for countries with a poor economy. People can keep the money as bitcoins so they don't lose value. In this case, the official currency collapses. Bitcoin price movements can make the economy much worse.

[BartS]

Developing countries have the opportunity to spread for bitcoin. But it can be a revolution for countries with a poor economy. People can keep the money as bitcoins so they don't lose value. In this case, the official currency collapses. Bitcoin price movements can make the economy much worse.

If at any point in time bitcoin really becomes widely adopted by the population of a country and they prefer to use it over their currency then bitcoin is not going to be the reason for the collapse of that currency.

Bitcoin will be nothing but the symptom of something going horribly wrong in the economy of that country, but while bitcoin has been adopted in some countries with economic difficulties that adoption has not been so widespread so we have no idea if this is actually going to happen at some point in time.

[jostorres]

Over the next few years we will get to see a lot more nations like this as well, not just in places like Argentina, Iran, Venzuela or such but there will be a lot more nations that are not in economical similar situations but still safe and sound but people of those nations not really trusting their own currency will be investing into crypto as well. Many nations are not having record breaking inflation but weak against euro or dollar will move towards bitcoin mainly to keep their store value and that will increase the price of bitcoin a lot.

It is still a long way to go but I say in 5 years we will see bitcoin as an investment not just to make money but also save your worth as well all around the world. Hopefully nations will not be affected horribly by it but I doubt it.

[Sadlife]

With central banks monopoly over people's money its normal for people to seek alternatives to fiat. They should have their own freedom to use their own cash not be restricted by some banks alone. Luckily bitcoin has been invented for these purpose, bitcoin is the example on how a currency should be. To not oppressed, exploit and monetized its users, if they dont correct this ways then BTC might just take over the payment system.

[keeee]

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

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.

That has been the option of many holders whose country is struggling in its economy, the immigration cannot stop you for doing this because all are in USB or saved in your email where you can access abroad, many are doing right now, our country has a limitation on how many dollars you can buy to take out abroad, with Cryptocurrency all has become so easy and there's no tax either.

Yes because the government cant controll cryptocurrency.  Actually its a good news since bitcoin in argentina means expanding and become more valuable.  But I think that thing can affect their economic status.

[moviebuff777]

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

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.

That has been the option of many holders whose country is struggling in its economy, the immigration cannot stop you for doing this because all are in USB or saved in your email where you can access abroad, many are doing right now, our country has a limitation on how many dollars you can buy to take out abroad, with Cryptocurrency all has become so easy and there's no tax either.

Yes because the government cant controll cryptocurrency.  Actually its a good news since bitcoin in argentina means expanding and become more valuable.  But I think that thing can affect their economic status.

By doing this, they also preserve the value of their earnings as long as Bitcoin doesn’t lose value. In countries with very high inflation like Argentina, their government money loses value too quickly.

[pikkie]

With central banks monopoly over people's money its normal for people to seek alternatives to fiat. They should have their own freedom to use their own cash not be restricted by some banks alone. Luckily bitcoin has been invented for these purpose, bitcoin is the example on how a currency should be. To not oppressed, exploit and monetized its users, if they dont correct this ways then BTC might just take over the payment system.

I think bitcoin is difficult to be able to take over the conditions of exchange and transactions for exchanges in a country because it can make the price unstable and will experience a lot of price movements so that it might make some people lose, so maybe bitcoin is not suitable if used as an exchange for all over the world who have very little supply and find it difficult to get bitcoin.

[wozzek23]

That’s great there are lots of places that are totally different and where people are showing no interest in Bitcoin, but the Argentines are strongly adopting it. Where I live is a completely different case because everyone is afraid of to make use of Bitcoin except some the techies, just like me.

Though I’m happy that cryptocurrency adoption has been growing a bit in my country, and now I do find people living in the same country that are interested in cryptocurrency, though it’s mainly online that I see them, but I’m still happy because it’s unlike before when I hardly see anyone.

[LUCKMCFLY]

~snip~

In Argentina it is very feasible that it occurs, since inflation and new rigorous rules about obtaining FIAT money such as the dollar is being very monitored by the government, the only thing that they have discovered so far that they can shelter their money is in Bitcoin , gold is clearly another option, but it certainly turns out to be more complicated to do so.

The advantages are many when moving to Bitcoin, because if the local currency continues to fall, the bitcoin causes it to continue its value or increase, while creating a change given by the Central Bank and a black market where the amount is clearly available To acquire, for that reason is that clearly a country with inflation and economic problems the best way out is Bitcoin without a doubt.

[EdvinZ]

If the Argentine authorities could not maintain the stability of the peso, they should not impose restrictions on the purchase of foreign currency. They essentially put their citizens in a hopeless position. It is good that Bitcoin is not controlled by any government agencies. The population can at least exchange the rapidly devaluing peso to Bitcoins.

[Shasha80]

I was really surprised when I read the article in the opening post that in Argentina the condition was experiencing an economic crisis,
the government instead limit the amount of dollars could buy per month. But I'm also happy to hear that the presence of bitcoin is
becoming a safehaven currency in Argentina. And I hope that bitcoin will also become a safeheaven in other countries affected by the
economic crisis. Because it is indeed one of the goals bitcoin was created to help human life for the better.

[onrise]

Let's say that people with a bit of intelligence and initiative seek (and find) ways to defend their wealth from the greed and above all from the stupidity of their governments.
Bitcoin is definitely a good way to do it.

Few government understand this and due to which they are not ready to make it legal in their country or even encourage this crypto as their fear that it can eff t their Fiat currency , tax would not be collected as people can misuse it etc.

[romero121]

When more countries get into the active participation of bitcoin usage automatically the growth will progress in a much stabilized way than just growing in a manipulative manner. People moving to bitcoin is all because of the goodness it has got, as well as the inflation happening with traditional fiat of different countries.

[fireball4]

Bitcoin is a universal currency that anyone around the world can easily access. It is the only true global currency and Bitcoin would always come to rescue if people find it difficult to believe in their own currency. Bitcoin is independent from the government's created pyramyds. Let the entire world exchange for once and for all with bitcoin ditching fiat.

[DevilSlayer]

The people who see bitcoin as safe heaven is keep increasing. They are acquiring it because they think that their wealth will be protected and secured if they invested in bitcoin. People are now focusing on how they will overcome the next financial crisis. There is a prediction the next financial crisis is about the crash of the dollar because of the bubble that happen in many years. People want safe investment and they think bitcoin is a safe heaven for them but for me it is not true because there are still risks that we should consider.

[BartS]

If the Argentine authorities could not maintain the stability of the peso, they should not impose restrictions on the purchase of foreign currency. They essentially put their citizens in a hopeless position. It is good that Bitcoin is not controlled by any government agencies. The population can at least exchange the rapidly devaluing peso to Bitcoins.

It is without a doubt a very unfair policy, but once you understand that governments are not in place to help people but instead to keep their power and if possible to increase it then it makes complete sense why they are doing that.

They are imposing those restrictions on the ability of people to obtain foreign currency because if they didn't do that then their currency will crash and they do not want that because if that happened not only that will damage the economy and the honest people of Argentina that will also damage their image to the point it will be impossible for them to remain in power.