Bitcoin Popularity Soars in Argentina Due to Mass Inflation

[thankyoulord]

It is a bold step Argentina is taking in adopting the use of bitcoin but I will like to know how would bitcoin adoption stop the inflation. Anyway adopting the use of bitcoin will surely have a positive effect and am sure it will also motivate neighbouring countries to see the benefits of bitcoin usage.

[BlackFor3st]

I am not really sure if adopting bitcoin in Argentina will lessen their inflation rate but I guess they have some strategies to try in order to lessen their inflation and bitcoin adoption is part of their plan.

I can say that it is a good news to bitcoin lovers as it is another step to widen the usage and acceptance of crypto currency especially the bitcoin. But I am very curious and really want to know how the Argentina will use the bitcoin in order to lessen their inflation rate.
As I am sure that many countries will follow if they become successful to their plan.

[incomefromcoins]

Bitcoin is becoming more and more popular in south America after Venezuela hyper inflation all neighboring countries are implementation bitcoin as major merchant acceptance

[LUCKMCFLY]

This is simply normal, because in economies where there is inflation, people will always look for ways and economies where they can leave the system where they are to be better. The case of Venezuela is where much sells the Bitcoin, operations are impressive, the volume generated on platforms are very large, just as happens in Argentina, because people will always seek economies where they can achieve their financial freedom more quickly, without taking into account the possible dangers, since the dangers that come with being in an inflationary economy, the worst that can happen is that it is lost already, but if profits are generated it will be with large proportions, because when changing Bitcoin for the local currency, will simply escape the average economy of each person in the Country.

Thanks to this economy, many have been able to rise little by little escaping the system of a country by governments and banking, where the only control to have is in the hands of the same people, as it always should be.

[mikehersh2]

I'm eager to see what the long term effects of this will be, as it could give us insight into how bitcoin can help other nations dealing with inflation issues, if all goes well of course.

I mean for god's sake, Venezuela' now weighing their currency during purchases, with an inflation rate of ONE MILLION

[Waldschrat2]

Franco Amati from the Argentinian Bitcoin Community had quite an interesting talk at the recent Online Meetup about the Situation in Argentina. Was very interesting to hear how people on the ground cope and arrange themselves when the government-issued currency is drastically losing purchasing power all the time.



https://bitcoinsaigon.org/global-online-meetup-recording/

His talk was the last one in this meetup - but maybe the most interesting one to me (all talks were great though, the Greeks did an awesome job putting this together!).

[Janation]

The Argentinian peso is going down, because of the inflation but I don't think it would massively push people into Bitcoin.

It might be true that there are people that is putting their money into Bitcoin but I think it is just enough to prove that they look at it to be a great way to save themselves from inflation. I think we should see some great changes in the price of Bitcoin if its popularity is actually soaring in the country.

[Nellayar]

Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.

https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/

Now they already know why bitcoin is really good. Inflation kills every country and probably shutting down their economy. It is a good move for Argentina to turn into Bitcoins. I think this will have an impact in crypto industry since the people are already aware. In future, fiat currency will become useless as every country made bitcoin as their national currency. Argentina will make its first move to adopt certain changes in currency. Is this a new start for a massive popularity in bitcoin?

[AniviaBtc]

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.

Why else do you think LocalBitcoins volume is 2nd highest in Venezuela? Adoption is rising with time and I am loving it.

All of us wants to have bitcoin adoption in any part of the world, this will help us grow in number.

Argentina is really open-minded towards bitcoins existence and now they are manipulating it in their economy which is really important and worth it. Bitcoin can really be a tool to fight economic crisis with a proper management and control in the market. Not all countries do have a courage and urge to legalize bitcoin and benefit from it.

[PonZZ]

It is a bold step Argentina is taking in adopting the use of bitcoin but I will like to know how would bitcoin adoption stop the inflation. Anyway adopting the use of bitcoin will surely have a positive effect and am sure it will also motivate neighbouring countries to see the benefits of bitcoin usage.

Bitcoin adoption won't help to stop the inflation. It shows that the collapse can't be prevented, people don't trust the national currency anymore and look for a substitute.