cryptocurrency

Why is BTC usage increasing in Argentina

Argentina is a country that has Witnessed the death of her compatriot Currency, peso. The asset has devalued so much that many people in the country – despite the drop in prices – continue to turn to Bitcoin and other cryptocurrencies to survive and get the services they need.

Argentina is growing to love Bitcoin

Romina Sejas is one of those people who use cryptocurrency on a regular basis. A native of Argentina, Sejas got her start on coding while working on pizza dough. One of her friends at the establishment suggested fermenting the dough in his “mine”. Sejas was very confused by this statement and didn’t quite know what he meant. She said in a recent interview:

I was confused. I thought the mines housed men in helmets and shovels.

What happened next shocked her even more. The friend opened a door in his house and showed her long lines of computers and rigs. Then he started explaining to her all these technical terms about cryptocurrency and the process of extracting digital currency units from the blockchain. He also said mines use more energy than standard ovens, which means they can cook dough faster than restaurant ovens can.

He also explained to Sajas that in crypto-mining on the side, he could easily supplement his income and thus be able to survive instead of having to scrape the floor for coins when the $800 he earned each month from the pizzeria wasn’t enough.

Marcos Buscaglia – an economist in Buenos Aires, Argentina – recently discussed the poor conditions surrounding the peso. He commented that the currency in which the nation was literally operating was no longer a serviceable asset, and that many had no choice but to abandon it altogether due to the amount of value it had lost in recent years. He commented:

Money here is like ice cream. If you hold the peso for a long time, it melts in terms of how much you can buy it.

Not everyone knows what encryption is

In addition to bitcoin and cryptocurrencies, many Argentines have also resorted to using fiat currencies in other countries. For example, the dollar has gained great popularity. However, in the end, bitcoin appears to be dominant among the indigenous peoples of the country, as a recent study indicated that 60% of people in the region believe that bitcoin will help them generate savings over the coming years.

While there are many positive elements to this situation, some are concerned about the risks that crypto tends to present. Vicente Cappelletti is a 26-year-old based in Argentina who has so far lost more than ten percent of his portfolio, and says that in many ways, people are investing without fully understanding what the space represents.

Tags: argentina, bitcoin, peso

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