Why Argentines May Prefer Bitcoins Over Pesos in Two Charts
Many Bitcoin critics don't think bitcoins could ever become a viable form of money because the price is far too volatile. While this may be true in the United States and parts of Europe, there are certain parts of the world where people are in desperate need of a new, decentralized form of money. The US Dollar/Argentina Peso exchange rate was the Chart of the Day at Business Insider as it lost 13% of its value shortly after new economic restrictions were put in place. Just take a look at what has happened to the Argentine Peso over the past month: US Dollar/Argentine Peso spot rate for the....
Related News
American Airlines has stopped accepting payments in Argentine pesos. This decision the result of Argentine government’s currency controls that make it difficult to convert pesos into dollars to repatriate earnings. The constraints on buying dollars have been becoming untenable for a while. American Airlines “had been limiting its Argentine peso holdings....
Bitso, the first Mexican exchange, opens for trading tomorrow. Currently this is the only local platform on which to exchange bitcoins for Mexican Pesos. Interested parties will be able to register at bitso.com. The company emphasises that its platform has been designed with ease of use and power in mind. The company already has over 1,000 pre-registered users. It expects these parties to gradually begin using the new exchange platform from tomorrow. It is expected that trading activity will increase as participants become more comfortable with the exchange and the company, and as they get....
A record $50,000 of bitcoins were traded in Argentina during the second week of April. Bitcoin's sixfold price increase this year is enticing to Argentines whose savings have been taking a hit from 25% annual inflation. Local agent Rodolfo Andragnes said that while local trading of bitcoin still equals less than 0.1% of the almost $1 billion of Argentina's foreign exchange transactions on a weekly basis, it has more than doubled since February. "Some Argentines are willing to take very risky investments and bet on this thing which feels almost like a Ponzi scheme because they feel their....
Stablecoins are now drawing the attention of people in Argentina after a top cabinet official resigned. As a result of the departure of Argentina’s economy minister in the face of a continuing economic calamity, Argentines ramped up their purchases of stablecoins throughout the weekend as they normally do. The cost of purchasing Tether’s stablecoin USDT […]
Just a little over two months after reaching 500,000 users in November 2013, Blockchain now has one million users. To celebrate, they're giving away 10 BTC to one lucky winner. The giveaway ends in less than a week. From the official blog: "As a major thank you to our users who've been an amazing support, we'd like to announce another major giveaway. This will give all of you the opportunity to win something from us, as a token of our appreciation. This time around we wanted to offer a prize aside from bitcoins, but also have the option for the winner to claim the equivalent in bitcoins,....