Friday , November 27 2020

Bitcoin can defend Argentinians against the depreciation of the weight | CryptoNews



Bloomberg announced this week's report that he predicts that the weight of Money in the worst money with the best performance in 2019 will be among emerging countries. Given the possibility of losing the value of its legal currency, Bitcoin could become a financial alternative to Argentine citizens.

The report states that Argentina's weight could depreciate from 10.7% compared to the dollar price, which emerges as one of the finances of the emerging markets with the worst performance for this year. Due to this depreciation, the dollar exchange rate in relation to Argentina's sweat could go from 38.80 pesos to 43.45 pesos per dollar, exceeding the historical price of the dollar Argentina pesos reached in 2018.

A BBC report also emphasizes that Argentina is the most indebted country in Latin America, with a public debt of 77.4% of GDP for the third quarter of 2018. These data suggest that inflation will be in the The southern country will continue to increase, which will create an even greater loss of the value of the national currency.

In the middle of this context, Bitcoin can stand out as a financial alternative to the economic crisis. When a country suffers from inflation and depreciation problems in the value of its legal currency, citizens tend to look for alternative alternatives to safeguard their savings. Procurement of property and money as the dollar or the euro is the most common practice to protect personal finances, but unusual encryptions have also started to be used as a means of securing value.

Bitcoin has features of a coin, as it carries out three of its basic functions. Bitcoin is used as a means of swapping goods and services, as well as being an account unit in the cryptocurrency market. As if that were not enough, beyond instability and tendency down its market in recent months, this cryptocurrency is still used as a safeguarding value, in especially from the citizens of those countries who go through economic crises.

The examples of Venezuela, Zimbabwe and Greece prove that In a nation in a full economic fall, the markets for cryptocurrency exchanges are increasing. According to the researcher, Matt Ahlborg, localbitcoin marketing levels are higher in those countries with, and among them, more financial constraints in Argentina.

Bitcoin has also succeeded as another financial option in this kind of context, as no central authority is managing it, as if it were dollar or the euro. Also, it is easier to get cryptocurrencies than currency, which is why they are ideally in countries with strict exchange controls.

Argentina is one of the countries with the highest adoption of Bitcoin in Latin America, as well as important important block projects in the region. In this sense, the community is much more familiar with this cryptocurrency than the citizens of other countries. Also, in 2016 Argentina was chosen as one of the 178 countries with the greatest potential to adopt BTC, according to BMPI index.

Given the cumulative inflation of 9.7% last year, the market for cryptocurrencies in Argentina has already stood as an alternative for its citizens in 2018. The increasing adoption of Bitcoin in Argentina in recent years is unpleasant , however the cryptoactive was depressed by 60% in 2018, BTC's trade at Localbitcoins was not falling significantly, reaching its highest volume of sales in its history the first week of December last year.

Despite the downward trend in BTC's price in 2018, the number of commercialization of this cryptocurrency in Argentina has steadily increased.

Currently, with Bitcoin closing yesterday at 3,971 dollars per unit, the number of purchases and sales of BTC in Argentina on the Localbitcoins platform is 6,693,704 pesos of Argentina for the last week of January. Similarly, only in the San Telmo sector, in the city of Buenos Aires, 36 sites have enabled them to receive bitcoins as a payment method, according to CoinMap, registering a total of 155 businesses receiving BTC for purchasing goods and services across the capital.


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