Argentina Launches it's First Bitcoin Futures Contract, Brazil To Follow..

vv181

legendary

Activity: 1932

Merit: 1273

Knowing that Argentina was exposed to extremely high inflation, anything that could be an alternative or an option for their own citizen to preserve their money is a good thing. Bitcoin might not be the only thing, but this kind of development and sentiment of the Bitcoin futures contract should make them embrace a solution to their inflation problem. It also offers up a brand new awareness to those who did not know Bitcoin beforehand.

Quote from: Latviand on July 14, 2023, 04:42:34 AM

Why did Brazil took too long to do what Argentina did? Is it because they're a member of BRICS and somehow China is influencing them?

Being part of the BRICS initiative should make the reason they refrain to adopt such kind of adoption a possibility. China may not influence them directly, but surely Brazil, the counterparts, also have to rethink the scenarios considering they are playing a part in this new economic initiative.

Blitzboy

hero member

Activity: 1316

Merit: 561

Leading Crypto Sports Betting & Casino Platform

That's incredible! Futures markets for Bitcoin have recently been launched in a number of countries. Honestly, I never would have guessed. The focus currently is on Argentina, but soon the spotlight will shift to Brazil. However, please keep in mind the practicalities of futures trading.

Futures contracts are pacts to buy or sell Bitcoin at a predetermined future time. Where's the catch? You should always follow your promise, regardless of your financial condition. The potential for either enormous gain or catastrophic loss. This has two edges.

Do not misunderstand me, all right? If somebody is going to bring down Bitcoin, it wont be me. While I think this is a fantastic breakthrough (especially for the credibility of Bitcoin), I feel obligated to warn everyone that it also comes with a new level of danger. Thats important to remember. Be safe out there, crypto nerds!

Fuso.hp

sr. member

Activity: 490

Merit: 294

Argentina is an economically backward country. The name of Argentina may appear in the list of poor countries. The Argentine government may be planning to feature Bitcoin to accelerate its economic system. Earlier crypto news was very rare in their country but they may have been a little bit more interested in cryptocurrencies by listening to the domestic news of different countries which is why they are planning such a plan recently. This plan is going to be a good plan for Argentina as their country people are very football fans and they usually travel to different countries to watch football games so if bitcoin transaction facility is offered in their country then hopefully the people of their country will welcome their move.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: Fivestar4everMVP on July 13, 2023, 06:04:41 PM

It is no longer news or a thing to be really surprised about that different countries are now making moves which points to them adopting bitcoin..

It is in the news that Argentina, a Latin American country, has embraced bitcoin with the launch of the first bitcoin futures contract in the country.

I would guess that this is a good thing for Brazil but not sure about Argentina. Because bitcoin world will not see that much money coming in from Argentina, it's not a rich nation and that means there aren't all that many rich people there that can help the price grow.

On the other hand Brazil is a huge nation, still terrible economy of course and needs to grow a lot, but the wealth gap is there, which means that there are some super rich people there, and if those people get in with the futures, they can get in with buying as well. That's why that could be something good in the end, I am guessing that it will be a profitable business when this grows into a lot more nations and a lot more people as well.

Faisal2202

hero member

Activity: 1386

Merit: 513

Payment Gateway Allows Recurring Payments

Quote from: Fivestar4everMVP on July 13, 2023, 06:04:41 PM

It is no longer news or a thing to be really surprised about that different countries are now making moves which points to them adopting bitcoin..

It is in the news that Argentina, a Latin American country, has embraced bitcoin with the launch of the first bitcoin futures contract in the country.

(The Bitcoin futures contracts began trading today being Thursday, in the Matba Rofex market and, in this way, Argentine has became the third futures contract supported by this cryptocurrency in the world. This was possible after the CNV authorized it in April the relevant regulation and the Bitcoin Matba Rofex Index , on which this new offer of contracts with negotiation is based.

That's really good news for the streamlined adoption of crypt verse. I hope other south American countries will also adopt such steps to streamline the acquisition of crypto. Because such steps not only help the local citizens to make up a good living even in the high inflation situation but it also provide them a hope on to which they keep living and working to get something in return.

Because a man with no job might become stressful as he/she has nothing in their hands to do while enabling such option they could do future trades with little money which before they can not. I assume (if I am not wrong) this one future contracts in platform is centralized means company is centralized which have it's own flaws but to attract the ones who have trust issues over Crypto or BTV will be resolved if such companies are backing the contracts.

This will definitely urge other countries to adopt such steps just like different platform followed the steps of block Rock to get approval for ETFs. I hope this step will bring more adoption and less manipulation because as I said centralization has it's own perks.

dragonvslinux

legendary

Activity: 1722

Merit: 2213

Given the high inflation in Argentina, with Pesos losing half their value since 2022, this seems like a positive for the country. I'd much prefer to see either Futures or ETFs launched in countries that actually need it, rather than countries with relatively low inflation that simply benefit from it. For context as well, Bitcoin has made new ATH against Argentinian Pesos, so this announcement is hardly surprising either!

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: royalfestus on July 14, 2023, 09:45:06 AM

We mustn't view cryptocurrency solely as a realm reserved for economically prosperous nations or individuals. If people with the right trading strategy and adequate initial funds can find their place in this space, they should be welcomed. Additionally, considering that Brazil and Argentina are among the most populated countries, it is crucial to embrace their participation to bolster the numbers and diversity of cryptocurrency users.

You can store bitcoin as your personal treasury if you can accept risk because many things can change with regulations of governments to support or against Bitcoin and Bitcoin mining, trading. It is more acceptable and more easily adaptive at individual level.

Oppositely if you are doing this at a national level, as a government, on behalf of your citizens, you must take a bigger risk. If anything bad happens, the nation will be collapsed financially and it is harder to accept for your nation and its citizens.

Small nations are more easily to take risk than big nations because small nations and if their economy have been in bad conditions, they have reasons to bet with Bitcoin like El Salvador.

royalfestus

hero member

Activity: 2464

Merit: 519

Quote from: marlo1001 on July 14, 2023, 02:23:31 AM

Countries with the worst economy situation are the main crypto adopters. Hope that crypto will help them

We mustn't view cryptocurrency solely as a realm reserved for economically prosperous nations or individuals. If people with the right trading strategy and adequate initial funds can find their place in this space, they should be welcomed. Additionally, considering that Brazil and Argentina are among the most populated countries, it is crucial to embrace their participation to bolster the numbers and diversity of cryptocurrency users.

CryptSafe

sr. member

Activity: 728

Merit: 421

Well I will appluad them for such steps because it invariably means that Crypto and bitcoin is directly or indirectly legalized in that country even though what they are about launching or have launched is a fork of bitcoin. It is a sign that their country citizens can now deal in Crypto and already, they have started doing that before this news came up.

This is amongst the numerous steps implored for the smooth actualization of Crypto adoption in the world. I believe with this steps, other neighborhood countries around them would definitely follow their steps so as to ease their bilateral relationship and otherwise.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

Quote from: logfiles on July 13, 2023, 06:42:28 PM

If it was news like "Argentina and Brazil adopt or legalize Bitcoin" now that would definitely get me and most of us here excited.

Well, yeah, I understand perfectly what you mean, and trust me, I also would have been very excited as well, but then, I believe every good thing to come starts with a step, the same building a your own house starts buy you buying the land first, then clearing the bushes..

When clearing a bush, people assume many things like..
- Maybe he wants to farm,
- Maybe he's just clearing it to keep the place open and free from weed and safe from dangerous reptiles,

People assume many of this things until they see you start molding or bringing in blocks and digging the foundation of the building..

So yeah. This could be the step to the real adoption, which has the possibility of happening in the future, so let's keep our fingers crossed 🤞.

Quote from: hugeblack on July 14, 2023, 06:42:38 AM

Quote from: Latviand on July 14, 2023, 04:42:34 AM

Why did Brazil took too long to do what Argentina did? Is it because they're a member of BRICS and somehow China is influencing them?

Again, the wording of this topic makes the news a bit misleading as it is better if @OP add an English source.

There is already an English source in the Op sir, please check the second source, one I added right after my comment on Brazil 🇧🇷 also launching their own bitcoin futures contract.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: joniboini on July 14, 2023, 06:08:07 AM

Quote from: Latviand on July 14, 2023, 04:42:34 AM

~

While that might be true, I think it is fair to warn people so that they don't misunderstand what the contract means. I just read the link provided by OP and it seems the Argentinian future contract is traded in a limited scenario. Only available to investment firms and only worth a tenth of Bitcoin, for example. Based on this, I doubt the exposure to retail will increase compared to before. If it does happen though, retail would probably be better off buying Bitcoin directly still.

I did say that if they got curious about this contract that they will find out it's not bitcoin, it's quoted. I sound like an asshole here but no matter how small the exposure, if enough people talk about it which is most likely increasing at an exponential rate, the exposure will increase anyway, and what you're saying will eventually happen because some of them won't be able to get those contracts, but they'll try to find ways to get their hands on bitcoin.

Quote from: joniboini on July 14, 2023, 06:08:07 AM

Quote from: Latviand on July 14, 2023, 04:42:34 AM

~

I'm not sure where did you get the impression that the gap between them is so long. Worst come to worst it would be six months apart if they don't change their schedule again. There is too little information to find out the reason why.

Well, post said that Brazil was supposed to launch this June but it's postponed until the second half of the year so I think it's a hit too long to decide on something that's not significant to their economy as much as other aspects if compared.

Quote from: hugeblack on July 14, 2023, 06:42:38 AM

Quote from: Latviand on July 14, 2023, 04:42:34 AM

~

Argentina has nothing to do with that, and futures trading is not as strict as it is to adopt Bitcoin as legal currency.
Nor is the adoption of Bitcoin as critical as governments rush to say why Argentina did it and not Brazil or vice versa.

Again, the wording of this topic makes the news a bit misleading as it is better if @OP add an English source.

Dude, you have misunderstood what I was trying to ask, I didn't meant that Argentina has any part in the delay in Brazil.

hugeblack

legendary

Activity: 2688

Merit: 3983

Quote from: Latviand on July 14, 2023, 04:42:34 AM

Why did Brazil took too long to do what Argentina did? Is it because they're a member of BRICS and somehow China is influencing them?

Argentina has nothing to do with that, and futures trading is not as strict as it is to adopt Bitcoin as legal currency.
Nor is the adoption of Bitcoin as critical as governments rush to say why Argentina did it and not Brazil or vice versa.

Again, the wording of this topic makes the news a bit misleading as it is better if @OP add an English source.

Doan9269

hero member

Activity: 812

Merit: 560

Quote from: marlo1001 on July 14, 2023, 02:23:31 AM

Countries with the worst economy situation are the main crypto adopters. Hope that crypto will help them

This is not a big catch yet because they did not announce the move to make bitcoin a legal tender if they truly have more future and opportunities already seen with bitcoin for future contracts, i don't know why the government are so adamant in granting the people's request for a decentralized digital currency, but what i noticed is that bitcoin now made for everyone but the major target is focused on the poor and timid citizens who could both have financial dominion and privacy and if the poor and developing countries are taking advantages of these opportunities first then that means it's serving part of it intended purpose for creation, time will make the difference sooner.

joniboini

legendary

Activity: 2170

Merit: 1789

Quote from: Latviand on July 14, 2023, 04:42:34 AM

What I'm trying to say is that, this news isn't for you. Also, worth mentioning that some people will get curious about this and do their own research and then find out that it's not bitcoin per se, they would most likely press on and learn more about bitcoin then and there.

While that might be true, I think it is fair to warn people so that they don't misunderstand what the contract means. I just read the link provided by OP and it seems the Argentinian future contract is traded in a limited scenario. Only available to investment firms and only worth a tenth of Bitcoin, for example. Based on this, I doubt the exposure to retail will increase compared to before. If it does happen though, retail would probably be better off buying Bitcoin directly still.

Quote from: Latviand on July 14, 2023, 04:42:34 AM

Why did Brazil took too long to do what Argentina did? Is it because they're a member of BRICS and somehow China is influencing them?

I'm not sure where did you get the impression that the gap between them is so long. Worst come to worst it would be six months apart if they don't change their schedule again. There is too little information to find out the reason why.

Latviand

full member

Activity: 1540

Merit: 219

Quote from: logfiles on July 13, 2023, 06:42:28 PM

Please beware that Bitcoin Futures contracts are not Bitcoin. Futures contracts are just derivatives (more like tokens) that have a price that is close to the spot market price of Bitcoin. Therefore, people actually trading them on those platforms are not trading the real Bitcoin and this does not mean increased Bitcoin adoption. So there is no big deal in my opinion.

If it was news like "Argentina and Brazil adopt or legalize Bitcoin" now that would definitely get me and most of us here excited.

I think that the big deal here is the fact that this is one step closer, only the bitcoin zealots care about the technicalities and wordings when it comes to these things, if the average people were to hear about this, they wouldn't really care whether it's part of bitcoin or not, Bitcoin is already a brand and if you stick it to something, people will recognize it. What I'm trying to say is that, this news isn't for you. Also, worth mentioning that some people will get curious about this and do their own research and then find out that it's not bitcoin per se, they would most likely press on and learn more about bitcoin then and there.

Why did Brazil took too long to do what Argentina did? Is it because they're a member of BRICS and somehow China is influencing them?

hugeblack

legendary

Activity: 2688

Merit: 3983

The wording of the news seems strange. Did Argentina really launch future contracts for bitcoins, or did they allow them?

I tried to look at the source and since it is in Spanish, which I do not speak, it has been translated as shown below:

Quote

Bitcoin: cryptocurrency futures contracts begin to operate
The new investment instruments supported by the Bitcoin Index start operating in the Matba Rofex futures market. What features do they have and how do they work?

So yes, Argentina has allowed Bitcoin futures trading on the Matba Rofex futures market.
It is not big news, and futures trading is not trading in Bitcoin, but rather speculation in the value of Bitcoin, and therefore they making money from the price fluctuation, although it may affect the price before the time comes to close the positions.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

Argentinian citizens are already long long ago moving into Bitcoin on their own, nobody needed to wait for futures, so I doubt this is really strong news for the country. Plus, the people I hear don't even trust their government so they would not like to participate in this futures thing. Or maybe its just for rich guys who don't know the difference with real Bitcoin and fake Bitcoin.

Right darxiaomi?

rodskee

full member

Activity: 2520

Merit: 204

Quote from: marlo1001 on July 14, 2023, 02:23:31 AM

Countries with the worst economy situation are the main crypto adopters. Hope that crypto will help them

Sad reality , and hoping that we may see strong and great country that also has this kind of act and not just those country that has dying economy.

But still this is a good indication that we are improving and growing day by day here in crypto market/community.

marlo1001

full member

Activity: 365

Merit: 101

Countries with the worst economy situation are the main crypto adopters. Hope that crypto will help them

avikz

legendary

Activity: 3080

Merit: 1500

Well, nothing to cheer in this news apart from the fact the Argentina government is showing a bit more interest in Bitcoin. Futures contract means it will follow the price trend of Bitcoin without buying or selling actual bitcoin. So people will invest by the name of Bitcoin but they won't get to hold an actual Bitcoin. So no liquidity will flow into the crypto market as no buying or selling will be done in physical Bitcoins. It's just a clever method of making money out of thin air and nothing else.

But it's good that the name Bitcoin will get highlighted to the investor communities in Argentina and it may make some people intrigued about it. That's all!

Topic: Argentina Launches it's First Bitcoin Futures Contract, Brazil To Follow.. (Read 208 times)