Mexican currency is dropping fast will they use BTC?

South Park

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Quote from: Hazir on November 13, 2016, 07:21:25 AM

If situation will be extreme I would rather expect Mexico to adopt USD as their primary currency just like some other south american countries already did - Ecuador and El Salvador.
At this point it is unwise to think that any serious sovereign country will switch their attention towards Bitcoin, we are not there yet.

I find that to be doubtful at best since that will require extreme fiscal discipline which is something the Mexicans government is not known for, if they switched to dollars and a new crisis emerged they will be unable to control the amount of currency to print and their debt will be denominated in dollars instead of Mexican pesos which right now they can print at will.

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If situation will be extreme I would rather expect Mexico to adopt USD as their primary currency just like some other south american countries already did - Ecuador and El Salvador.
At this point it is unwise to think that any serious sovereign country will switch their attention towards Bitcoin, we are not there yet.

clickerz

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Quote from: RoommateAgreement on November 12, 2016, 11:01:31 PM

people in all countries around the world will soon realize that bitcoin has a lot of potential and benefits for them and they will start to use bitcoin slowly but surely.

but it is never going to happen over night and just because there was a currecy drop!

That is correct assumptions and sooner or later many people will join the bitcoin. Though adoptation is quite slow, but it is increasing in numbers always.Time will come that bitcoin will become mainstream.

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Quote from: 20kevin20 on November 13, 2016, 02:52:56 AM

No. No government will allow Bitcoin to be used as the default currency because of its anonymity. Just like it happened with India it will probably happen everywhere: measures will be taken against the black money. Except that, even I wouldn't prefer Bitcoin as the default currency. Except the fact that I'd be anonymous, it'd be hard for many of us especially because of confirmation time.

Yeah you got that right. Of course governments would want to have control of their own currencies and with how bitcoin works, it will be hard for any government to manipulate and regulate it due to its anonymity

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No. No government will allow Bitcoin to be used as the default currency because of its anonymity. Just like it happened with India it will probably happen everywhere: measures will be taken against the black money. Except that, even I wouldn't prefer Bitcoin as the default currency. Except the fact that I'd be anonymous, it'd be hard for many of us especially because of confirmation time.

zikel

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Quote from: philggg on November 13, 2016, 02:33:14 AM

You know that bitcoin is a digital currency it will take time before it can be accepted and there must be proper advertisements on how to use the currency

I am also sure that the government does not allow the use of digital cryptocurrency instead of national. This is a serious decision, and no one will take a matter of urgency

mindrust

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Mexican Peso is bound lose value over USD anyways. Mexico is a country where everybody wants to leave it and start a new live in the US. It is a country which is famous for its Taco, tequila and druglors. I am very grateful for the first two, but the third one screws everything up. You gotta produce technology people, selling drugs ain't a way to get rich. It will only eat away your soul. And when all of your soul is gone, it will make you a shitty country where everybody wants to gtfo.

philggg

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You know that bitcoin is a digital currency it will take time before it can be accepted and there must be proper advertisements on how to use the currency

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Quote from: RoommateAgreement on November 12, 2016, 11:01:31 PM

people in all countries around the world will soon realize that bitcoin has a lot of potential and benefits for them and they will start to use bitcoin slowly but surely.

but it is never going to happen over night and just because there was a currecy drop!

currency drop especially if it was fast and immediately will force people to go seeking another currency as an alternative for them to keep sure their wealth to stay on its value. some good option might be bitcoin might be another currencies or even gold,and this one does affect a lot

MingLee

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Mexicans will likely not be switching to Bitcoin. Based on what I know, Mexico is very stingy when it comes to where Bitcoin is accepted and used, and I find it super unlikely that they will start using it soon. Just because the peso is dropping it is relatively unlikely it will affect the average Mexican very much.

The wall will probably have more of a direct impact on the average Mexican than the peso dropping.

RoommateAgreement

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Bazinga!

people in all countries around the world will soon realize that bitcoin has a lot of potential and benefits for them and they will start to use bitcoin slowly but surely.

but it is never going to happen over night and just because there was a currecy drop!

Gyfts

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Markets always crash after a Presidential election. They're going to rebound as they always do. S&P 500 up a significant amount, numerous tech companies fell and are all back up more than they were pre-Election. Currency will come back too.

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Quote from: justallen on November 09, 2016, 10:48:15 AM

Remember that Mexican Border Wall Trump had promised? And remember that Mexico was supposed to pay for it otherwise remittance payments would be retained?

Will the Mexican peso currency is losing its value on the market.

Will the Mexican population rush to use bitcoin as there currency is failing, or will shaken investors move there recent sell off into a stronger decentralized currency? Grin

We cannot expect a whole country to change its currency like it is a car to change or upgrade because a currency it another level.

I consider that changing a country currency is much more complicated and I don't think that they will move and use bitcoin.

The wall was promised but it doesn't mean that it will be a lost for Mexico, recently the dollar stocks are dropped too so they won't move to bitcoin.

Theforextrader

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People need to stop worrying about what happens to a currency. You should focus on Profiting from it. If it's dropping or rising trade it.

https://bitcointalksearch.org/topic/earn-1000s-plus-a-month-on-forex-trade-copier-join-for-200-one-time-fee-1664883

South Park

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Quote from: X-ray on November 12, 2016, 08:14:03 AM

Quote from: mace15 on November 12, 2016, 08:10:54 AM

Quote from: TastyChillySauce00 on November 10, 2016, 05:16:51 AM

the promise has not been realized yet and a promise in campaign could changing suddenly and it's up to donald trump by the way,but i'm sure many investors will try to prevent from having loss because of this issue so it's seems that they will moving their wealth to any form or way which can make their wealth save and stay on its value,i guess bitcoin is such a good option but it's uncertain

Yes thats true that the promise has not been declared to be true.
But many citizens has been against donal trump since he won the
presidency. I think the Mexican people are not that techy so also
all people will rethink first before investing their money in dollars
and bitcoin is a wise think option to invest with.

honestly if i were those mexican citizen i would move out the whole of my wealth into form of gold because it's quite stable and not going to risk into an unstable currency.but if the case is if the local currency dropping fastly and make i don't have a time to buy bunch of gold then would prefer the most simple way,it's bitcoin.

The Mexican economy does not look that good the external debt has increased during the last 4 years and their currency lost a lot of value even before Trump election, so if I was them I will not hold any asset backed by the Mexican government, including currency.

calkob

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Quote from: justallen on November 09, 2016, 10:48:15 AM

Remember that Mexican Border Wall Trump had promised? And remember that Mexico was supposed to pay for it otherwise remittance payments would be retained?

Will the Mexican peso currency is losing its value on the market.

Will the Mexican population rush to use bitcoin as there currency is failing, or will shaken investors move there recent sell off into a stronger decentralized currency? Grin

If they have any sense they will get their savings into bitcoin asap, india might be going that way soon also....... just shows you how worthless fiat is, as soon as the government says the paper is worthless it is.....

Shiroslullaby

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Anyone who invested Mexican Peso into Bitcoin just before the election is no doubt happy.
I'm not sure if the Peso will continue to drop, but investing in BTC would definitely be a way to safeguard against that.

Personally I don't think Trump can do half the things he promised.
Mexico is one of the United States top trading partners. Too many big US businesses like auto makers depend on Mexico for parts manufacturing etc.
We will have to wait and see what type of actions he proposes.

Raimonn

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I think that some users will see that buying bitcoin could protect them from loosing value. Chinese are buying bitcoin because yuan rate is decreasing against dollar, and i think that some Mexicans will do the same. But i don't expect that all the Mexicans change its currency for bitcoins.

Doamader

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I do believe the walls that Trump wanna for Mexico citizens, its just more restricted rules, meaning if its easy now to enter USA, this will change, it will get harder, i dont believe bolivar will fail more besides the last value, as they werent expect the market reaction soo fast about the comentary. Bitcoin wont be a store of value for mexican, its more easy to believe and say they will strore their finances into dollar.

Shinpako09

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No, I dont think so even if their currency will fall I believe they wont turn into bitcoin. They wont rush to invest their money into a thing that they are not so popular with and btc is still not being used by everyone yet.

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