I read stuff like this all the time. I used to get excited by it, expecting some kind of a surge in mainstream adoption bit as usual it leads to nothing.
You keep reading in to these articles about how countries are going towards bitcoin as a currency of choice or a better way to maintain a countries economy but that would mean every single citizen would have to accept it and dump their current fiat. This can only happen of this government capital control does that for them. And that is not going to happen. 
Topic: Why Latin American economies are turning to bitcoin - page 4. (Read 3080 times)
I read stuff like this all the time. I used to get excited by it, expecting some kind of a surge in mainstream adoption bit as usual it leads to nothing.
Summary up, the reason Bitcoin is booming in Latin American is:
1 local government isn't stable.
2 local inflation is through the roof, local currency is dropping value fast.
3 Bitcoin price was going up last year
4 local government has capital control.
Speculation: in troubled area, holding Bitcoin is better than gold, because Bitcoin is more useful, can be exchanged into goods easier.
Traditional, gold is the number 1 choice.
1 local government isn't stable.
2 local inflation is through the roof, local currency is dropping value fast.
3 Bitcoin price was going up last year
4 local government has capital control.
Speculation: in troubled area, holding Bitcoin is better than gold, because Bitcoin is more useful, can be exchanged into goods easier.
Traditional, gold is the number 1 choice.
Better odds with Bitcoin when their currencies tank so often for one issue or another.
But I do not buy that they are adapting to bitcoin either,as quite a few people live out of the cities and its not such a easy
transaction to make compared to US or parts of Europe.
But I do not buy that they are adapting to bitcoin either,as quite a few people live out of the cities and its not such a easy
transaction to make compared to US or parts of Europe.
The Latin American countries are turning into bitcoin becuase the country's governments usualy tend to force capital control over citizens and bitcoin is the only was to go around this.
^^Noticed who penned that fine article?
Sonny Singh
Crunch Network Contributor
Sonny Singh is the chief commercial officer of BitPay.
Sonny Singh
Crunch Network Contributor
Sonny Singh is the chief commercial officer of BitPay.
That sounds good, but are they? I think if any significant part of a country, or even the rich in a country, decided to 'turn to Bitcoin' the price would be much higher than it is now.
I don't really know why they aren't really getting into Bitcoin, Argentina and Venezuala have huge currency issues and Brazil's economy is a state too. It would be well worth their while to move some money into Bitcoin, but they are obviously aren't.
I don't really know why they aren't really getting into Bitcoin, Argentina and Venezuala have huge currency issues and Brazil's economy is a state too. It would be well worth their while to move some money into Bitcoin, but they are obviously aren't.
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