Argentinians Switching To Bitcoin

[Towncryr]

For what it's worth.....

Europe is not the only region to test Bitcoins. Last week, Simon Black reported that companies in Argentina are turning to Bitcoins to bypass recent draconian capital and market controls. Black features a car rental company that has not only begun accepting Bitcoins but are even offering discounts for doing so.

Black writes:
The 1-day rental rate for a basic car was 380 Argentine pesos. At the government's official rate, that works out to be $74 USD. In Bitcoins, the same car rents for 1.13 BTC... which is approximately $54 USD. This is nearly 30% cheaper!

The benefit for the rental agency is the privacy; they can avoid all the costly fees, bureaucracy, and debilitating capital controls associated with a normal transaction. Plus, they can hold Bitcoins instead of the rapidly depreciating Argentine peso.

What's more, even entire nations are interested in using Bitcoins to get around trade restrictions. Bloomberg reported on how Iranians are using Bitcoins to get around sanctions:

http://www.activistpost.com/2013/03/cyprus-bank-raid-bitcoins.html

"You don't need a weatherman to know which way the wind blows...." Bob Dylan

 

[scotttswan]

Bitcoins are even less stable than the peso!

A lot of people are going to get hurt when it crashes again.

 

[scotttswan]

another fun image for bitcoins

 

[scotttswan]

and you can have fun watching the price skyrocket and dive live here

http://bitcoinity.org/markets?exchange=mtgox

everything about bitcoins is funny

 

[sleslie23]

Ha ha, I can't believe people are still talking about bitcoin. Someone posted something about it a few months ago. Baexpats is the only place I've seen it mentioned in years.

 

[Gringoboy]

I've just entered the 'Blow off Phase'.

 

[mrporoto]

Gring....hope you make a speedy recovery!!

 

[el_expatriado]

Bitcoin is the best performing currency in 2013 (up 600% or so). Its not just news on BA Expats. Here's an article on infobae.com from two days ago.

Argentines are big buyers of bitcoins, especially recently with the peso devaluing more every day. Expats can avoid the entire problem of the blue dollar, cuevas, and the uncertainty of how to get pesos at a good rate by just buying bitcoins in the USA or Europe and selling them to Argentines here. There are dozens of Argentines who are ready to buy your bitcoins.

 

[GuilleGee]

There are dozens of Argentines who are ready to buy your bitcoins.

¿Dozens? ¿Really? That sounds like one healthy & sizeable market...