Bitcoin in Argentina

[Sequoia1321]

Read an article today about how Venazuelans are using more bitcoin because of their inflation. Was wondering how bitcoin is working in Argentina. Are people converting to it there to protect their wealth? Are they using it for transactions often? Do you have much experience with it? What's your view about it?

 

[sts7049]

i think it's fairly mainstream here. there are a few exchanges, but you can only sign up for them i think as a citizen or permanent resident. there is also a local marketplace to buy coins (localbitcoins) but the prices correlate more closely with dolar blue.

in general, i'm an investor in BTC, ETH, and a few others. i think there is long term value.

 

[wrangler]

Bitcoin has grown in Argentina, and yes, it's used as a hedge against inflation, and like everywhere else, as a store of value. You should be careful not to put all your eggs in one basket however. It can be purchased in various ways. It can fluctuate in price up or down. Through localbitcoins, individuals who will sell to you for cash, or through Argentine exchanges like Satoshi Tango, Buenbit, Bittex, Ripio, etc... There also 'atm like' machines you can deposit cash into and purchase bitcoins as well.

 

[Sequoia1321]

i think it's fairly mainstream here. there are a few exchanges, but you can only sign up for them i think as a citizen or permanent resident. there is also a local marketplace to buy coins (localbitcoins) but the prices correlate more closely with dolar blue.

in general, i'm an investor in BTC, ETH, and a few others. i think there is long term value.

Bitcoin has grown in Argentina, and yes, it's used as a hedge against inflation, and like everywhere else, as a store of value. You should be careful not to put all your eggs in one basket however. It can be purchased in various ways. It can fluctuate in price up or down. Through localbitcoins, individuals who will sell to you for cash, or through Argentine exchanges like Satoshi Tango, Buenbit, Bittex, Ripio, etc... There also 'atm like' machines you can deposit cash into and purchase bitcoins as well.

As a nonresident is it legal to use the localbitcoins? And also to transact in bitcoin for purchases? What about large purchases like real estate? I also became an investor in it, a few days ago. How are you invested in it? I purchased the CME futures contract through my broker, for now, but may want to change that due to possible tax reasons and difficulty of rolling over the contract when it expires. Was concerned about security of holding bitcoin, or what exchange I used and what if it got hacked. There's a good and cool vibe about bitcoin, like dotcom era, early days of smartphones, 1960's rock and roll. Might be the next big thing. Might also consider how the younger generations will treat it in terms of usage and laws regarding it. I'm new to it and not an expert about the fundamentals, but seems to be like gold in some ways as a store of value, though they say there is more gold outside of the planet that can be mined, and also wonder if gold can one day be produced, but Bitcoin has a limit they say. What is interesting is that unlike gold, bitcoin seems to be used as a currency for transactions, so I imagine that'll be an additional source of demand if this use continues and increases. Not to say that gold doesn't have its advantages. Not sure about the other cryptos, but what often seems to be the case is that there tend to be 2 main players in a particular sector, for example Coke and Pepsi, Apple and Android, so I wonder what'll be the 2nd player. Maybe too early to tell.

 

[sts7049]

i'm not aware of any restrictions on using bitcoins. i think AFIP is just interested in making sure they control how people get access to them.

i buy cryptos in the US exchanges, not here. and there already is a second main player, it's ETH.

 

[Sequoia1321]

i'm not aware of any restrictions on using bitcoins. i think AFIP is just interested in making sure they control how people get access to them.

i buy cryptos in the US exchanges, not here. and there already is a second main player, it's ETH.

Yes, I'm aware of ETH, but was wondering about when the dust clears, since there are many cryptos. You might be right. Not very familiar with this realm.

 

[Redpossum]

Bitcoin is down 5.5% in the last 24 hours. I have noticed several times that it creeps up to 12K and then drops sharply, as if someone was dumping at that point.

 

[Sequoia1321]

Bitcoin is down 5.5% in the last 24 hours. I have noticed several times that it creeps up to 12K and then drops sharply, as if someone was dumping at that point.

Maybe. Dollar has been up today, so gold and silver are also down since they seem to be very dollar inverse. It seems to be consolidating, like Dollar, Gold, Silver have been doing, and then I imagine they'll eventually break the consolidation one way or another, either a big move up or down, and then the same story repeats more or less.