Is there any use for crypto in Argentina?

[Fiscal]

Other than for fun and just telling people to download binance and send them $10 in Doge or whatever, is there actually any utility here for it? Can I use it to buy things on Mercado Libre?

 

[Brian_is_here]

You can more easily buy and stock up on USD with your ARS without having to have a stack of benjamins in your mattress.

Onramp to some exchange with your ARS and turn it into USDC/USDT or BTC and avoid the inflation and risk of hoarding USD in your mattress.

Out in the campo, no one really thinks of btc. Maybe its different in Buenos Aires, but its either ARS or USD cash for big purchases. I don't think anyone is buying/selling a car in BTC here.

 

[dilmah]

why would anybody want to make every minor individual transaction in crypto currencies?

For one thing, they are irreversible and undisputable, so one would not have much recourse after buying something on Mercado Libre

 

[Sequoia1321]

why would anybody want to make every minor individual transaction in crypto currencies?

For one thing, they are irreversible and undisputable, so one would not have much recourse after buying something on Mercado Libre

That’s an interesting question and I’d like to know the answer as well. I’ve been assuming that perhaps lots of the transactions might be done by a 3rd party company such as Paypal for example, where you’d hold crypto on their platform and through their app you make the purchase, and like how you can choose on Paypal which credit card or bank account the transaction is deducted from, I assume you might be able to choose your crypto in that case. Not sure though, would be interested to know if someone understands how this is supposed to work.

 

[lunar]

Other than for fun and just telling people to download binance ...

If I am not mistaken, binance does not work with Argentinean credit cards and does not transfer money to Argentinean banks. Why do you tell people to download it, if it is not a secret?

is there actually any utility here for it? Can I use it to buy things on Mercado Libre?

Can you buy with bitcoins on Amazon or Ebay? Even taking regulatory issues aside, it takes like 10 minutes to receive a confirmation of bitcoin transaction. So, hardly it is usable to buy anything on the go.

... of the transactions might be done by a 3rd party company such as Paypal for example, where you’d hold crypto on their platform and through their app ...

Paypal bitcoins are special.

You don’t actually own the bitcoin you buy on PayPal. But you can still make a profit

Buying bitcoin, ethereum, and litecoin is easier than ever with PayPal, but users don't actually own the coins.

www.cnbc.com

 

[Sequoia1321]

Paypal bitcoins are probably a cash secured credit line expressed in bitcoin terms.

You don’t actually own the bitcoin you buy on PayPal. But you can still make a profit

Buying bitcoin, ethereum, and litecoin is easier than ever with PayPal, but users don't actually own the coins.

www.cnbc.com

Just to clarify regarding your article that says you can’t transfer your crypto out of PayPal, later PayPal said that they will work on allowing this feature as well.

PayPal To Begin Allowing Bitcoin Withdrawals

Venmo and PayPal users will soon be able to send each other crypto or send it elsewhere outside of the apps.

www.thestreet.com

 

[Alfred_Arnold]

Fiscal...you ask a lot of crypto questions with a tone of disdain. Perhaps you need to read reddit forums instead of asking the expat group. Yes, there is a very, very significant use for crypto in Argentina. You just need to learn. Start with the r/merval group. They have a crypto post pinned.

 

[Fiscal]

I dont know why you think I ask with disdain, I am generally curious and enjoy using crypto as a hobby. I can buy Dallas Mavericks gear with Doge and it is fun. I also like sending people small amounts of crypto to encourage its us and introduce it to more people.

 

[Fiscal]

You can more easily buy and stock up on USD with your ARS without having to have a stack of benjamins in your mattress.

Onramp to some exchange with your ARS and turn it into USDC/USDT or BTC and avoid the inflation and risk of hoarding USD in your mattress.

Out in the campo, no one really thinks of btc. Maybe its different in Buenos Aires, but its either ARS or USD cash for big purchases. I don't think anyone is buying/selling a car in BTC here.

I plan on changing that!!!

 

[FrankPintor]

If I am not mistaken, binance does not work with Argentinean credit cards and does not transfer money to Argentinean banks. Why do you tell people to download it, if it is not a secret?

I don't know that you can transfer money to or from any banks with Binance now, it seems a bit useless other than for P2P.