Why Interest in Bitcoin in South America is About to Explode| 03 August, 2020
South Americans were some of the first people to start using cryptocurrency on a mass scale. Dealing with their poor economies and hyperinflation, South Americans turned to cryptocurrency because of its limited supply and resistance to censorship. Its volatile nature, however, prevented it from becoming a currency that they use daily. The reason that many South Americans invest in cryptocurrency is that their currencies are very unstable, meaning one day their savings could be worth a fortune, and the next nothing at all.
This page will seek to tell you why interest in bitcoins in South America is about to explode.
It is Easy to Trade
Bitcoin trading is easier now than it has ever been. Thanks to applications like the Bitcoin Revolution Trading App, ordinary citizens can invest in bitcoins and create online portfolios. Bitcoins, as aforementioned, are a very convenient tool for South American’s because of the instability in their currency and huge rates of inflation. Bitcoins are convenient because they can be purchased and traded from behind the screen of their phones in the comfort of their own home. It is this convenience that is leading to Bitcoin popularity exploding.
An Unbanked Population
Statistics show that up to fifty per cent of South America’s population has no bank accounts or access to banks. This means people are left with no way at all to protect their money unless they hide it physically in their homes, which is a continent rife with crime and corruption, is not the best idea. While only a hundred and thirteen million have credit cards, three-hundred and eighty-seven million have an internet connection – meaning they can use cryptocurrency as a form of bank. This is another reason that so many South Americans are making the change to using cryptocurrencies.
A Younger Population
Another reason that South America is so big on cryptocurrency is that it has one of the worlds youngest populations. This youthful population is more technologically savvy and are more aware of the fluctuating cryptocurrency markets. Had the population of South America not been so youthful, and if it were an ageing population, then the likelihood of cryptocurrency being so popular is slim. A younger population in South America is one of the main reasons that we find so much cryptocurrency use on the continent, and it is a reason why it is about to explode!
The use of cryptocurrency ensures that family members abroad can send money internationally to their relatives in South American countries. As was previously mentioned, with no bank accounts, international transfers are nearly impossible – by using cryptocurrency, family members who have left South America are still able to send money over and ensure their family members can maintain a good quality of life and need not be worried about financial shortages. Domestic cryptocurrency transfers also make it easy for South Americans to send money to one another.
Now you know a few reasons that Bitcoin is about to explode in use in South America. South America is one of the quickest developing continents in the entire world, and it is no surprise that we see such a technological boom there.
Follow Sounds and Colours: Facebook / Twitter / Instagram / Mixcloud / Soundcloud / Bandcamp
Subscribe to the Sounds and Colours Newsletter for regular updates, news and competitions bringing the best of Latin American culture direct to your Inbox.