Bitcoin in Argentina
The NYTIMES article notes:
“That mundane service
— harnessing Bitcoin’s workaday utility — is what so excites some investors and
entrepreneurs about Argentina. Banks everywhere hold money and move it around;
they help make it possible for money to function as both a store of value and a
medium of exchange. But thanks in large part to their country’s history of
financial instability, a small yet growing number of Argentines are now using
Bitcoin instead to fill those roles. They keep the currency in their Bitcoin
“wallets,” digital accounts they access with a password, and use its network
when they need to send or spend money, because even with Castiglione or one of
his competitors serving as middlemen between the traditional economy and the
Bitcoin marketplace, Bitcoin can be cheaper and more convenient than
Argentina’s financial establishment. In effect, Argentines are conducting an
ambitious experiment, one that threatens ultimately to spread to the United
States and disrupt some of the most basic services its banks have to offer.”
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