The inflation in Argentina is expected to rise by more than 40% by the end of the year, and it seems like the growing demand for Bitcoin is what is making the latest Bitcoin news in the country. According to new reports, there are many plans for new Bitcoin ATMs spread throughout the country and a lot of cryptocurrency ATM firms expected to implement this initiative and prepare the Argentinians for a digital currency-led revolution.
Right now, there are only two working Bitcoin ATMs in Argentina – and both of them are located in Buenos Aires, the country’s capital. However, as Reuters reported, by the end of the year this figure could rise to 30 mostly because of the staggering rates of inflation.
According to the general operations manager of Athena Bitcoin which is the firm that launched Argentina’s first cryptocurrency ATM (last month), Dante Galeazzi, the loss in value of the Argentinian peso marks the growth of cryptocurrency transactions. As Galeazzi told Reuters:
“With currency devaluations, we have seen a spike in bitcoin transactions. We see that as a safeguard to [Argentinian Peso’s] value, as well as an opportunity to invest in the market.”
Right now, the two ATMs that have already been installed by his company only support Bitcoin – but there are plans for their features to expand and include other altcoins such as Ethereum, Litecoin and Bitcoin Cash – in the near future.
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“There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
“All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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