16 Jul '13, 9pm

Bitcoin Transactions Rise As Economic Unrest Hits Argentina

Bitcoin Transactions Rise As Economic Unrest Hits Argentina

Bitcoin has created an interesting solution for problematic economies. Because it allows seamless extraction of wealth out of a bank account and into the cloud, Argentinians have been ramping up usage of the cryptocurrency in an effort to stem the effects of their worsening economy and their choice to go BTC is actually moving the market slightly. Even as BTC penetration in other countries remains flat or down, Argentina’s portion of Bitcoin downloads has risen from 1% of the whole to 3% and interest in the currency is at an all time high. According to The Genesis Block , the country’s first Bitcoin meetup group started in 2008 with eight members and is now up in the 400 member range. The post goes into the economic details of the move towards Bitcoin but in short, the Argentinian government fined a group of economists for recalculating inflation to much higher levels than...

Full article: http://techcrunch.com/2013/07/16/bitcoin-transactions-ris...

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