How Bitcoin Is Disrupting Argentina’s Economy

“In contrast, the best-known Bitcoin start-up in Argentina, BitPagos, is helping more than 200 hotels, both cheap and boutique, take credit-card payments from foreign tourists. The money brought to Argentina using Bitcoin circumvents the onerous government restrictions on receiving money from abroad. Castiglione has some hotel clients, but he says that many of his 800 or so registered customers are freelancers who use Bitcoin to get paid by overseas clients, or companies that want to move money in and out of Argentina. A popular new online retailer, Avalancha, began accepting Bitcoin last summer and has seen the volume of Bitcoin transactions grow steadily since then. Avalancha offers customers a 10 percent discount when they use the virtual currency, because accepting credit cards generally ends up costing Avalancha more than 10 percent as a result of the vagaries of the Argentine financial system. The Bitcoin community in Buenos Aires has been vibrant enough to produce what’s known as the Bitcoin Embassy in the center of the city, a four-story building that serves as the home to eight start-ups whose businesses depends on the Bitcoin network.”

Source: How Bitcoin Is Disrupting Argentina’s Economy –

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