Last Updated: 14 May 2021
A non-profit organization known as Bitcoin Cash Argentina is focusing on making the use of Bitcoin normal in the country. They have started a campaign to encourage people to provide funding that will help in boosting the adoption of bitcoin in the country. Due to inflation and devaluation, the economy of Argentina has been affected badly.
Because of this reason, citizens have started to take an interest in cryptocurrencies and their uses. This can help boost the economy of the country again.
How is Bitcoin Cash Argentina Helping Normalize the Use of Bitcoin?
The organization is helping in several ways, such as fundraising to improve the status of cryptocurrency in the world. Its main objective is to promote the usage of cryptocurrency. Anyone can use the specific BTH tool known as Flipstarter to raise funds for any purpose; the company uses the same tool. You can’t withdraw the funds if your predetermined goal is achieved. Bitcoin Cash Argentina is just a 6 months old company. This short period has achieved several milestones, such as creating a team that organizes meetups and onboarding merchants. This is how the popularity of bitcoin is growing in the country.
The Flipstarter PR stated that the organization’s purpose is to spread awareness in the community on fundraising benefits. The company has succeeded to achieve this goal so far. Primarily, Bitcoin Cash Argentina was only provided to onboard 50 merchants. They couldn’t meet this objective to its full extent as the organization only managed to get 45 merchants from March to May. There are also meetings every month in which new users are informed of the benefits of using Bitcoin daily.
What Are Future Plans of the Organization?
If Bitcoin Cash Argentina becomes successful in its ongoing campaign, the company plans to increase its efforts. It will also expand its first goal and set up the goal to reach 100 onboard merchants. Some of this money will be donated to those users who have the skills to invest in local merchants. With these plans, the economy will grow gradually.
The company’s goals have been completed up to 80%, with 12 days still left to reach the deadline. The community is also supporting this campaign. Roger Ver and Marc De Messel, who are two important community members, have already played a vital role in making the project more legitimate.
How is Cryptocurrency in Argentina?
In Argentina, the concept of cryptocurrency is not too old. Because of the economic downfall in the country, the popularity of cryptocurrency is growing in the country. The citizens of Argentina are derived towards an alternative to the US dollar because of the currency exchange control. Because of these controls, people cannot make their wages and savings in the US dollar as they were doing previously.
The current Covid-19 situation and the annual 50% inflation rate in the country are why Argentina will be next on the list of those countries that will be adopting cryptocurrency shortly. Ripio and Bitso, the two leading exchanges, already have a record number of users in the country. This is highly unlikely that this trend will change soon.