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The booming interest for cryptocurrencies in Latin America
Written by Davies on / Reading time: 6 minutes.
The rise of cryptocurrencies is a fact. There are many of them, although the pioneer is Bitcoin, created in 2009. America is one of the continents in which its use increases the most, particularly in Latin America. Countries such as Mexico, Argentina, Venezuela or Brazil encourage the use of virtual currencies because they are aware of their multiple benefits. Do you want to know why there is a booming interest for cryptocurrencies in Latin America? Keep reading.
Which Latin American countries are using virtual currencies?
Latin America is increasingly interested in cryptocurrencies. More and more countries are joining this new financial system. Some countries use or invest in them more than others, but, in general, the number of countries that use this system is growing. Statista Global Consumer Survey has conducted a survey and the results announce that the countries that use virtual currencies the most are as follows:
- Brazil: One of the countries where the use of cryptocurrencies increases the most. They are in second place, behind Turkey. According to the results, 18% of people who have taken the survey claim to use this new payment system.
- Colombia: It ranks third on the list and, as far as Latin American countries are concerned, it is the second country that uses cryptocurrencies the most. It is also developing a major evolution in both the use and investment in cryptocurrencies and, as in Brazil, 18% of people claim to use or own cryptocurrencies.
- Argentina: It is following the previous countries. The reason why the argentines use this payment method is because the possibility of a “corralito”, the freezing of financial assets. The percentage of people claiming to use virtual currencies is 16%.
- Mexico: In the Central American country, a great evolution is beginning to develop, however, there is still a lot of misinformation about the subject. Mexicans who claim to use or invest in cryptocurrencies are 12%.
- Chile: It is one point below Mexico with 11%. The problem that exists in this country is the same as in the Mexican. There is a lack of information. They need more knowledge on the advantages of using cryptocurrencies in order to increase confidence in their use.
These are some of the countries that use virtual currencies as a payment system or as an investment system. As you can see there is a big difference in its usage between them. While in one, the usage is encouraged and implemented, others still stay a little away. However, it should be noted that all these countries are in higher positions compared to Spain, since, according to the survey, only the 10% of the Spanish responders use cryptocurrencies.
Why is the use of cryptocurrencies growing in Latin America?
There are many reasons why companies are using virtual currencies. Not only people use them, but companies have also started to encourage their use, even some of them have created their own cryptocurrency. Companies from different fields or sectors use them as a payment system because they know the advantages that they can get with them.
There are also several mobile apps that help you store cryptos, manage your economic transactions or inform you about their evolution in the financial market.
However, the best explanation of the growth in Latin America is based on the economic crises that most countries are going through. In fact, if we take as a reference a global perspective, this area of the American continent is the one that uses and invests in cryptocurrencies the most in the world. In addition, it is located above the other continents with a much greater distance.
Although many financial institutions want to elude the evolution of virtual currencies, the reality is not that. The reality is that thanks to its multiple benefits this form of payment penetrates very quickly into society. In countries such as Ecuador, particularly in the city of Guayaquil, some business promotes the payment system with cryptocurrencies. Store merchants advertise them, placing ads on their glasses or at the entrance of their stores.
The future of cryptocurrencies in Latin America
Denying the good future of this payment method is impossible, even if some banks insist on it. We are in a great technological revolution and cryptocurrencies are one of the new technologies that exist. They emerge as an alternative to conventional money that, in times of crisis and distrust of banks, find their place in the world. In addition, they are easy to use and allow faster actions, two features that banking systems do not possess.
The future that some experts augur for these virtual currencies is quite far from failure. The world evolves and cryptocurrencies are part of that evolution. This is only the beginning because this form of payment is going to evolve more and more.
DAVIES: the safest, simplest and most immediate cryptocurrency
It is one of the easiest cryptocurrencies to use. Nowadays, it has local wallets for operating systems such as Windows, Mac or Linux. It also has its own Android and IOS mobile apps and its own computer App.
If your doubt is how to buy these virtual currencies, we will solve it for you. You can purchase them from an exchange, although in our future projects there will be the possibility to also purchase them from our website or from the Apps. To do this, you'll need to use your credit card.
The DAVIES virtual currency is characterized, above all, by three aspects. The first, security; the second, ease; the third, immediacy.
- Security: It consists of a safe blockchain. The transactions or operations you carry out are stored securely, we guarantee it. In addition, it not only provides security in terms of transactions, but also keeps users' personal data safe.
- Ease: It is a virtual currency that is not complex, it is very simple to use. In addition, we offer several elements for your use that will make your processes even easier. All you have to do is add the number of DAVIES you're going to use and the user you're going to perform the operation with.
- Immediacy: It consists of a cryptocurrency that can be sent from anywhere immediately. Your transfer takes place in a few moments, without the need to wait for a week for the operation to complete.
What do you think about this growth? Are you ready to join the crypto world? Tell us your thoughts! We would love to hear from you.