It is very difficult to stay behind when technology advances so fast and with the effect of globalization it is much easier to expand development to the whole world, including Latin America. There is no excuse for not being updated and this is the process that has allowed the entry of new cryptocoins to the continent.

The cryptocurrencies originate in responses to the financial problems that existed in the world between 2008 and 2009. In fact, the best-known electronic currency, Bitcoin, was created by Satoshi Nakamoto in 2008. Immediately, another cryptocurrency was created. Dogecoin, Ripple and Litecoin.

The great benefit is the freedom that allows its users to exchange money without the need of an intermediary bank. The cryptocurrency protocols are based on blockchain technology, which gives greater security and transparency to these banking processes.

This is How the Cryptocurrency Market Works in Latin America 1

Already digital currencies are influencing financial decisions around the world, at least, Canada was the first country to apply a bitcoin ATM. Now this technology reaches the pockets or mobile phones of Latin Americans.

Latinos getting Bitcoins

Apparently the growing distrust in banking entities is not a topic that is only treated in Europe or North America, in Latin America there are endless financial problems such as inflation, the lack of issuance of banknotes (liquidity of money) and eternal bureaucratic processes to accept a credit or a fund.

It is not surprising that a p2p technology, without supervisors, such as bitcoin transfers, is much more attractive to Latin Americans than conventional banking processes.

In fact, according to Localbitcoins, one of the largest pages of purchase and sale of bitcoins, the third country that makes the most transactions is Colombia and Venezuela follows it.

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At least in Colombia there are already several seminars and workshops to educate on the use of digital currencies, these events are generally sponsored by Investopi, an entity that is dedicated to financial education in the country.

Argentina and Panama are other countries that have been in favor of the cryptocurrency making organizations that facilitate the purchase and sale of Bitcoin. In addition, they have created other institutions that are in charge of raising awareness and advising several companies and foundations about the use of this technology.

The obstacles of bitcoin in Latin America

Nobody is a secret the problems of inequality in the continent, because on the one hand you have countries like Argentina and Brazil that have a high technological access to apply these processes, but on the other side of the coin we have nations like Haiti and Cuba who do not have enough development

Also the antecedents through which Latin American history has passed, generate distrust. That is to say, the cases of corruption, money laundering, drug trafficking among others call into question the transparency or the benefits of Bitcoin.

Nor can we ignore the position of states, governments such as Argentina, Brazil and Mexico, support the use of digital currencies. This is not the case of countries such as Venezuela, Bolivia and Ecuador where they flatly refuse to take this initiative into account. This means that there is still a need for more technology culture and free trade in the continent.

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The future of Bitcoins

As we could see, several countries are already taking a position on this, an example is the Colombian country that in view of all the processes that take place in the country, has considered with suspicion to take legal measures that make official the use of these coins in the region.

Even so, educational events in the field are a wise way to create the culture necessary to adopt these processes. It must be demonstrated that cryptocurrencies can benefit both the nation and companies in financial matters.

The diffusion of information is extremely necessary in this aspect, either through the media, blogs (like this one) or organizations that are interested in spreading the benefits of digital currencies.

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Technological development can boost the success of your business, in fact applying Bitcoins or other types of cryptocurrencies can democratize banking processes and facilitate monetary processes with other countries. These are one of the main benefits of digital currencies.

If you want to help spread the culture of digital currencies share this post with your friends and acquaintances. Help us spread the benefits of this technology.

If you liked this topic, you can read this entry: This is how the cryptocurrency market evolves in 2018

The advancement of cryptocurrencies is promoted in Latin America