Countries like Argentina could be perfect for bitcoin adoption

Argentina has had a very long and interesting past with black market money exchanges, extremely high inflation, and a loss of confidence in Argentina's Peso. One of the very first books i read about bitcoin discussed bitcoin's potential applications in Argentina, but it wasn't until a family member returned from a recent trip to Buenos Ares and began discussing the difficulties they had exchanges their money that i truly understood the potential applications and advantages that wide adoption of bitcoin could have within Argentina.

I'll give a bit of background regarding Argentina's problems with money over the the countries history. Argentina has defaulted on its external debt a total of seven times, and has defaulted on its internal debt five times. In early 1990, the inflation rate of the Argentinian Peso was over 2000 percent. The Argentinian economy saw hyperinflation explode numerous times in recent past, typically believed to be mainly caused by government corruption and vast problems with wealth distribution. Currently consumer prices are rise between 2-4% every month. One of the major setbacks of the Argentinian economy is the vast difference between the official exchange rate charged by banks and government institutions and the exchange rate charged by the "black market" currency exchanges. Currently the difference between the official exchange rate and the black market rate are close to 30%. This seems like a very big difference but it is a relatively narrow spread when compared to just a few years prior. In the past, the Argentinian government has kept the exchange rate extremely and unrealistically high, which is what allowed these "black market" currency exchanges to thrive.

One of the greatest difficulties that tourists and foreigners face in Argentina is the ability to exchange currencies for the Argentinian Peso. The amount of Pesos that can be withdrawn from an ATM is the equivalent to $110 USD. Now i know that $110 is enough money for starters, on a trip to a foreign country it is always best to have more fiat than you expect you will need just in case. My family member tried to exchange money through an official service but the rate to do so ended up being over 30% so they opted to meet with an "black market" currency exchange. They were walking down the street and they noticed men on the street yelling "Cambio Cambio", which is Spanish for money exchange and decided to give it a shot. They were taken from the street into an office building where they were then able to exchange and ended up paying a fee of around 5%. For them it worked out good in the end, but they admitted to feeling uneasy about the whole process, referred to the whole ordeal as "sketchy". Many of the monetary issues that Argentina seems to be facing could be alleviated by bitcoin adoption. If there was a convenient and easy way to exchange bitcoin for local currency, many of the concerns visitors face regarding money exchange could be put to rest as well. Many Argentinians horde and hold onto their physical cash because of the numerous instances of extreme hyperinflation and economic turmoil that they have experienced in the past. Most citizens are very hesitant about banks, investing, or anything other than holding the physical cash which yields the economic development of the country as a whole.

Bitcoin could offer a better and easier method of exchange within Argentina, as well as give the people of Argentina some long awaited currency stability. The benefits of a more liquid bitcoin market within the country could bring economic advantages such as increased tourism, travel, and domestic investment.

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