Use of Bitcoin in the crisis countries is rising dramatically

Bitcoin is viewed as digital Gold, because the value is rising steadily and there is no Central instance to control the amount or the actual value. That’s why Bitcoin is seen in crisis-ridden countries as a safe Alternative to the existing national currency, in the more and more people flee.

Hong Kong, Venezuela or Argentina have one thing in common: they are affected by sanctions, so as a result, its economy is severely weakened and, in addition, the Inflation sets in. In the face of rising prices and economic turbulence, amid heavy capital restrictions imposed by the Central Bank to stabilize the national currency, the trading volume of Bitcoin on the Peer-to-Peer crypto-trade platform local bitcoins has reached an all-time high. While the Central Bank of the Argentine Republic in the last week, hard has seized by the US Dollar purchases to US $ 200 per month, limited and all Bitcoin purchases with credit cards, ban, turned crypto-investors and traders to local bitcoins, where the trade volume of 14.3 million US dollars in Argentine Pesos 16.4 million US dollars for the week to 2. November also increased and so did the all-time broke through the high of 15.4 million US dollars in July. Source: Coin.dance

Bitcoin is used as a store of Value, in order to escape the further rise in Inflation and the private capital in the best possible manner. The price for a Bitcoin was on he stock exchange, local bitcoins just 12.759 USD, with CoinMarketCap showed a Bitcoin price of 9.238 USD. This extreme difference in price is caused by the rapidly growing demand on the südemerikanischen stock exchange. Coinbase has recently released Figures also confirm that the Bitcoin in Venezuela, Argentina and Hong Kong will be considered as a rescue anchor.

Coinbase adds (freely translated):

Since 2013, the amounts in Argentine Pesos, Hong Kong dollars and Venezuelan Bolivar in bitcoin pairs the total value of $ 600 million exceeded. In the recent period, coinciding with increasing tensions, the Bitcoin volumes in Hong Kong, also record highs.

Since 2009, the adaptation and acceptance of Bitcoin is on the rise worldwide. To date, more than $ 9 trillion were sent with Bitcoin (freely translated):

The ability of Bitcoin to achieve round-the-clock an immense amount of value across borders, is unprecedented in the history of money. Every day, billions of dollars of value the Bitcoin will be transferred to the block chain successfully. On 7. December 2017 were transferred to 48,7 billion dollars of Bitcoin over the network – the highest volume of Bitcoin on 18. June 2019 were transferred to 21 billion dollars in Bitcoin.

In addition, Coinbase describes Bitcoin works in comparison to traditional wire Transfers 48 times faster and 60 times more cost-effective (freely translated):

In comparison to the old financial system fees and transaction times are Bitcoin is minimal. Sending an international wire Transfer by large US banks costs about $ 45, can take days and is only available during business hours. Bitcoin transactions cost, in contrast, usually about $0,75,⁸ round-the-clock carried out, is immediately to be seen in the network, and is valid after the confirmation of six blocks as safe, what happens in about an hour.

It remains to be seen how quickly the spread of Bitcoin will continue in the next few months.

Featured Image: Wit Olszweski | Shutterstock