CoinsPaid investigates in Latin America on Bitcoin, Crypto

  • CoinsPaid recently surveyed respondents from Brazil, Argentina, and Colombia about their outlook for businesses accepting bitcoin and cryptocurrencies.
  • Over 50% of Brazilians, 38% of Argentines, and 35% of Colombians positively view currencies like bitcoin as accepted by businesses or think it could be the future of money.
  • After the Brazilian Senate passed a regulatory bill for cryptocurrencies, 36% of Brazilians would prefer a currency like bitcoin to be used for everyday purchases.

CoinsPaid, a European cryptocurrency infrastructure provider, has published research for Bitcoin Magazine This shows that businesses accepting bitcoin and other cryptocurrencies are viewed positively and have a noticeable impact on people’s lives in Brazil, Colombia, and Argentina.

The survey, which was conducted last March, showed that 50.5% of Brazilians consider bitcoin and other cryptocurrencies to be accepted by businesses with a positive outlook, or that they think crypto -currency would be the future of money. Similarly, Argentina reported 38.1% positive opinions on its outlook, while Colombia polled at 35.7%.

Respondents from all three countries reportedly said that one of the main factors that would determine whether or not they want to use something like bitcoin for day-to-day transactions is greater security in transactions. This shows a clear demand for bitcoin, as its network is by far the largest and most decentralized, offering the strongest form of transactional security with a verifiable and uncontrollable public ledger.

Brazilians also showed that 36.3% of respondents would prefer to use a currency like bitcoin for everyday purchases, which was echoed by the Brazilian Senate when it passed a bill last February to regulate the market at large.

The movement of countries like Brazil, Argentina and Colombia considering the adoption of new forms of currency has not only been spurred by increased levels of inflation, but also by the inspiration provided by El Salvador in its own adoption of bitcoin as legal tender, being the first country in Latin America to do so.

In April of this year, Reuters reported that Argentina was experiencing over 55% inflation while a Chainalysis report shows that Argentina is the second highest ranked country for cryptocurrency adoption. Similarly, Brazil experienced a 28-year high for inflation last April, while Colombia experienced its highest levels of inflation in more than 20 years for the same period.

Bitcoin allows countries to withdraw from controlled economies with a form of currency that ensures inflation cannot devalue their wealth over time while offering exceptionally low fees with indisputable and unparalleled security.