Cryptocurrency

Bitcoin: A solution for Latin America

We live in difficult times all over the world due to the pandemic generated by the COVID-19. Taking what is already the worst economic crisis since the Great Depression of 1929. However, not all continents will be impacted in the same way, with Latin America being one of the regions worst consequences to face due to the pandemic. Therefore, it is important to know how the Bitcoin can be a solution for Latin America in front of the COVID-19.

Latin america in front of the COVID-19

In the whole world, virtually no region has been hit by the COVID-19 with the same force that is Latin America. While Europe was the epicentre of the contagion, during the months of march and April, and at this time the majority of the cases are in the united States. These countries have health systems and economic capacities far superior to those of Latin america.

Thus, while in Europe they were able to flatten the curve in a matter of weeks, in Latin America we are just entering the worst phase of the pandemic. With cases on the rise across the continent, while a population largely dependent on informal work and remittances suffers the economic effects of the crisis.

And is that, for a good percentage of the population in Latin America, teleworking is impossible. Either because they are informal traders whose incomes reach just to keep up. Or because they don’t have the connectivity services to stay at home and generate income from there. Millions of people have had to keep working despite the quarantine, increasing the spread and the deepening of the crisis.

And the effects are even worse in how the sending of remittances. Thus, in Latin America there are millions of families who rely on the sending of remittances by family members abroad for their subsistence. Being an important part of the economy in countries like Honduras, Venezuela or Cuba. However, since the crisis began the COVID-19, the volume of remittances sent to the region has fallen by 19.3% from the 96 billion dollars, reached in 2019.

Bitcoin as a solution

This fall in remittances sent to countries of Latin America has much to do with the economic crisis that affects the region, as with the limited availability of services for sending remittances during the pandemic. Therefore, if sending money was already complicated before the COVID-19, due to the high fees and long waiting times, the disease has only worsened the situation.

Which, despite the tragic consequences it has for the population of Latin America, it is the perfect opportunity for cryptocurrencies as Bitcoin to demonstrate their capabilities. Because, unlike the transfers of remittances traditional to transfer BTC between different countries does not need any requirement. You only pay any additional commission or waiting a period of extra time.

Binance is a solution for Latin America to purchase Bitcoin with fiat in the middle of the COVID-19. Source: Binance P2P

Better yet, thanks to services for the sale and purchase of fiat money in exchange for cryptocurrencies, as Binance P2P. It is possible for a person in any country of Latin America, to change their Bitcoins for fiat money quickly, safely and cheaply.

So, those who want to transfer money to their family in any Latin american country, they could just buy the Bitcoins you want to send with fiat money, transfer them, and within the same platform family members will change the BTC for fiat.

With this, you are clear on the possibilities that open up with Bitcoin. And, in the midst of the pandemic of COVID-19, can help millions of people across the region. Establishing a link with no intermediaries between them and their family abroad.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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