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Bitcoin News

A roundup of the top Bitcoin news from July 15 to July 21.

Monday, July 15

• Bitcoin Prediction Market Predictious: Bet on Gender of the Royal Baby

Tuesday, July 16

• Argentina Bitcoin Adoption Jumps in Recent Months – Report

Thursday, July 18

• Cruise Ship Startup Community Blueseed Gets Bitcoin Funding

Friday, July 19

• Bitcoin Gambling Company SatoshiDice Sold for $11.5 Million

Sunday, July 21

• Work in Silicon Valley? Pay with Bitcoin at Coupa Café in Palo Alto

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Argentina Leads Top 50 Countries in Increase of Bitcoin Adoption

According to a report by The Genesis Block, adoption of Bitcoin in Argentina has jumped in recent months.

The chart below shows the change in rate of Bitcoin downloaded (month to date in July), highlighting that Argentina is the only country that increased in Bitcoin adoption month-over-month.

The Genesis Block shares this explanation for the change in Argentina.

In a story familiar to any bitcoin enthusiast, the digital currency is being sought after for two key reasons: debasement of national fiat and increasing capital controls. Inflation has been a significant problem for Argentina for years, but has come to the forefront after a series of public events highlighted just how bad the problem had become.

In March, economists from an opposition party to the reigning President Cristina Kirchner estimated inflation to be roughly 24%, more than double the government estimate of of just over 10%. Those economists were given fines of 500,000 pesos each, equivalent to nearly $100,000. The fines were overturned in May by the countries courts, sending an embarrassing blow to President Kirchner.

Argentinan economists aren’t the only ones who don’t believe the government’s inflation data. In February, the International Monetary Fund censured the Argentine government for misreporting inflation statistics.

Read the full analysis at The Genesis Block.

CC image by Pablo Manriquez.

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Bitcoins in Argentina

A short film shows the impact of Bitcoin in Argentina. In the film, Diego uses Bitcoin to avoid the skyrocketing inflation and monetary restrictions of the Argentinian Peso. More at BitcoinFilm.org or @Bitcoinfilm.

From the filmmakers:

In Argentina we met Diego who works for a technology company and lives a normal life in Buenos Aires. He would like to save up the pesos he earns in order to travel, invest, and plan for his retirement, just like the rest of us. However because of the economic situation in Argentina Diego does not know how much his money is worth tomorrow. The Argentinian Peso that Diego uses is volatile and has seen everything from total collapse, to about 25-30% inflation, which is the case today. On top of this, because of monetary restrictions Diego cannot change his Pesos into Dollars or Euros within the established system. That means that he and his fellow Argentinians can’t save up for their children’s education, travel or retirement. But luckily for Diego, he found a solution. By changing Pesos into Bitcoins Diego can move his savings across international borders or he can decided to keep his savings in Bitcoins. Since this situation is the same in dozens of other countries, we feel that Diego’s story, and the way he uses Bitcoins, needs to be told.

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