Tag Archives: fiat
Argentina Bitcoin Adoption Jumps in Recent Months – Report
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.
Video: Bitcoin Primer – Bitcoin Economy, Mining, Exchanges, and More
Bitcoin Primer Video
Below is a short Bitcoin primer video. The video provides an overview of Bitcoin, the decentralized digital currency taking the world by storm.
The film was directed, designed and animated by Duncan Elms, written and voiced by Marc Fennell - a personal project done between other jobs. More info at Vimeo.
The narration and illustration does a great job of explaining Bitcoin, discussing:
- The difference between Bitcoin and fiat currencies
- What Bitcoin mining is and how many Bitcoins have been mined
- How Bitcoin is a self-stabilizing economy
- Bitcoin exchanges including Mt. Gox
- The Silk Road
- Who accepts Bitcoin as cash
- MintChip
The video is out of date in terms of the price of Bitcoin because of the massive growth and subsequent bubble bursting, but otherwise an excellent Bitcoin primer.
