Everyone rather than just millionaires should receive information about Bitcoin technology and its uses, said Sebastián Contreras. There is more information about Bitcoin and more people using it in big cities than in small populations and communities.
Argentine Bitcoin advocate Sebastián Contreras recently spoke about adopting and using Bitcoin and decentralized technologies in Latin America.
Although Bitcoin is accessible to anyone, Contreras stressed that everyone should receive information about this technology and its uses. Of course, that would depend on the specific context of each community.
Contreras recalled the different aspects of Bitcoin and classified it as free or open-source software. In that sense, he noted that it is a protocol, a decentralized network, and a unit of value exchange. Taking these characteristics into account allows examining the functions that Bitcoin would fulfill in the Latin American context, Contreras noted.
Some of the problems that affect Latin America are corruption, the lack of transparency of governments, and inflation, said the bitcoiner. He also said there are certain economic restrictions as the difficulty of payments between countries in the region, Contreras stated. In this regard, he believes that Bitcoin could offer solutions to these problems and limitations.
The Argentine highlighted the case of Europe, where it is easy to make cross-border bank transfers. However, he noted that there are many difficulties for interbank payments in Latin America. In that sense, he recommended paying with Bitcoin as that would help solve that restriction quickly. He explained that these transactions are not only decentralized but also have no time limitations.
Factors that Facilitate the Expansion of Bitcoin in Latin America
When Contreras spoke of bringing Bitcoin adoption to every corner of Latin America, he referred to small- and medium-sized communities. The Bitcoin advocate explained that big cities have more information, more Bitcoin users, and even Bitcoin ATMs. He noted that small towns and communities typically have less infrastructure.
The Argentine bitcoiner said that the four factors that facilitate the expansion of Bitcoin and its uses are adoption, education, liquidity, and on- and off-ramps. Regarding the first two, he considers that they are interdependent and feed each other back. For example, there must be someone who uses Bitcoin, such as a business that accepts payments with it. Likewise, knowing more about Bitcoin also facilitates its use.
When people use Bitcoin as a store of value or a means of payment, there must be liquidity in that market, Contreras stated. For example, if a business accepts Bitcoin, liquidity allows users to obtain BTC to make the payment. Besides, the establishment requires liquidity in either Bitcoin or fiat money to pay its suppliers.
The vehicles for that liquidity are the on- and off-ramps of Bitcoin, which go from individuals trading the cryptocurrency, online exchanges, and other means that facilitate its trading.
In 2019, Sebastián Contreras said that he had traveled more than 40,000 kilometers in six countries Argentina, Chile, Bolivia, Brazil, Uruguay, and Paraguay. He believes that many Latin Americans still need to learn more about the pioneering cryptocurrency for its adoption to grow at all levels.
By Alexander Salazar
