The global appeal of Bitcoin and other digital currencies will eventually lead to emerging countries embracing these concepts rather than staying with inflationary currencies. Both Argentina and The Philippines are two regions where Bitcoin can make a significant impact, and both countries are warming up to this concept in recent months.
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For quite some time now, consumers and businesses have been looking at Bitcoin as a niche product, which is only created to facilitate internet criminality. But in more recent times, the prejudice surrounding digital currencies has lifted, and emerging markets are flocking towards Bitcoin like never before.
Bitcoin is more than viable alternative to traditional financial solutions in Argentina, as the country is plagued by a hyperinflationary Peso. Moreover, the country is plagued by economic stagnation, leading a doubling in Bitcoin usage throughout 2015. Although that is significant growth, the number of people using digital currency in the region remains rather low.
However, there is an important opportunity for people looking to buy and sell Bitcoin in Argentina, as there is an unofficial currency market in the country. Given the high demand for alternative payment solutions, selling Bitcoin could net users a premium of up to 50%. Quite a margin to say the last, and one of the reasons why Bitcoin is becoming so popular in Argentina.
The Philippines is a different market altogether, although digital currency is equally popular over there. The lack of access to financial services for the vast majority of the population is driving people to alternative options. Bitcoin has the potential to become a market leader, as mobile payment systems are well above the budget for most residents, thanks to the 10% fee on top of money transfers.
But the biggest sector where Bitcoin makes a fundamental difference in The Philippines is the e-commerce industry. Paying for goods and services is rather inconvenient without access to a bank account or credit card, and Bitcoin seems to be a favorite to becoming the new norm for online payments. Emerging markets will be the driving factor for digital currency adoption, and these two countries may eventually be the places where it all began.
Source: Bric Plus News
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