RE: Daily Crypto Markets Live Blog: More Than Half of Latin Americans Paid With Crypto (06/22/22)

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LeoFinance
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Crypto payments are popular in Latin America.

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Hello, it is interesting to see the results of this survey. I can speak about my own experience in Venezuela. The first time I made a payment with cryptocurrencies in a local store was in 2018. I have used on several occasions BTC, Dash, and BCH to make payments for goods and services. More recently we have started to see many venues accepting payments in USDT, and it is common for many venues to now accept direct payments through Binance Pay.

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This is just one aspect of crypto adoption that is not growing rapidly in Africa. We rely more on P2p trading. Merchants are not openly receiving crypto as payments.

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That's the only way we survive here as our leaders seem to be archaic and not appreciate new technology.

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I dont think it is too wide spread. The US doesnt have much either, nor does Canada I believe.

It will take time. I think the other areas like lending and collateralization are far more important. That will take off quicker.

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For a nation like Nigeria, P2P is essentially the only way to use crypto at the moment. Things may be better for crypto in a nation like the Central African Republic which became the 2nd nation after El Salvador to adopt Bitcoin as legal tender crypto.

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Here they started to accept them in some places as an alternative way to overcome the crisis the country was going through. At that time, there was a shortage of local cash and a lot of government controls. I guess it was the perfect scenario for cryptos to enter the scene.

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It only makes sense that we will see retailers accepting stablecoins at some point. We truly need to develop that aspect of the industy.

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The crypto industry should be more focused on microfinance which has huge potential in the retail market. And for that it is also needed to ensure a better popular network with negligible gas fees and a truly stable stablecoin. We are advancing in that direction, but the noise around USDT and the fiasco like UST should stop to imbibe confidence.

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I see it makes a lot of sense in places like Venezuela, which had the perfect scenario for that because of the crisis. With inflation, a shortage of local cash, and a devalued currency that continues to devalue every day. Those who do not have access to dollars or euros seek refuge in cryptocurrencies and stablecoins represent a great alternative to try to circumvent the crisis.
However, in developed economies, I see it as more difficult because what is the incentive that the common citizen can have to use them daily.

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This goes a long way, you've been into the game.

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Yep, I've been interested in crypto since the end of 2015.

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That's a long time coming, I didn't even know the word "cryptocurrency" as of 2015.

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I started to use them as a way of getting around the crisis that was beginning to develop at that time in Venezuela and as a way of generating a little extra income.

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It is interesting… more venues will accept direct payments. Great to see so much can be payed already with crypto.

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It all feeds into each other. More merchants mean people will have an outlet for their crypto.

If that is the case, more will look to acquire it.

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It does…
More people want crypto.
Good for us too, the ones that already hold crypto.

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Yes. We still need a lot of infrastructure but it is vital that we keep building.

The trailblazers are going to benefit a great deal financially. It is exciting to see.

This is going to make a lot of people a fortune. Hive is really a fantastic place to be.

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We are building and most do understand the importance of it 😁

They will… what is exciting to see.
Hive will and already changes so many lives.

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We are getting close to another monthly update on the growth of your account.

I look forward to it.

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Yes… we do. Still going strong 😉🤩 just earnings… I still haven’t bought.

Thank you!

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If we wait for the major retailers or big box operations, we'll be waiting a long time time. This is where independent retailers and mom-and-pop stores can take the lead for a change.

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Yes, good point. That is exactly where the small businesses can take the lead.

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Yes, cryptocurrencies started to be used here at the time a bit out of necessity and today they can be used to pay in some spots. And they are mainly used by people who work as freelancers on the internet, and there are not a few of them here by the way. ;)

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It all evolved out of necessity.
Yes I know… there are many freelances. I saw another post today highlighting active people in countries.
And Venezuela was the highest.

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It is awesome that you are seeing more and more options of crypto payments in your country, sis. With the acceptance of USDT there, it is likely that more avenues might open for other stablecoins too.

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As long as our local currency is devalued and there is so much inflation, nobody wants Bs. And with all the bad things that imply, on the other hand, it is a good scenario for people to want to have alternative ways of payment.
Have a good evening, sis!

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Yes, in a way, the devaluing currency opened up channels for more payment options. Thank you and good morning to you ❤

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Yep, sis! That's why it's said that in crisis comes great opportunities for the one who knows how to see them. ;)

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Great and interesting statistics. It's a gradual growth but great milestone are being made in terms of crypto adoption. It can only get better each day passing.

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We need it to come from all angles. Having it as part of the payment systems is important.

But we need so much more than that. All bases need to be covered.

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This is a really cool and pretty interesting survey. It's really great that both consumers and merchants have an interest in crypto in Latin America.

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Latin America is known for its poor financial and banking systems. So it is not fully surprising that crypto is being adopted to some drgree.

We just need to keep building on it.

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Yes, you are right.

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Amazing! And it seems Latin America is very open to crypto and more are accepting it as one of the payment options.

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It's pretty interesting seeing the different levels of adoption, which are often closely related to the banking system and where one's income originates from and where it is headed.

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