The level of adoption and acceptance of decentralised peer-to-peer money systems has seen Bitcoin increase to as high as 1650% over the 2020 – 2021 time period. Currently, buying Bitcoin has never been easier, the availability of exchanges that offer a platform to buy Bitcoin has really grown in recent years. There are even lots of South American native platforms people can use to invest in cryptocurrency like Bitcoin.
Once the funds are available, users will be able to buy or trade Bitcoin. Some brokers like eToro offer synthetic contracts, (CFDs or futures) while some of the other exchanges offer alternative cryptocurrencies that you can hold and withdraw to an external wallet.
Reminder brokers like eToro offer real crypto trading and storing and some exchanges like Binance or BitMEX allow users to use other tools like futures contracts, margin trading, leveraged tokens and even crypto loans.
In Argentina today there are many options to buy crypto but will all depend on what you feel most comfortable with.Steps:1) Sign up to an Exchange or Broker
This first step will be to find an exchange or broker that suits your needs. Once you decide you will need to sign up.
2) Commit to setting up KYCThis might depend on the platform but more often than not, you will need to complete Know Your Customer (KYC) measures. This means you send ID, Bank and residential proof documents.
3) Convert your Argentinian peso deposit into BitcoinOn the Broker or Exchange, you will need to find the BTC/ARP pair in order to trade or invest in BTC.
Buying Bitcoin in Argentina in 2023 with both an exchange and a broker is possible from a variety of providers.
A crypto exchange can be described as an online platform that allows investors to engage in the easy buying and selling of actual crypto coins, either for long-term holding or simply for their transactional needs. As you will own the crypto coins in your wallet in your exchange and thus, are free to withdraw and then move them to a crypto wallet of your choosing.
Crypto brokerage platforms, on the other hand, specialise in financial derivatives that are classed as synthetics; such as CFDs, Options, and Futures. While these are their main offerings, many also allow people to buy and sell actual crypto coins. Furthermore, whereas most online brokers accept only fiat deposits, exchanges are generally open to deposits made in both crypto and fiat currencies.
Buy Bitcoin with CashCash Deposits Gravel & Satoshitango accept cash deposits made at any location in the Rapipago and Pago Fácil collection networks Sesocio, allowing you to load balance with tickets through Rapipago. P2P marketsAnother way to convert pesos in cash into cryptocurrencies is to use the exchange platforms “between pairs” or P2P (by peer-to-peer ).
Paxful and Binance & LocalbitcoinsWhich not only contact the parties but also mediate to ensure that the agreement is fulfilled.
Buy Bitcoin for cash through exchanges between individuals (“P2P”). Is a good option for the unbanked and want to enter the crypto market.
Deposit cash at ATMsThere are also special Bitcoin ATMs where you can go to deposit pesos in bills and receive in bitcoins (or to sell that digital currency and take pesos in cash)
Buy Bitcoin with Credit CardAll exchanges offer card deposits but for providers like eToro deposits must be in USD.
Buy Bitcoin with Bank TransferAll exchanges offer bank transfers but for providers like eToro deposits must be USD.
Buy Bitcoin with PayPaleToro offers deposits to buy Bitcoin with PayPal but the amount must be in USD.
Bitcoin is arguably one of the most revolutionary innovations to a money system we have seen over the past decade. It’s a decentralised monetary system that is independent of control from a central authority, such as banks, regulators and states.
Bitcoin can be seen as not just a means of exchange but a store of value. An asset class where its policy or (consensus) is not dependent or dictated by that of the state actors, economic & political policy.
In Argentina this is particularly important as the economic conditions over the last several years has been driven by hard-hitting & high inflation. Impacting the strength of the Argentinian peso. It has made the peso weaker over time, meaning the value of your money of which you are being paid & saving is diminishing.
Buying Bitcoin is fully legal in Argentina from domestic firms and firms abroad. Recently, regulators have asked domestic-based exchanges to keep note of buyers and sellers.A most significant piece of legislation has been The Tax Reform Law, which introduced several amendments to the Income Tax Law (ITL) in December 2017 to establish Tax provisions for Crypto. A flat rate of 15 per cent is charged on all cryptocurrency earnings in the country. Recent developments have shown that tax rules can be different under the region in Argentina, learn more about it in our Argentina tax guide.
Individuals or businesses who receive payments in cryptocurrencies in exchange for goods or services will be subject to different taxes depending on the region. Recently the President of Argentina is open to adopting Bitcoin as legal tender.
The economic conditions mentioned before have accelerated the adoption of Bitcoin as means of payment. It is becoming commonly accepted in different parts of the country. Small business to local transport providers. Small businesses like coffee shops, hotels, restaurants are leading the way with around 130 small businesses in total. Mainly accelerated by Bitrefill which is a firm that provides a catalogue of gift cards, prepaid mobile refills, and Lightning networking services.
A large online Argentinian marketplace ‘Mercado Libre’ has launched a crypto section within its platform, enabling purchases of real estate in Bitcoin.
Additionally, there are 12 Bitcoin ATM machines located in Argentina, all spread across the capital of Argentina, Buenos Aires, but also one in Rosario.