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Brazil: volume of Bitcoin trades registers rapid surge

Monday 28 September 2015 10:56 CET | News

Volume of Bitcoin trades in Brazil has registered a rapid increase in Brazil since May 2015, recent reports unveil.

Over the last few months, the volume of all Bitcoin trades have risen from USD 1.65 million to USD 2.6 million, showing a 158% monthly increase in trading volumes across all exchanges.

According to the BaseBit founder, Daniel Novy, the majority of Bitcoin-related news presented by news outlets in Brazil is negative and affects the potent Brazilian population that is underbanked and underserved by financial institutions.

Despite the negative image of Bitcoin built by the media, many merchants are becoming more open to using Bitcoin, due to its low transaction fees and high international exchange rates. With the strict financial regulations in countries like Argentina and Brazil, it is extremely difficult to move the local currency out of the country. Bitcoin in contrast, has a high international exchange rate, allowing merchants to store their income in a liquid currency or asset.


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Keywords: Bitcoin, online payments, digital payments, cryptocurrencies, Brazil
Categories: DeFi & Crypto & Web3
Companies:
Countries: World
This article is part of category

DeFi & Crypto & Web3