Bitcoin is poised to disrupt the financial sector, and money remittance services will be among the first to feel the wrath of borderless digital currencies. Servers like Western Union and MoneyGram are the top contenders in the remittance sector, yet that paradigm might be about to shift sooner rather than later. That being said, MoneyGram isn’t feeling the pressure just yet.
It has become crystal clear that Bitcoin can offer a viable alternative to bank-issued fiat currencies, especially in countries where tight capital controls are part of daily life. Brazil is one of the places where Bitcoin adoption really seems to be thriving and recent trade volume statistics paints a picture of a thousand words.
Bitcoin Trading Volume Nearly Doubling in One Quarter
Brazil is home to several Bitcoin exchanges, of which Mercado Bitcoin, Foxbit, BitcoinToYou and flowBTC are the best-known names in the business. LocalBitcoins is also available in the Brazil region but is attracting the third-lowest trading volume of all eight exchanges located on the chart provided by BitValor.
It is no secret that Argentina is a struggling economy, as it has been for quite some time now. Inflationary currency is not helping matters for Argentinians and neither is the government’s tight control on transferring funds in and out of the country. Plus, with the majority of people unbanked, there are hardly any options of obtaining funds other than the Argentine peso.