Loyalty BTC-ECHO readers do not read it for the first time: In order to survive the current bear market, the adaptation of Bitcoin & Co. must be promoted. Above all, it is crucial for us to be able to use the masses so that cryptocurrencies can find their way into the mainstream. Argentina now shows what a useful use case can look like.
Revolutionary technology for the masses
If you want to use public transport in Argentina, you need a so-called SUBE card, which works according to the prepaid model. The ticket cards can be recharged at all metro stations, in national lottery shops and at some kiosks with automated terminals with credit. At 37 locations in Argentina, including the capital, Buenos Aires, the ticket can now also be charged with Bitcoin. A cooperation between Alto Viaje, the company that offers the SUBE cards and the fintech company Bitex makes it possible. By giving the general population the opportunity to pay for their subway and bus rides with the cryptocurrency, Argentina contributes significantly to the mainstream adaptation. As the leading medium of the Spanish-speaking blockchain and crypto community reported on February 6, Bitex CMO Manuel Beaudroit said:
We believe that this kind of project is very important as it brings to the ordinary people a technology as revolutionary as Bitcoin, demonstrating the true value and applications of everyday life.
Bitcoin instead of inflation
For Alto Viaje, designing the simplest possible charging process was paramount. So far, the company has only accepted payments through PayPal. By working with Bitex, Bitcoin charges can now be offered in a secure and tested infrastructure. Alto Viaje Director, Luciano Verardo, explains the motivation behind this step:
We want to offer secure and innovative services, the alliance with Bitex enables us to integrate payments with Bitcoin and new ways of financial inclusion.
Bitex will not take the place of the adaptation driver for the first time. Because the company has already worked with the Argentinian Banco Masventas to offer cross-border payments with Bitcoin. This made the bank one of the first payment service providers to use Bitcoin to optimize international payments.
It can be assumed that the Argentines will gratefully accept the offer. At present, the country is in financial crisis and the inflation rate is a big problem for many. As in many inflation-prone countries, more and more citizens have turned to cryptocurrencies as a means of conserving their wealth. This is also proven by the increased number of Bitcoin ATMs in the country over the last few months.
Also published on Medium.