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Argentina: Bitcoin [BTC] users will now be able to pay transportation charges using cryptocurrency

Biraajmaan Tamuly

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Argentina: Bitcoin [BTC] users will now be able to pay transportation charges using cryptocurrency
Source: Pixabay

Bitcoin has taken a step forward in becoming further adopted and integrated as a payment option for products and services. In 37 cities in Argentina, Bitcoin users will now be able to pay their transportation expenses by adding credit charge to their SUBE card using the cryptocurrency.

The SUBE card [standing for Sistema Único de Boleto Electrónico] is essentially a credit pass for public transport services within the Buenos Aires metropolitan area and other Argentine cities and is affiliated to the Argentine Secretary of Transportation.

The introduction of Bitcoin as a payment has been possible due to the allegiance between the two companies, Alto Viaje and Bitex. Alto Viaje is a dedicated platform which allows users to transfer funds to the SUBE card through their online platform, whereas Bitex is one of the largest crypto-related companies in Argentina and it offers blockchain and Bitcoin solutions in Argentina and across different South American countries. Bitex also specializes in imparting the necessary network infrastructure to the companies through a dedicated API integration, so that the various corporations can start offering services that use the Bitcoin blockchain.

Manuel Beaudroit, the CMO of Bitex, talked about the collaboration and said:

“We believe that these projects are very important since they bring a technology as disruptive as Bitcoin to the common people, demonstrating the real value and the applications that it has in everyday life.”

Alto Viaje decided to go with Bitex’s infrastructure for the technology and liquidity it currently owns since it is a necessary condition to face a project of this magnitude.

Luciano Verardo, Director of Alto Viaje, said:



“From Alto Viaje we want to offer safe and innovative services, the alliance with Bitex allows us to integrate the payment with bitcoins and new possibilities of financial inclusion for people and companies.”

According to bitcoinexchangeguide.com, the minimum payment in terms of Argentinian pesos is $50, which is close to $1.33. Hence, the minimum payment that can be processed through Bitcoin is 0.00039 BTC. However, a bus ride in the City of Buenos Aires will only cost a user about AR$ 18 ($0.48 or 0.00014 BTC).

Before the implementation of Bitcoin, the platform of Alto Viaje only accepted PayPal, but will soon also be processing payments through local payment provider, RapiPago.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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