Why is Mexico also using Bitcoin?

Why is Mexico also using Bitcoin?

Why is Mexico also using Bitcoin?

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There are 182 circulating currencies in the world. These are recognized by the International Organization for Standardization which is the one in charge of assigning a specific code to each one (as is the case of MXN for the Mexican peso). But, as many know, there’s a virtual currency that’s very different from others. Though it can be used for exchanges, just like the bills and coins you use every day at the market or public transportation, it has its caveats.


Bitcoin, the currency of the future

Bitcoin is the name of this currency founded in 2009 which, unlike the peso, dollar or euro, can’t be physically represented, as it’s a virtual currency. This is why it grows in adopters and has become a global way of paying.

Many have called it “the currency of the future” for its many novel characteristics among which efficiency, safety and ease of exchange are most cited. Yet, without a doubt, it’s most important feature is the decentralization it represents, which means nobody controls bitcoin, unlike the dollar or euro, so it’s users which produce and can buy bitcoin with dollars, euros, pesos or other currencies.


Cases of success with Bitcoin

Lots of people have discovered the secret fortunes hiding in Bitcoin, like Kristoffer Koch, a Norwegian youth who invested $27 on Bitcoin during 2009, when the currency didn’t hold much value. But time went by and in 2013, there was a boom that transformed his initial investment into $886,600.

Another case in 2010 was that of Jered Kenna, who bought his first lot of Bitcoin when the price was around 20 cents. Though Kenna wouldn’t reveal the exact amount he’s made, when he lost 800 Bitcoin he wasn’t bothered, which makes us think his worth is in the millions.

One of the most significant cases was that of Charlie Shrem, who discovered Bitcoin in 2011. His first acquisition was 500 units with a value of $3-4 each. He then bought thousands when the price ascended to $20. With this, he founded “Bitinstant”, a company that facilitates the exchange and purchases with Bitcoin in over 700,000 localities.


What happens with Bitcoin in Mexico?

Over the past years, Bitcoin has appreciated 360% in our country. In Mexico, you currently can only invest on mid or long-term, meaning you purchase some units, keep them and sell them when the price is best.

The problem in Mexico is that this business is just being known, which makes a case for a recommendation not to invest all your savings on the cryptocurrency, just the amount you’re willing to risk.

It’s also recommended that, as this business keeps growing, a technical analysis is made to understand it’s behavior and identify areas of opportunity.


A risk anybody would want to take

It seems Bitcoin is a great option for young people who have the chance to invest and take risks in a little-known business. Maybe this is one of the advantages, as when it becomes more famous, governments will probably start to impose obstacles.

If you’re interested in the topic, look for information. If you have money, take some risks. If you lose, don’t get mad, and if you win, share. Bitcoin will keep being a talking point and we will be sharing information about it. Just wait for the next article and share this one so more people know about “the currency of the future”.