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A Facebook group is an indicator of the growing interest in bitcoin in Argentina

Key facts:

20 administrators and moderators share the task of admitting those interested.

It is an uncensored group, unless scams or physical assaults are promoted.

Last week the Facebook group Bitcoin Argentina reached its all-time high in applications for membership, thus far. More than 1,000 people showed their interest in being part of this virtual community that has more than 62,000 participants.

He bitcoin (BTC) price increase and media exposure of this cryptocurrency in recent days seem to have aroused the curiosity of many. People who until now remained outside the world of crypto assets began massively knocking on the doors of those who have been on this path for a little longer, seeking advice, advice and information.

«Oh my… more than 1000 requests in the week to enter the group. They are going to make us work [trabajar] to all the moderators like crazy. ATH with weekly income, it seems to me, ”wrote Nicolás Bourbon, one of the group’s moderators, on his personal Twitter account. It accompanied the publication of a screenshot in which 252 applications for admission are observed in one day, and more than 1000 that were pending approval.

More than 1000 people applied to join the group during the first week of 2021. Source: Twitter screenshot.

Why is Bitcoin arousing so much interest in Argentina?

“Argentina is always fertile land for people to experiment outside of their local monetary system,” responded moderators of the group, among whom are Bourbon himself, Diego Bouhot and Julian Dragonsoch among others, when asked by CriptoNoticias about the particular interest of Argentines for Bitcoin. They added that “few believe in weight, therefore, people always look for alternatives.”

The moderators of this virtual community created in April 2013 recognized that “the main alternative is the US dollar, but bitcoin is beginning to be part of the savings portfolio of more and more people.” They hold that we are just in the early stages of adoption of the cryptocurrency created by Satoshi Nakamoto.

They also explained that the economic situation of the South American nation favors the search for other forms of savings. «Once again we find a foreign exchange stocks for the sending and receiving of dollars, euros, etcetera. This type of asymmetric pesification mechanisms (real exchange rate versus fictitious exchange rate) makes people be creative when making international payments and bitcoin is especially good for this ”, they assured.

Who approaches the Bitcoin Argentina group?

Bitcoin reaches different types of users. Those in charge of the administration and moderation of Bitcoin Argentina acknowledge that some come close because they see it only as a speculative investment. “Of these new people, many will leave when the price drops,” they explain. But they also know that many will stay. “Those who stay, generally study, learn and will become the base during the next expansion,” they say.

In the first week of January, there were more than 1,000 requests to enter ‘Bitcoin Argentina’. Source: Image provided by Nicolás Bourbon, moderator of the Facebook group.

“Additionally, those who studied Bitcoin tend to become organic disseminators, since it makes you want to tell the rest of your acquaintances about how fascinating this world is, which increases the natural reach,” explained those in charge of the group.

The Bitcoin narrative keeps changing over time. It was a proof of concept in the early years, then a network for cheap international payments, uncensored and anonymous money to make purchases on the dark web, gold 2.0, etcetera. In the later stage of Bitcoin, the dominant narrative is that of a financial asset that is not correlated with the rest of the international financial system. Each of these narratives attracts a new and completely different audience from the previous one.

Moderators of the Facebook group Bitcoin Argentina.

“What are the questions that newcomers ask the most?” CriptoNoticias consulted. From the team of moderators, the response was: «In general, Bitcoin generates a lot of uncertainty for those who never used it. And it is rare to have someone close to you who knows everything and helps you. Then you are faced with a very large amount of information that you have to process. The main questions are: where to buy, how to access with pesos or dollars and which wallet is recommended.

Managing a group of this size is not an easy task. Twenty administrators and moderators they share the task of admitting those interested in entering and deleting publications that do not comply with the rules.

“The group mainly filters out scammers or people who come to promote pyramidal or multilevel schemes,” explain those responsible for this work. “We are in charge of analyzing the hundreds (now thousands) of requests weekly, we see the answers to the questions and we look a little at the profile of each one as far as possible”, they add.

Unlike other groups where verbal attacks or inappropriate language are censored, In Bitcoin Argentina there are no restrictions of this type. “The group is not a safe place and its rules are lax when it comes to free expression. Given the risk of bothering or offending, the word is privileged over censorship, “says the group’s regulations.

Since 2013, the Facebook group Bitcoin Argentina brings together a diverse community of interested in the first cryptocurrency. Source: Diego Bouhot / facebook.com

The only exceptions to this, according to the same regulation are threats or promotion of physical aggression, theft or fraud. “If the exercise of free expression is considered illegal in any jurisdiction, it is irrelevant to the group’s rules,” the text adds.

Bitcoin beyond its price

In conclusion, and at the request of this medium for a few words for those who are just starting out, moderators of the group said that “Bitcoin is much more beautiful when we understand it beyond its price.”

It is inevitable that price is the variable that attracts the most attention, but it is much more powerful when, for example, you ask yourself: what is money? What gives value to the dollar? How does the broadcast affect it? What is the advantage of having a network that allows you to be sovereign?

Moderators of the Facebook group Bitcoin Argentina.

In addition, they recommend that new ones have patience in your learning. “It happened to all of us choking on everything there is to learn from the Bitcoin ecosystem: new terminologies, new software, new platforms, new ways of interacting with people … and all that can be overwhelming at first,” they argue.

As a strategy for better learning, they point out that «it is good to separate a few hours a week and learn new things: a new wallet, how to test a back-up, how to use an exchange, a coin-join, run a Bitcoin node , be more private and more secure, and so on.