Cryptocurrency : How much confidence is there in Argentina about bitcoin? Paxful Study Provides Answers

Key facts:

Only 2 out of 10 people say they “feel totally or fairly confident” to trade bitcoin.

Misinformation, fear of hacking and lack of regulation are the main reasons for mistrust.

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22.1% of the participants in a query made by the P2P exchange Paxful in Argentina stated that they “felt total or quite confident” to operate with bitcoin (BTC) and other cryptocurrencies.

In addition, among those who have already carried out a transaction with cryptocurrencies, the percentage that expresses having this degree of trust amounts to 67.9%. 84.9% of them would be willing to do new operations.

Among those who said they distrusted bitcoin operations, the reasons mentioned were lack of information (44.6%), possibilities of hacking (20.9%) and lack of state regulation (16.4%).

The consultation carried out by Paxful also inquired about the experience trading cryptocurrencies on various platforms. 78.3% rated it as positive and 19.8% said it was fair or bad.

Almost 8 out of 10 cryptocurrency users in Argentina consider their trading experience to be positive. Source: Paxful.

Are cryptocurrencies a positive innovation for the financial market? Almost 40% of the Argentines surveyed answered affirmatively. 12%, on the other hand, reject that this is so.

The Paxful survey, the results of which were recently released in a statement that CriptoNoticias had access to, featured the participation of 7,372 people over 18 years of age. The fieldwork was carried out online between April 24 and May 1 of this year and residents of the City of Buenos Aires, Greater Buenos Aires, La Plata, Bahía Blanca, Mar del Plata, Córdoba, Rosario, participated. Santa Fe, Mendoza, Tucumán and Salta.

The date on which the study was carried out is not a minor data, since it coincides with the price of bitcoin between USD 50,000 and USD 55,000, before the fall that took it to USD 30,000. It is worth wondering if the responses of those surveyed would have varied with the price of the cryptoasset falling.

What is bitcoin used for in Argentina?

Finally, Paxful sought to know what do Argentines buy bitcoin for. 42.3% say doing it as an investment, 39.8% consider it a form of savings and 6.3% do it to be able to pay for goods or services.

Savings and investment are the main uses of cryptocurrencies in Argentina, according to Paxful. Source: Paxful.

The use of bitcoin in Argentina as a means of saving takes on special importance in a inflationary economic context and constant devaluation of the local currency. In addition, restrictions on the purchase of foreign currencies increase the interest in crypto assets.

As reported by this media, in the last seven years, the Argentine peso lost 90% of its value against the US dollar. In the same period, however, bitcoin increased its price by 6,000%, that is, about 60 times.

The Paxful platform is one of the means available in Argentina to buy and sell bitcoin, Tether (USDT) and ether (ETH), the cryptocurrency of Ethereum. In that South American nation it admits payments by bank transfer, MercadoPago, Ualá Card and bank cash deposits.

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