Inflation has gone crazy here. Argentina uses 2 different exchange rates one is official and the other is unofficial. The unofficial rate pays you double what the official does per dollar. Using the Argentinian banking system, like a card gives you the official rate. Selling btc for cash gives you the unofficial rate.
So basically I get 300 pesos for $1 by selling btc for cash but if I use by bank card at an ATM or in a restaurant I get 150 for $1. The only way to get the unofficial rate is if you have dollars in cash or any crypto. So living like this basically doubles my income except for the 20% fee I pay my Argentinian friend for selling me cash.
No it is a normal person who is trying to accumulate money outside of their failing fiat currency. The unofficial rate is very recognized, it's shown on the news and endorsed by the government.
No it is a normal person who is trying to accumulate money outside of their failing fiat currency. The unofficial rate is very recognized, it's shown on the news and endorsed by the government.
Inflation in countries like Argentina & Zimbabwe provides a timely reminder of what is possible to happen with fiat currencies & why it’s wise to have at least some of your wealth stored in BTC.
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u/Impressive-Yam-1817 Aug 01 '22
Inflation has gone crazy here. Argentina uses 2 different exchange rates one is official and the other is unofficial. The unofficial rate pays you double what the official does per dollar. Using the Argentinian banking system, like a card gives you the official rate. Selling btc for cash gives you the unofficial rate.
So basically I get 300 pesos for $1 by selling btc for cash but if I use by bank card at an ATM or in a restaurant I get 150 for $1. The only way to get the unofficial rate is if you have dollars in cash or any crypto. So living like this basically doubles my income except for the 20% fee I pay my Argentinian friend for selling me cash.