6 apps that accept pesos to invest in cryptocurrencies and beat inflation
Cryptocurrencies, in addition to being an effective method of saving, are positioned locally as an umbrella against the storm of inflation. It is no coincidence that Argentina, according to a ranking Chainalysis, be among the 10 countries that most treasure these currencies. In this note, a guide with six of the main wallets operating in the country and allow you to enter the world of digital assets.
These intangible units are stored in an application -similar to Mercado Pago or Naranja X- that allows owners to save, receive and send these assets using the blockchain network. Most are available through online software and also like a mobile wallet.
When making a payment or performing an exchange operation, it is discovered that there are different platforms and applications in the local market. According to the type of financial operation that one intends to carry out there are three types.
On the one hand, a coin purse For those looking for immediate results: sell when the price rises and buy when it falls. Another for savers who want to have a part of their heritage safe. And also, for those who take the first steps in this financial wheel.
A consultant’s report Adila analyzed some wallets in the local market and divided them into two categories. A) Yes, Lemon, Ripio and Buenbit, are more suitable to start in the management of cryptocurrencies; while Satoshitango, Bitso y Defiant fit a bolder profile.
In turn, some cryptocurrencies have their own official wallets, while other products allow the coexistence of different currencies within the same application.
The three tokens or units of value with greater demand at the local level are: bitcoin, as fluctuating as it is profitable; ether (ETH) a currency linked to the decentralized platform ethereum and Tether (USDT), a crypto stablecoin that maintains a parity with the dollar.
What is striking is that crypto ownership in Argentina is not exclusively focused on bitcoin, as indicated by a study by the consulting firm Finder. Since users prefer diversify your portfolios and not play all the chips to a single cryptocurrency.
SatoshiTango
SatoshiTango is one of the national exchanges that is available in 33 countries around the world. It was created in 2014 and at the beginning it was only available for bitcoin trading from Argentina.
One of the most valued attributes is that it can be used for buying and selling of various fiat currencies: US dollars, Argentine pesos, Brazilian reais, bolívares and euros, among the best known. From the account you can pay utility bills.
The company ensures that most of its clients’ funds are stored in cold wallets that remain offline. The platform information is encrypted under SSL security protocols.
Lemon Cash
For greater comfort, the new mode is have money on crypto cards -similar in function and appearance to any other plastic- from Visa and Mastercard payment processors, to buy in physical stores, acquire products online and also to pay for streaming services.
The additional advantage is that these cards have international validity. Which implies that they can not only be used within Argentina, but also in the United States, Europe and in any country in the world.
The incentive of the Lemon Card Visa Contactless is that it has no maintenance cost. In addition, it rewards users with 2% cashback in bitcoin for each purchase made.
The card can not only be funded with Argentine pesos, but also with stable cryptocurrencies such as DAI and USDT. The business always receives pesos and from Lemon the conversion is done automatically regardless of the chosen digital currency.
Lemon is a startup in the fintech sector born in Argentina that offers instant liquidity without commissions and adds the functionality of Lemon Earn, which automatically generates weekly returns in cryptocurrencies.
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This type of platform – which is both a mobile wallet and an Exchange – acts as an intermediary so that interested parties can formalize purchase and sale operations. Once the two parties reached an agreement, the trade is carried out.
For these services these exchange houses usually charge a commission. However, it is important to note that there is a standard price that fluctuates based on supply and demand.
In the same line of the Exchange is the so-called broker or “runners”, which have stock of various cryptocurrencies and they provide advice on which are the boxes where it is convenient to stack the coins. In this case, the price is not negotiated.
And although many brokers present themselves as “intermediaries without commission”, it is included in the spread, the difference between the price at which they buy bitcoins and at which they are sold.
The Bitso platform was originally born in Mexico, in 2014 and became the first Latin American cryptocurrency company to achieve unicorn status.
It is also the sixth in the world to obtain a license from the Gibraltar Financial Services Commission (GFSC), an international standard that regulates fintech firms that use blockchain technology.
With a dynamic management it manages the purchase of the most popular cryptocurrencies such as Litecoin, Ethereum, TrueUSD, XRP, Golem, Decentraland (mana), Bitcoin Cash y BAT.
It has a trading tool that allows you to invest in one or another currency to earn money in purchase and sale operations as if it were shares.
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Within the category of mobile wallets, a highly relevant feature is the type of extra security that the application can offer. Above all, for those savers who have no intention of practicing parkour jumps between coins.
In this sense, Ripio grants standard security measures such as double factor authentication, fraud prevention and data integrity.
What’s more, 95% of funds are kept in cold wallets, so they are protected. It has full reserves from which customers can withdraw money immediately.
It is a pioneering platform in the country and also stands out for being one of the cheapest. It offers a self-developed wallet and accepts bitcoin (BTC), ether (ETH), DAI, litecoin (LTC), zcash (ZEC), Ripio Credit Network (RCN), USD Coin (USDC), and bitcoin cash (BCH).
As it supports the trading of digital assets, so apart from Exchange, it is also considered a broker. Does not charge trading commissions when exchanges are made between the parties.
BuenBit
To avoid the slippery edge of the swing, Dai is a stablecoin that maintains a peg to the US dollar, ensuring that 1 Dai is equivalent to one dollar. That is why it is considered a value reserve cryptocurrency and not a speculation cryptocurrency.
Unlike other currencies, it is backed by assets that are constantly adjusted to give it value stability. However, they are not guarded by the coffers of a traditional bank, but are stored digitally and publicly on the Ethereum blockchain.
Buenbit is an official partner of DAI. Although it also operates with Bitcoin, Ethereum, Polkadot, Solana, Polygon, Binance Coin and Cardano. It’s another of the wallets that offers a Mastercard crypto card that refunds 2% in any cryptocurrency randomly..
Defiant
As a rule, all owners have two keys: a public one, which works like an email address and can be shared with others, and a private one, which is a string of letters and numbers and must remain hidden.
There are also wallets called Custodial, where the custody of the tokens is carried out by a third party. And this private key is in the hands of the owner of the wallet. Which implies that your presence is needed for any operation,
While Non-custodial wallets, such as Defiant, the bearer has control of the private key or recovery phrase and is the owner and responsible of the custody of your cryptos, without the need to go to third parties.
The goal is to ensure that transactions are secure and private, with the possibility of “generating peer-to-peer exchange.” This option is using a P2P network.
In this case, there is one who buys, the other who delivers the currencies, thus avoiding the commission of third parties and everything is anonymous. For those who are not quite sure, you can choose a broker or an exchange to get the crypto.
Those interested can trade bitcoin, ethereum, USDC or dai “in more than 170 countries with credit cards, Apple Pay or bank transfers.”
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