Best Bitcoin Exchange for Brazil
The inflation rate in Brazil, the ninth largest economy in the world, rose to its highest level in four years and attracted significantly more people to buy Bitcoin, as shown by the recent increase in BTC trading volumes.
Inflation in Brazil reaches 4.5%
President Jair Messias Bolsonaro took office on 1 January 2019. Since then, the Brazilian inflation rate has shown an upward trend. The Rios Times writes:
The most recent IPCA result was the highest for March since 2015. The IPCA, a measure of the country’s official inflation, rose 0.43 percent in February and 0.09 percent in March last year. In addition, the Brazilian Institute of Statistics and Geography (IBGE) reports that the cumulative inflation rate has reached 4.58 percent in the last 12 months.
Coincidentally, Cointrader Monitor (a monitoring tool that analyzes Bitcoin price movements in the country) tweets a few days before the announcement of the rise in inflation that more than 100,000 BTCs were traded on Brazilian crypto currency exchanges on April 10, 2019.
Argentina seized by Bitcoin fever
The continuing rise in the general price level for goods and services, coupled with other economic problems, is affecting not only Brazil but also Argentina. After its neighbour Brazil, Argentina is the second largest economy in Latin America. Many suspect that economic problems are causing a sharp increase in Bitcoin’s trade volume.
The Rio Times, for example, wrote: Probably a collapse of the economy is responsible for the rise in crypto currencies in Brazil. In Argentina, the economic situation is even gloomier. The Argentine central bank was forced to tighten monetary policy three times last month. Nevertheless, inflation is accelerating at a rate of almost 55 percent.
Bloomberg writes: The inflation rate rose to almost 55 percent in March, consumer prices rose by 4.7 percent a month, exceeding all forecasts of a Bloomberg analyst survey. For several weeks now, investors in Argentina have also been concentrating on the crypto currency, according to data published by LocalBitcoins. In Mexico, too, trading volumes on the LocalBitcoins peer-to-peer exchange have risen sharply after US President Donald Trump threatened to stop remittances from illegal immigrants.
In such economic situations, crypto currencies become more and more attractive – especially because Bitcoin is by nature boundless and resistant to inflation. Only 21 million digital coins will be produced by 2140.
Bitcoin (BTC) and crypto currencies accepted in Brazilian supermarket chain
Oásis Supermercados, a Brazilian supermarket chain based in Rio de Janeiro, recently accepted crypto currency payments after demanding a local exchange of information and training its staff on how to do so.
In a conversation with the local publication Andrade stated that his brother Thiago was the one who accepted payments with crypto currency. After the video aroused her interest, Oásis Supermercados called a crypto exchange to get more information.
In the interview with Portal do Bitcoin, Andrade describes how the move came about for the first time. He claimed that “a former employee introduced us to the crypto coins and taught us how to invest. Then he explains that his brother Thiago was the one who proposed The idea of accepting crypto as payment after the two who run the company saw a video explaining how supermarkets accept crypto payments.
Andrade explains: The system, which converts crypto to Reais and vice versa, was developed and implemented by CoinWISE, a financial and information security company. The company converts the paid crypto currency into the Brazilian national currency and sends it back to Oásis Supermercados three days after receipt of payment. Despite the move, Andrade also explained that “the network has still not been paid for in crypto currency recently”. However, Andrade remains optimistic that the news of the move has spread rapidly.
The Brazilian tax authority (RFB) has announced that it will monitor the activities of the crypto currency business. This will be an attempt to prevent tax evasion and money laundering. However, a glimmer of hope came when Bitcoin Max won the account balance for the opening of his account after the local exchange.
“Brazil” goes back to the word “brazil.” “Pau-brasil” is the “Brazil wood tree”. “Brasa” in Portuguese means “embers” and “glowing coals”; the adjective brasil (“glowing”) refers to the colour of the wood when it is cut: Then it glows red. In Europe, wood was used to dye fabrics. The Brazilwood tree is now threatened with extinction. It used to be widespread in the forests of the Brazilian Atlantic coast and was an important export product of the region.
The largest part of the country lies below the equator. That is why Brazil is summer when it is winter with us and vice versa.
The highest mountain is the Pico da Neblina (3.014 m), the longest river of the Amazon (6.570 km); it is the second longest river in the world. One of the largest jungle areas in the world is the tropical rainforest in the Amazon Basin. In former times Rio de Janiero was the capital of Brazil (today 13.3 million inhabitants).
- In 1960 the new capital Brasilia was inaugurated.
- It lies in the federal state of Goiás on a 1,100 m high plateau.
- No already existing place was made the capital, but in the middle of the no man’s land a completely new city was stamped from the ground. The best architects were hired to do this.
- Therefore there are many great buildings in Brasilia.
- Viewed from above, the city looks like an airplane.
- 4.5 million people live there.
- The largest city in Brazil is São Paulo, by the way: the city and its surroundings are home to around 21.6 million people. This makes it the most populous city in the southern hemisphere.
Brazil has about 208 million – that is worldwide place 5. Due to the many peoples who came to Brazil in the course of the centuries, there are descendants of Europeans, Asians and African slaves who were abducted to Brazil. Therefore, one finds all possible skin colors in Brazil. Only 4 out of 1,000 Brazilians are “Indígenas” – descendants of the first indigenous peoples of Brazil. Around 12 million Brazilians are said to have German ancestors. They mainly live in the south. In the federal states Santa Catarina and Rio Grande do Sul almost every second inhabitant is a German Brazilian. In the city of Blumenau there is even an Oktoberfest – with over 600,000 visitors it is said to be the second largest folk festival in Brazil after the carnival in Rio!