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La Bitcoineta: Argentine Non-Profit Tackles Lack of Knowledge in Local Communities, Push for Crypto-Driven Change

As Bitcoin’s popularity and user base continue to grow, companies involved with the cryptocurrency are progressing from merely providing the infrastructure needed such as wallets and exchanges, to providing sophisticated services such as healthcare or gaming applications. With an innovative fintech sector emerging to service the cryptocurrency market, financial institutions such as Goldman Sachs have begun turning their heads, offering Bitcoin ventures such as futures trading or cryptocurrency hedgefund management.

The Bitcoin market cap at the time of press stands at USD one hundred seven billion; this significant sector still lacks international understanding, trust, and mainstream accessibility. A group of individuals based in Argentina have taken it upon themselves to liberate and educate the population of their country on Bitcoin, with the hopes of aiding sustainable economic growth via the possibilities of Bitcoin and the ensuing fintech sector.

The group has managed to create a fun, unique way of spreading the message. Pictured below is La Bitcoineta, their stylised Bitcoin education van that has taken them across the cities and towns of Argentina.

They described their objective to Bitcoin News as an ”initiative to generate bridges between those who are developing the technologies that will change the world and the different productive, social, cultural, and economic ecosystems.” The individuals in the team shared their understanding that firsthand projects can inspire new solutions, or benefit from existing technologies.

Smaller communities lacked general Bitcoin awareness

Speaking to Bitcoin News, a spokesperson for La Bitcoineta described a striking lack of awareness surrounding Bitcoin and blockchain technology in the smaller communities that they visited. Consequently, this meant that much time in these locations was spent devoted to explaining these concepts to the locals from scratch, basic education being the first step for these individuals to enter the market. Their efforts were welcomingly received; the spokesperson said ”everybody is open to the new concept and enjoys us going there.”

Bitcoin has started to make its mark in Argentina

As the spokesperson described it as surprising to some, nearly all of the smaller cities that were visited had some individuals who were knowledgeable on the subject, indicating the vast reach of Bitcoin internationally. These knowledgeable ”bitcoiners,” as they described them, shared enormous gratitude towards the team for taking the time to visit and share their knowledge with their hometown.

Is local media the answer?

The team told Bitcoin News that they have received an exponential amount of national media traction during their journey so far, with feedback for their work largely positive. They noted local media as a powerful tool in aiding their cause. Frequently La Bitcoineta would make headlines in the local newspapers and their online outlets, helping develop the regional conversation around Bitcoin and blockchain. The irony was not lost that such a traditional, established media form would come to aid this reformist cause.

Challenges and successes

The team behind La Bitcoineta see the greatest possible results of their tour as driving crypto-related change in communities that would benefit this the most, particularly in areas where individual’s efforts could be monetized or reach international markets. Through their talks, they hope to create an impact on the local fintech sector, inspiring projects, changes and pushing for a less bureaucratic government.
The biggest challenge they have faced in reaching this goal has been their ability to reach and connect with the right people. While the team has been considerably active in pushing their agenda, reaching government decision makers themselves and identifying the communities that they could positively impact the most has presented the greatest test.
Despite La Bitcoineta’s Bitcoin positivity, those behind the objective do not see it as likely, nor are they pushing for Bitcoin to be adopted as a regular payment system. This is only considered by themselves as a likely option if merchant outlets themselves incentivize cryptocurrency spending through a discounted alternative to fiat.
Instead, the biggest fruitful challenge they see is pursuing Bitcoin to be a globally recognized store of value and a better alternative medium of exchange. The impending fight against banks and governments is their biggest concerns for reaching this, but they are confident the cryptocurrency driven change they envision will be achieved.
La Bitcoineta’s journey can be followed on both Twitter and Facebook.
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Images Courtesy:La Bitcoineta

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South America: Crypto and Blockchain News Roundup, 27th March to 5th April 2018

South America

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.


Venezuela may pay Russia with Petro cryptocurrency for automotive parts: Venezuela has recently launched its own cryptocurrency Petro and the state may use the new cryptocurrency to pay Russia for automotive parts and components according to Venezuelan minister for foreign trade Vielma Mora.

As quoted by the AVN new agency:

“[The issues of cooperation] include the purchases of automotive parts and components, of tires and batteries, as well as assembling of these vehicles in our country and the forms of payment, in which we include the payments with the use of Petro.

He also went on to claim that Russia is also considering accepting payment in Petro for different goods including steel, aluminium, flowers, coffee and cacao. The response from Russia has been lukewarm but the Venezuelan government has high hopes for its new currency that it claims is backed by its sizeable oil reserves.

Crypto rating sites flay Petro: Cryptocurrency and ICO rating sites have painted a dark picture for the future of Petro as a cryptocurrency. Major coin rating websites like,, Cryptorated and ICOreview have either slammed the project or not even bothered to review it at all. The currency may have actually gained momentum after US government banned the new cryptocurrency but according to the coin rating websites, there is little reason to back the first full-fledged state-backed cryptocurrency.


Three cryptocurrency exchanges banned by Chilean state bank: Three major cryptocurrency exchanges operating in Chile Buda, Orionx and Cruptomkt have been banned by the Chilean central bank Banco del Estado de Chile. Previously, these exchanges were also banned by Itaú Unibanco Holding S.A. of Brazil and The Bank of Nova Scotia (Scotiabank of Canada). The three cryptocurrency exchanges have expressed resentment at this move but have claimed that their funds are fully secure and there is no “insolvency risk” as to say.

After the ban, the future of cryptocurrency and cryptocurrency trading operating from Chile is uncertain as the bank is being very demanding. Santiago-based CryptoMKT, one of the exchanges that was banned, was of the opinion“Cryptocurrency startups in Chile aren’t going to close because of the barriers being put up by the banks. CryptoMKT commercial manager Daniel Dupré told BNamericas. “There are [payment-processing] alternatives, which we didn’t look into previously because they have an associated cost.”


First cryptocurrency in Latin America launched: A young team of developers and crypto enthusiasts have launched ApperCoin, the first cryptocurrency to have come from Latin American states. The platform and its coin reportedly allows individuals and stores to easily exchange different currencies directly with their smartphones.

The cryptocurrency is now available for daily use in more than 45 stores in Venado Tuerto, a small city in Santa Fe, Argentina with a population of around 70,000 people. The team is also reportedly working on expanding the influence of the new cryptocurrency to San Nicolas in Buenos Aires province that housed the capital before 2019. Some stores are also offering substantial discounts up to 50% if customers pay through the new cryptocurrency.


Brazil’s central bank president says cryptocurrencies need to be monitored: According to a previous statement by Ilan Goldfajn, the president of Brazil’s central bank, cryptocurrencies are unstable therefore they need to be monitored and their system be put on high alert. Brazil’s cryptocurrency trading sector is gathering steam but so far no tough regulations have been placed on Bitcoin traders and blockchain businesses.

Brazil-based users download Android mining malware more than 100,000 times: Cybercriminals are now using Android apps to use smartphone computing power for mining purposes, according to the latest research by anti-malware firm Kaspersky Lab. While the apps did provide legitimate functions, they secretly used a part of the CPU power to mine cryptocurrency Monero. Most of the affected userbase was from Brazil and VPN apps that are very popular among Brazilians were the main culprit behind this illegal mining activity. Other more obvious efforts included games that sucked up the computing power of hundreds of thousands of these smartphones.


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