Martin Grosz
06/14/2021 6:00 AM
Clarín.com
Services
Updated 06/14/2021 6:00 AM
Investing in cryptocurrencies is easier than many think.
With an amount in pesos, even if it is small, anyone can buy bitcoins or so-called "digital dollars".
In a short time,
without traps
and without the need to use a bank account: they can be paid
in cash
.
In Argentina there are different ways to
convert banknotes
directly
into digital assets
, without the money having to go through the traditional financial system.
Just as someone goes to a store, hands over paper money and receives a pair of shoes or a pizza in exchange, they can also pay in "cash" to have
cryptocurrency deposited
in their own digital wallet.
That makes this investment increasingly massive and is also available to
unbanked
people
.
And it influences that it is also sought after by those who want their money to be
less exposed
to official controls.
The mechanisms are diverse.
In some cases the cash is taken to a
bill
payment
facility or to certain ATMs.
In other cases the money is
delivered by hand
to the seller, either in person or by mail or delivery.
Buying bitcoins at ATMs is one of the options available.
Photo: Reuters.
In this note, in detail, it is detailed how
three of the mechanisms
that are used today in Argentina to convert physical silver into digital cryptographic currencies work.
Method 1: buy cryptocurrencies for cash through digital "exchange houses"
A simple option is to turn to
cryptocurrency exchanges
or
brokers
, companies that operate as digital "exchange houses" buying and selling digital assets.
These websites, when registering, open an account for free in which the user can
deposit pesos
to acquire the desired cryptocurrencies with them.
Several brokers today accept that the client load pesos into their account
paying in bills
and then convert them into bitcoin (BTC), ethereum (ETH), litecoin (LTC) or in the cryptos that are always worth as the dollar (such as
DAI
,
Tether
or
USD Coin
), among others.
Once the cash is deposited, you can choose which of all the cryptocurrencies to invest in.
Photo: Reuters.
Among the cryptocurrency "exchange houses" open to this possibility are:
Gravel.
Accept cash deposits made at any location in the
Rapipago
and
Pago Fácil
collection networks
.
The paid is credited to the account in
24
business
hours
.
The cost is a commission of
2.5%
.
Satoshitango.
You agree to load the account with cash in cash through
Rapipago
and
Easy Payment
, as long as the amount is greater than $ 1,500.
The commission is
4.12%
or
4.24%
respectively.
Sesocio.
Allows you to load balance with tickets through
Rapipago
.
It does not charge a commission for depositing money, but the balance can only be used in five business days.
On the other hand, many brokers, although they say they do not accept cash directly, do allow you to load balance with
Mercado Pago
or by transfer from
virtual wallets such
as
Ualá
or
Naranja X
, which can be loaded with cash in extra-bank collection networks.
The cash to buy cryptocurrencies can be taken to the same stores that collect utility bills.
Photo: Germán García Adrasti / Archive
Method 2: buy cryptocurrencies for cash through exchanges between individuals ("P2P")
Another way to convert pesos in cash into cryptocurrencies is to use the
exchange
platforms
"between pairs"
or P2P (by
peer-to-peer
).
They are websites that link the person who
wants to buy a
certain cryptocurrency (giving pesos) with another person who is
interested in selling
that same cryptocurrency (in exchange for pesos).
They function as a "Free Market" crypto.
Who, for example, has $ 10,000 to invest can
publish
in a P2P that he wants to exchange them for a certain amount of bitcoin or the "digital dollar" tether (USDT), paying in a certain way.
You can also
check the current offers
and prices published by those who went to the market to sell the desired cryptocurrency.
When there are compatible intentions, the system
puts the parties in contact
so that they can coordinate by chat and finalize the exchange.
The interesting thing is that these platforms allow you to buy cryptocurrencies with a wide
variety of payment methods
, among which there are bank transfers but also
cash
.
In P2P networks, there are bitcoin sellers who accept cash payments, by different methods.
Photo: Capture.
The most used P2P markets in Argentina are Paxful and Binance, which not only contact the parties but also mediate to
ensure that
the agreement
is fulfilled
.
There is also Localbitcoins.
Paxful
, for example, allows you to buy BTC, ETH and USDT from individuals, and makes you choose from more than
350
different
ways
to pay them.
Several, of course, imply that the buyer pays in bills.
You can, for example:
Make a
cash deposit
to a virtual wallet of the seller such as
Mercado Pago
or
Ualá
, through collection stores.
Make a
cash deposit
to a seller's bank account, or through
Easy Payment
Make a
cell phone
recharge
at a kiosk for the benefit of the seller
Make him arrive
r the money
in hand
to the seller, either
in person
or
by mail
or some cadet service
Send you
gift cards
purchased in different stores (with the option to purchase them in cash)
"The P2P market is one of the central ways for
unbanked
people to
enter the crypto market," reflected Renata Rodrigues, Paxful Global Marketing Manager.
P2P markets offer all kinds of alternatives to pay bitcoins, including several in cash.
Photo: Capture.
"After creating their accounts and verifying their identity, users can
search for an offer
from a seller with those payment methods or
create their own
purchase
offers
with the methods they want," Rodriguez explained to
Clarín
.
At the start of the operation, Paxful
withholds
the
cryptocurrencies from
the seller.
And once payment is confirmed, they are transferred and
credited
to the buyer's wallet.
"When you are new to the business, it is advisable to operate with users with a
good reputation
and positive comments," they advised the company.
Method 3: buy cryptocurrencies in cash at special ATMs
In Argentina there are also
special ATMs
where you can go to deposit pesos in bills and receive in bitcoins (or to sell that digital currency and take pesos in cash).
At the moment there are not many ATMs that allow this.
There are
only a dozen
, several in
supermarkets
.
They belong to Athena Bitcoin, an American company founded in 2013 that already
operates 4 thousand
"crypto ATMS" throughout the continent.
This is how ATMs are that allow you to buy bitcoins by paying in cash.
Photo: Clarín Archive.
How do you buy?
Upon reaching the ATM, the steps are:
Start and registration
.
You have to touch the ATM screen, choose the purchase option, enter the cell phone number and verify it with a code that arrives by text message (SMS)
Destination crypto wallet
.
The digital currencies to be purchased will be deposited there.
If the customer already has one, pass their QR code to a scanner or enter the address by hand.
If you don't have a bitcoin wallet yet, the machine gives you one and prints the QR.
Cash deposit
.
The customer enters the bills (pesos or dollars), chooses the cryptocurrency he wants to receive, presses "Finish" and chooses if he wants a printed receipt or by email.
End of operation
.
In around
10 minutes
, as soon as the operation is validated on the
blockchain
network
, the purchased cryptocurrencies reach the informed crypto wallet.
How much do they sell and at what prices?
The current price can be checked on this website.
The company told Clarín that it allows it to invest up to
$ 60,000 per day
and $ 400,000 per year.
There are still few ATMs that allow you to buy bitcoins in Buenos Aires.
Photo: Capture.
Where to find the ATMs?
In the AMBA there are two in the center, one in Palermo and others in Walmart branches (Constituyentes, San Fernando and Alto Avellaneda).
There are also Athena ATMs in La Plata, Rosario and in the cities of Córdoba and Mendoza.
The details of the locations and their schedules can be consulted on this website.
MG
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