The Costa Rica News (TCRN) – Latin America, especially Argentina, Brazil and Chile, are the next major target market for the virtual currency ‘bitcoin’, which was created in 2008 by a group of programmers under the pseudonym Satoshi Nakamoto and has begun to revolutionize the traditional foreign exchange market.

This virtual currency is reducing costs in transactions that are made directly between buyer and seller since it eliminates brokers that charge a commission claimed executive director of the Bitcoin Foundation, Jon Matonis.

To date, with bitcoin you can transfer funds, buy online through manufacturing companies like Dell computers or e-commerce giant Amazon, and even buy gold or silver.

In Latin America, Argentinean website avalancha.com became the first to accept bitcoin payments for the purchase of appliances in August.

A month before the signing of financial and business services, ZipZap had announced it would expand its operations in Central and South America to allow consumers without bank accounts to use cash to buy bitcoins.

Matonis said that in Argentina, where there are over 8,000 users of bitcoin, has become one of the countries that has found this tool most useful because of their money problems.

“Brazil and Chile are also in our sights because they are a big and interesting market for our expansion,” he added.

In fact, in Buenos Aires the Bitcoin Foundation has had an office since 2012 and three additional offices, where it is standardized, protects and promotes this virtual currency, whose principles are not dependent on governments or controlled by traditional financial institutions.

Matonis explained that bitcoin uses a coded digital signature to create a single currency, whose value against other traditional currencies is set by the law of supply and demand, which frees pricing.

With this system, in addition to providing opportunities for purchasing items through the network which allows the change of bitcoin for dollars, euros or other currencies, there are no intermediaries because the transactions are irreversible and are made virtually from person to person.

This coin opens up possibilities for e-commerce, which translates into opportunities for entrepreneurs and consumers, and may lead to new products, such as the debit card from Xapom, which allows bitcoins to be spent like traditional money.

Amid the financial controversy of the world, bitcoin continues to revolutionize markets and facing traditional forms of payment and currency exchange.

The Costa Rica News (TCRN)

San Jose, Costa Rica