Bitcoin, the new decentralized digital currency making waves throughout finance, has been a hit even in Mexico.
Bitcoin has been adopted by Mexican citizens as a way of improving their life and conditions in one of the fastest growing economies on the planet. Unlike in other Latin American countries, like Argentina, where Bitcoin has been adopted mostly amid collapse of the Argentine Peso, Mexicans have been able to adopt Bitcoin under conditions of relative stability and even growth. The strength of Bitcoin's growth in Mexico is made clear by recent developments in the country. For one, The Bitcoin Foundation added its latest affiliate chapter in the country. This moment was validating for the growing Bitcoin ecosystem in Mexico, and will ensure greater awareness of Bitcoin and its benefits among consumers, media outlets and regulators.
We are working with non-profits deeper south as well. There are coffee farmers for example who get harassed if they strike fair trade deals. So here too we are communicating so they can find safer, More private ways for them to make business, without mafias who are sitting at the bank teller selling customers infos.
According to a recent study by Pew Research Center, "The United States is the most important source of money sent home by migrants to the 17 Latin American nations as a group (including México) that are the focus of this report. U.S. remittances accounted for three-quarters of the total in 2012— US $41 billion out of US $52.9 billion." This represents a great untapped market for Bitcoin, as many Bitcoiners consider remittances to be a major problem Bitcoin can solve by offering cheaper and faster value transfers. In 2013, migrants' remittances into Mexico was a conjectured US $22 billion.