What do people do when their traditional economy is going to the dogs? It’s simple, they look for an unconventional, but better option. In many cases, it is bitcoin.
The South American nations are currently suffering from a slowdown. The economy of Venezuela and Argentina seems to be the worst it, with other countries like Brazil also experiencing a rapidly spreading inflation. Increasing inflation has started to show its effects on the purchasing power of Real, the Brazilian currency. The conditions can potentially get worse if the trend continues and this has led many Brazilians opting for bitcoin.
Bitcoin adoption in Brazil is catching up, with many merchants accepting bitcoin payment across the country. Educating people about bitcoin and its uses is one of the main reasons for such widespread bitcoin adoption in Brazil.
RexBit, a bitcoin education startup has been actively promoting bitcoin among Brazilians. Located in Aracaju, the capital of Sergipe, Brazil RexBit was founded by Fabio Anjos. He is one of the active proponents of bitcoin in the country. His startup is responsible for converting Aracaju into Brazil’s bitcoin capital. He has been conducting training programs in bitcoin for a while now and as a result Aracaju now has the highest number of bitcoin accepting merchants in the whole of Brazil.
Fabio Anjos, through his company RexBit offers introductory courses in Bitcoin to the local population. The course is worth 29 Real or $7.30 and available in both online and offline format. In addition to the course, the company also consults with local businesses and help them accept bitcoin payments. Within a span of four months, RexBit has managed to conduct four sessions and convince over 200 people to become bitcoin users and 50 businesses to start accepting bitcoin payments.
According to Fabio Anjos, the conversion rate after taking the introductory course is close to 80%. He also speculates that Brazil’s economic situation may further worsen in the coming months, driving more people towards bitcoin adoption.