RIO DE JANEIRO, BRAZIL – The cryptocurrency gift card and phone recharge platform, Bitrefill, launched 138 new prepaid cards in Argentina to make purchases in different stores.
They work only in adhered brands that are spread both within the country and internationally. Since October 20, 2021, these new cards have been accepted for purchases at Frávega, Lacoste, Dexter, Isadora, Cheeky, Airbnb, Uber, Movistar, Claro, and Personal, among others associated businesses.
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To use them, it is only necessary to first load them with any of the six cryptocurrencies they allow, according to Bitrefill.
For now, they accept bitcoin (BTC), ether (ETH), dogecoin (DOGE), litecoin (LTC), tether (USDT), and dash (DASH). Funds deposits can be made from any cryptocurrency wallet or exchange such as, for example, Binance, Coinbase, or Muun.
For BTC deposits, they also allow sending satoshis via the Lightning network. As reported by CryptoNews recently, a large part of Bitrefill’s purchase volume is paid via this second Bitcoin layer.
When cryptocurrencies are deposited onto the cards, they are instantly and automatically converted into U.S. dollars (USD) or euros (EUR). The user can choose which of these two options they prefer. Then, once they have a balance, it is possible to use them for purchases at Bitrefill’s partner stores, both in Argentina and abroad.
To use the new Bitrefill cards in Argentina, it is necessary to go through two currency conversions. First, the deposited cryptocurrencies are converted into dollars or euros. And second, this balance is converted into Argentine pesos (ARS) when making a purchase.
From the Bitrefill mobile app, it is possible to see the dollar or euro exchange rate in each store. In stores in Argentina, you can buy in pesos at an exchange rate close to the blue dollar (ARS 180), except for two categories: telephone companies and the game company Steam take a similar exchange rate almost to the official dollar (ARS 90).
This price difference is because the country has been under an exchange rate cap since the end of 2019. The blue dollar is the one that governs informal exchange houses -better known as “cuevas”- and P2P digital platforms. Thus, those who need to convert cryptocurrencies, dollars, or euros to Argentine pesos can get a more profitable price.
“The launch of the new cards is especially convenient for freelancers/service exporters who are increasingly inclined to charge their jobs in cryptocurrencies, or for those who prefer to consume with more privacy, security, and the convenience of not having to arrange so many trips to the cave,” expressed the company providing giftcards paid in cryptocurrencies.
These cards add to the resources available to those who operate with cryptocurrencies in Argentina or want to keep their purchases private. The latter option is possible since Bitrefill can be used without providing personal data, just by sending an email.