FastBitcoins expanded to Latin America and Brazil in November, offering both online and in-person options for buying Bitcoin.
Here are 4 things we’ve noticed about our Brazilian Bitcoiners so far…
1. Not “why?”, but “how?”
While western countries are only just beginning to experience noticeable inflation, many Latin American countries have felt the effects for years, with Brazil experiencing double-digit inflation in November alone.
Our native-speaking team member shared a story of how their family would always buy all the food at the beginning of the month before the prices would change.
They understand the problem and are open and eager to learn more about Bitcoin.
2. Verify, don’t trust
Brazilian Bitcoiners understandably do not trust their government and wanted confirmation that we were not sharing their details with them – we do not and are not required to do so.
The erosion of trust is far beyond that in the West… so far.
As a registered exchange, we do require some basic KYC information – if you want to learn more, we encourage you to listen to the below podcast with our Founder and CEO Danny Brewster.
Tune into an interview with our Founder and CEO Danny Brewster:
3. Straight to Lightning
Withdrawing your Bitcoin via Lightning is free with FastBitcoins and Brazilians are making full use of this feature!
We’ve noticed a huge uptick in new users using Lightning for withdrawals.
While we’ve had a great number of users stacking online, buying in-person from local Lotericas and Boleto Bancario stores (40k+ locations) has drawn a lot of attention from many who primarily use cash and would prefer not to buy through a bank account.
Bitcoin is for everyone and we’ve got big plans for Latin America!
Brazil is just the beginning…