One of the longest-standing questions in the Bitcoin community has been where the technology will take off first. Some have said that Bitcoin makes much more sense in the developing world, while others claim developed nations like the United States have the sort of tech savvy and wealthy population necessary to give this new technology a boost.
While it’s unclear where Bitcoin will find its place in the daily lives of an entire nation first, Snapcard Co-Founder and CEO Michael Dunworth seems convinced that there is plenty of potential for the peer-to-peer digital cash system in Brazil. In the past, other South American countries have been touted as locations where Bitcoin is booming without much evidence , but Dunworth has been working on the ground to help power a revolution in money and payments in Brazil.
The Snapcard CEO recently visited the Central Bank of Brazil and gave a presentation on Bitcoin and blockchain technology to officials from various government departments.
Bitcoin Magazine spoke with the Dunworth at last month’s Blockchain Agenda Conference in San Diego , and he shared some of the key reasons why, in his mind, Bitcoin simply makes sense for Brazil.
Brazil’s Versions of Square and PayPal Will Integrate Bitcoin
Although there are a number of bitcoin payment processors that operate within the United States, the total number of merchants currently accepting bitcoin is still nothing more than a drop in the bucket.
There have been partial integrations of Bitcoin at PayPal and Square , but the majority of brick-and-mortar payments still take place through devices where Bitcoin is not an option for the merchant.
According to Dunworth, this is also the case in Brazil right now, but that dynamic could change in the near future.“There’s a lot of companies in Brazil – like the equivalent of PayPal, Square, and […]
