Just a few days ago, the Security and Exchange Commission announced the approval of Bitcoin ETF as a traded and investment commodity. These recent events are clear pointers of how people are more willing to adopt Bitcoin as a store of value and medium of exchange.
Benefits of the Local Bitcoin Rental Agreement in Argentina
There are several benefits of the local Bitcoin rental agreement in Argentina, and the upsides extend beyond the American Country. If you read an earlier article on the economic situation in Turkey, you would understand the incentives of cryptocurrencies.
Before the last election, Argentina had been in economic turmoil and was saddled with various problems. A recent report by Reuters showed that the South American country had an inflation of 133%. The currency was almost useless, and commodities were very expensive. To revive the nation’s economy, President Milei introduced more reforms that will enable Argentinians to use cryptocurrencies under specific conditions.
Thanks to the decision of the new regime, Argentina will enjoy the following benefits from using cryptocurrencies:
- Investment Opportunities: Since people can now buy and rent properties via Bitcoin and other crypto, it is now possible for capitalists to invest in Argentina’s real estate. This will boost the country’s GDP, bring in foreign exchange, and boost the economy. It will be something similar to what Japan does with allowing individuals abroad to invest in its housing.
- Ease of Doing Business: With the approval for using cryptocurrencies under specific conditions, business owners in Argentina can now do business more seamlessly. They can easily import raw materials needed for producing and manufacturing products. Start-ups will easily offer their products or services to buyers abroad and get paid without any hassle.
Possible Challenges to the Bitcoin Rental Agreement in Argentina
While the Bitcoin rental agreement in Argentina has several benefits, certain constraints still bind this development. Unlike most cases, the challenge has little to do with regulation on the part of the government. This instance is more about the scalability and other attributes of BTC.
Without further ado, here are the challenges of using Bitcoin for paying rent or doing business:
- High Gas Fees: A recent report by Whale Alert showed that an individual spent more than $170,000 to send just over 4 Bitcoins to a receiving wallet. This means that the recipient only got 50% of the amount of tokens sent. While some rich people may not exactly be concerned about the cost, someone paying for $100 monthly rent will definitely have concerns. Such a person will not be willing to pay $100 in gas fees for a $100 transaction. It remains to be seen how the parties in the Bitcoin Rental Agreement in Argentina sustain their contract with the cost of transactions.
- Complexity of Using Blockchain Wallets: Besides the gas fees, people have to navigate the complexities of using blockchain wallets for transactions. First timers who use platforms like Metamask always seem lost and have to properly learn how to use noncustodial wallets. Some users are not so lucky and end up losing their assets because they sent them to the wrong address or network. Unless you are working with a centralized exchange, it is very technical to send Bitcoin or any other cryptocurrencies. While they are an excellent solution, wallets from CEXs do not give users autonomy. This means that they can lose their assets if the exchange goes bankrupt or abuse user funds.
How Tectum SoftNote Can Solve These Challenges of Using Bitcoin to Pay Rent in Argentina
Despite the challenges to the Bitcoin rental agreement in Argentina, it does not take away the benefits of using cryptocurrencies for transactions. With understanding regulators like the Argentine government, stakeholders only need to develop an efficient way to spend blockchain tokens. Even better, they can simply adopt an already-existing solution – Tectum SoftNote.
Here are the benefits of using Tectum SoftNote to pay your rent in Agrentina:
- Cheapest Transaction Fees: Tectum SoftNote is an innovative technology that utilizes the Bitcoin node of the fastest layer 1 blockchain to process BTC transactions. Thanks to this solution, people can send crypto for free. In addition, they only pay a 1% commission when they receive funds via the T12 protocol.
- Ease of Transaction: Unlike most other noncustodial wallets, Tectum SoftNote Wallet is very easy to use. People can send and receive Bitcoin using their Tectum ID and email address. This is more straightforward than using the complex characters in a traditional public key.
- Crypto Cash On The Go: SoftNote Cash allows people to spend their Bitcoin like cash in printed forms. Despite the accessibility, users still maintain security, as the receiver can only access the funds using a private code from the sender. The SoftNote.Cash website offers a simple interface for managing all your money.
- Maintain 100% Ownership and Control: Despite offering very simple ways to accept and spend Bitcoin, Tectum does not take away the user’s control;. People retain complete authority over their cryptocurrencies and can always use them as they want. The funds are not in a pool or under the authority of anyone else besides the actual owners.
Are you looking to make your own Bitcoin rental agreement in Argentina? SoftNote is here to ensure that your experience is positive, and you can always pay rent on time. Create an account today to enjoy gas-free transactions on the fastest layer 1 blockchain.
