A Global Effort
Purse recently doubled-down on the expansion of its services in India, Latin America and Mexico by building partnerships with Unocoin, BitPagos, and Bitso — respectively. The recent expansion into these key geographic areas was important for not only the long-term growth of Purse, but also important to help spread the word on useful bitcoin use cases during the recent uptick in global adoption.
During these times of vast economic uncertainty surrounding global markets, demonetization, and financial regulatory uncertainty — it’s important that people have a monetary instrument that is not only useful, but dependable.
With the removal of 500 and 1000 rupee notes in India, and the reduction on spending limits by the Spanish government, disallowing any payments exceeding 1,000 EUR — it is becoming increasingly more clear that the world is poised globally for some very trying times ahead.
Fortunately for users of bitcoin, these recent crackdowns on spending and demonetization have affected them in a far smaller capacity. Thanks to the unique decentralized and distributed nature of bitcoin, currency controls and regulation that would normally make buying and acquiring traditional goods, commodities, and essential everyday items difficult— can now be circumvented in order to sustain some modicum of normality in these households affected by currency controls all over the world.
With currency controls, demonetization, economic protectionism and issues of rapid inflation — the conversion of one stable value to another is exceedingly more difficult. Common everyday tasks such as buying groceries, putting gas in your car, or paying bills becomes a pain. People are adaptable, however, and have gotten creative in using various methods to safeguard and protect as much of their wealth as possible.
In order to save money and circumvent controls, Purse shoppers from Latin American/Central American countries are using services like shipping forwarders, and ordering goods at a discount on our marketplace using Name Your Discount and Buy Now — in combination with our native shipment forwarding partner, USendHome, to buy the goods they need (food, medicine, electronics, etc) at a cheaper price — avoiding any potential economic barriers put in place by their governments.
Individuals in India are also being just as savvy. With the recent curb on rupee notes in circulation, the attractiveness of bitcoin and its stable store of value, coupled with the peace of mind that governments can’t affect their wealth any more – has driven up the demand for bitcoin in Indian countries. This recent increase in demand is of course driving up the price of bitcoin on Indian exchanges.
This has caused an influx of new users from India working to get around the premium in price by completing Amazon orders on Purse, and getting bitcoin in return once the order completes — receiving an effective rate lower than the current Indian exchange price. By just using a credit or a debit card to complete the Amazon purchases, Indians can quickly receive bitcoin without going through the hurdle of signing up for an exchange. Shoppers can then store their bitcoin safely in their wallets and secure them with 2FA. And, thanks to our mobile app, you can discount shop anywhere, at anytime.
Indian users who use Purse to buy bitcoin can easily take advantage of arbitrage across exchanges, too.
Example: Indian Shopper completes an order for another Purse user for 1 bitcoin on Purse at an effective rate of $800/BTC on Purse. Once they receive their bitcoin, they can resell it for rupee into their bank at a premium on Indian exchanges. Everyone wins.
Our platform even allows Mechanical Turk workers an easy way to quickly convert Amazon gift credit to bitcoin; allowing them to pay bills, and feed their families more easily.
A Staple for Better Living
A safeguard for uncertainty, bitcoin is here to stay. Overtime it has become a powerful financial instrument, enabling regulatory arbitrage and empowering those in struggling economic and emerging markets a chance to even the playing field.
These are just a few examples of how users are utilizing Purse to better their lives. There was a recent post by ReasonTV that showcases the creativity of bitcoin users around the world and how they’re leveraging this new technology to improve their financial situations.
The number of bitcoin users is growing by the day. And, with timely and strategic partnerships with our various exchange partners, we can ensure Purse Shoppers and individuals earning bitcoin on the platform, have a trusted partner to buy and sell their bitcoin.
Here’s to creating use cases that people not only love, but truly need.