In light of recent events, the question of payment for goods and services has once again become relevant, prompting us to recall that cryptocurrencies were originally conceived as a universal and independent financial instrument, free from centralized banks. The majority of online stores worldwide accept international payment cards, typically Visa or MasterCard, as well as transactions through Apple Pay, Google Pay, or PayPal.

We also want to emphasize that the key advantage of decentralization in cryptocurrencies is that transactions on such blockchains cannot be prohibited, halted, or reversed. Therefore, in addition to the obvious investment interest, cryptocurrencies hold real potential as a means of payment or value transfer, bypassing any restrictions. Despite the fact that some countries, including Indonesia, China, and Turkey, prohibit cryptocurrency payments, the use of cryptocurrency for payments continues to grow among ordinary people.

Today, cryptocurrencies can be used to pay for hotel accommodations, rent cars, purchase real estate, settle for tourism services, and make most everyday purchases. For example, with the rising popularity of cryptocurrencies, platforms such as AliExpress have allowed payment for goods with assets like FLOKI, and one of the largest crypto exchanges in Europe — WhiteBIT, has launched Whitepay, providing users with a platform that serves as an excellent cryptocurrency solution for businesses and charitable endeavors, including crypto-acquiring, POS terminals, payment pages, and donation options.

Bitfinex, like many other exchanges, has also made its presence known in Latin America by investing in one of the fastest-growing Chilean cryptocurrency exchanges, OrionX. “We are pleased to collaborate with Orionx as we aim to expand our presence in Chile and throughout Latin America,” said Paolo Ardoino, CTO of Bitfinex.

OrionX, a Chilean exchange launched in 2017, offers its users services for buying, selling, and trading cryptocurrencies, as well as a user-friendly wallet. On May 24, Bitfinex announced its new investment in OrionX, a prominent cryptocurrency exchange in Chile. The partnership between these two digital asset companies aims to foster local educational programs while championing financial freedom and inclusion initiatives. The exchange plans to expand into Peru, Colombia, and Mexico, with a goal of reaching over a million users by 2024.

“This is an important step forward in our efforts to utilize the potential of Bitcoin and decentralized technologies to promote financial freedom and expand opportunities for enterprises that share our values,” he added.

Bitfinex is one of the most reliable cryptocurrency exchanges. It started its operations in Hong Kong in 2012. The exchange offers a highly convenient and functional trading platform with the ability to create individual orders. The company employs a unique security system based on principles of machine learning.

Bitfinex’s activities do not stop at what has already been achieved. As we can see, the platform’s team is open to partnership and development, as evidenced by their recent sponsorship of a three-week coding boot camp in Paraguay specifically designed for women to acquire fundamental coding skills.

Over the past year, Latin America has emerged as a growing cryptocurrency market, attracting significant attention from investors in other countries. According to the 2022 Chainalysis Global Crypto Adoption Index, Latin America accounted for 9.1% of the global cryptocurrency value received in that year, securing its position as the seventh most significant cryptocurrency market.

Conclusion

Cryptocurrencies are opening new frontiers in payment and financial freedom. The decentralization of blockchain technology ensures that transactions cannot be prohibited, halted, or reversed, providing users with means of payment and value transfer that bypass restrictions.

With over 420 million cryptocurrency owners worldwide, the use of cryptocurrencies for everyday purchases and services is growing. Cryptocurrencies are accepted as a legitimate form of payment, from hotel accommodations to real estate transactions.

Bitfinex, keeping up with the trends, has established itself as a reliable cryptocurrency exchange actively expanding its presence in Latin America through collaborations, including the partnership with OrionX. In this dynamic landscape, Bitfinex stands out not only for its reliability but also for its commitment to partnership and development.

As cryptocurrencies continue to evolve, their potential as a transformative force in payments and financial freedom becomes increasingly evident. With Bitfinex and other exchanges leading the way, the future of cryptocurrencies promises a more inclusive and decentralized financial ecosystem.