By
Mercy Tukiya Mutanya
October 12th, 2023
Taringa, the largest social network created in Latin America, launches a Bitcoin rewards program.
Good news from South America’s most popular social networks Taringa! – it will start paying content creators in bitcoin. Taringa! has no less than 75 million users a month (including 27 million of registered ones) and you can be sure that approximately 200,000 online visitors are surfing it at this very moment.
Social network gives millions of people all over the world a unique possibility to create and impart information for free. It’s a space where users can exchange popular content from review of video game to sharing recipes.
Taringa! co-founder Hernan Botbol admits that they came to such a decision because of difficult economic situation in Latin America. Active users who share posts are to get a part of advertising revenue but Mr.Botbol underlines that unfortunately very often it is simply impossible to send earned funds to people due to retarded financial system of South America.
Using digital currency such as bitcoin will help to attract more users to the network. Mr. Botbol speaks about new program: “The penetration of Bitcoin in Latin America is incipient, we believe our users will be very happy to receive them in exchange for their contributions, encouraging in this manner new users to join the program and aiding the diffusion of Bitcoins in the region”.
The system of innovative payment was created in cooperation with Xapo, bitcoin wallet providing custodial services. Botbol explained their choice of Xapo as a partner by the fact that it’s one of the most reliable bitcoin wallets and it’s oriented on Hispanic market (that means they fully understand the drawbacks of particular market and the needs of Latin users).
“With 300,000 Taringa! users already giving around a million points each day on the network, the partnership has the potential to quadruple the current number of bitcoin transactions worldwide,” writes Tiburcio de la Carcova in Xapo’s blog post. “Xapo’s partnership with Taringa! implements the largest bitcoin integration the community has yet to see and is a historic moment for both bitcoin and social media.”
The new system will not only allow users to get payments in digital currency but also to send earned bitcoins to each other. One more advantage is possibility to purchase virtual products (for example, games).
According to Wences Casares, Xapo’s founder and director, South American market has a large potential although economic situation is far from perfect. Introducing bitcoin on the market out there means a step forward in adopting new technologies and improving living standards.
On Friday a presentation of the project was organized for bitcoin enthusiasts. Mr. Botbol underlined at the meeting that project of their cooperation with Xapo will expand the boundaries of bitcoin use which is already popular with people opened to innovations but still faces difficulties in developing countries where traditional financial systems prevail.
Both Taringa! and bitcoin benefit from the new initiative – social network grows, more and more people get involved thus establishing position of bitcoin as alternative payment method.