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0 sats \ 2 replies \ @LibertasBR 15h \ on: Meet Bipa: How Brazilians Are Buying Bitcoin With Just R$1 bitcoin
They’re not Bitcoin-only — the app also offers the option to use dollars in addition to reais. They can’t claim to support financial sovereignty if they’re a bank. And as a bank, they’re required to report your data to the IRS.
The UX is indeed beautiful, but beyond that, it’s just the same old fiat world using Bitcoin as bait.
You're absolutely right — Bipa reports to the Brazilian IRS. But for beginners who are just discovering Bitcoin’s true purpose, and for those with very low income (which is common in Brazil), buying R$5, R$10, or R$20 worth of sats can be very worthwhile.
I know P2P is an option, but most P2P deals require higher amounts, and when you do find low-value offers like R$10, the fees are usually high. I’m not defending Bipa — just pointing out a positive and interesting fact about it for those who aren’t familiar.
It’s only a “bait” for people who don’t understand self-custody. For those who do, it’s actually a simple and useful bridge.
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I myself used Bipa when I first started using Bitcoin, not to buy, but to move from the LN to the main network. I've already fixed my mistake, if you know what I mean.
If someone is just starting out, they'll definitely go to Binance and other exchanges, where it's cheaper to buy than on Bipa.
If I were to recommend it to a newbie, I'd recommend going straight to P2P with me, helping them with their first purchase if possible. There are negotiations where the minimum is R$70.00.
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