South America has been a region of great interest to the bitcoin community with Brazil and Argentina leading the pack.

“Brazil has one of the worst situations for people with their money. Brazilians cannot send money abroad without being taxed horrendously,” says Steven Morell, chief programming officer for Moneero, a SMS bitcoin payment system startup.

Internet penetration and e-commerce volume are growing increasingly fast in Brazil due to its 200 million people and one of the largest economies in the world.

Like Brazilians, Argentinians are tired of losing money to bank instability and the country’s shaky economic reality. On 21st of August, the Argentine peso hit a record low against the US dollar. The currency continues to devalue quickly as people look at bitcoin as a safer and more reliable alternative.

Ths Bitcoin-QT wallet downloads graphic reveals how the growth of bitcoin in Latin America.