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Is it advisable to use the blue dollar today as a reference for trading cryptocurrencies?

avatarmahdi aghNov 23, 2021 · 3 years ago3 answers

As a cryptocurrency trader, I'm wondering if it's a good idea to use the blue dollar as a reference for trading cryptocurrencies today. The blue dollar is a term used in Argentina to refer to the exchange rate of the US dollar in the informal market. It is often considered an alternative reference rate for the Argentine peso. However, I'm not sure if it is reliable or accurate enough to use as a reference for trading cryptocurrencies. Can anyone provide insights on whether using the blue dollar as a reference for trading cryptocurrencies is advisable today?

Is it advisable to use the blue dollar today as a reference for trading cryptocurrencies?
Cryptocurrency
Blue Dollar
Trading

3 answers

  • avatarNov 23, 2021 · 3 years ago
    Using the blue dollar as a reference for trading cryptocurrencies can be risky. While it may provide some insights into the market sentiment in Argentina, it is important to consider that the blue dollar is not an official exchange rate and can be subject to volatility and manipulation. It is recommended to rely on more reliable and regulated sources for cryptocurrency trading decisions.
  • avatarNov 23, 2021 · 3 years ago
    Well, mate, using the blue dollar as a reference for trading cryptocurrencies might seem like a good idea, but you gotta be cautious. The blue dollar is not regulated and can be influenced by various factors, including government policies and economic conditions. It's always better to rely on official exchange rates and trusted sources when making trading decisions.
  • avatarNov 23, 2021 · 3 years ago
    As an expert in the cryptocurrency industry, I would advise against using the blue dollar as a reference for trading cryptocurrencies. It is important to rely on accurate and reliable data sources for making informed trading decisions. At BYDFi, we recommend using reputable cryptocurrency exchanges and market data platforms that provide real-time and accurate pricing information. This ensures that you have access to the most up-to-date and reliable data for your trading activities.

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