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Mercado Pago: cuenta digital

latest release: 2.204.1 ( 22nd January 2022 ) last analysed  26th December 2021 Can't send or receive bitcoins
4.3 ★★★★★
3296370 ratings
50 million
9th December 2014

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Please help us spread the word discussing the risks of centralized custodians with Mercado Pago: cuenta digital  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

The provider announced the possibility to buy and sell Bitcoin from within the app a while ago already. It is not clear where exactly this feature is available but as the BTC bought cannot be sent as BTC but only be sold for fiat within the app, this app is not a real Bitcoin wallet but only a tool to speculate on the value of Bitcoin.

According to this tweet, it also supports Ethereum and Pax Dollar.

(lw)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

Can it send and receive bitcoins? If not, we tag it No send/receive

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.