Mercado Pago: digital accountLatest release: 2.218.4 ( 23rd May 2022 ) 🔍 Last analysed 26th December 2021 . Can't send or receive bitcoins
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Please help us spread the word discussing the risks of centralized custodians with Mercado Pago: digital account 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.
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.
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.
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