114 Billion Bolivars Recorded Bitcoin Trading Amount in Venezuela

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legendary

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Quote from: audaciousbeing on September 03, 2019, 02:47:22 AM

Yes there is growing interest in the use of bitcoin and it goes beyond Venezuela as its becoming common by the day but it does not translate to everybody in the country now drifting towards that line of action.

The growing interest in Bitcoin isn't so much related to actual use to circumvent rogue governments, but purely speculation. If we look at Bitcoin's transactions in the last two months, they have gone down a bit instead of up. If we have to believe the numerous news outlets about the adoption and use picking up rapidly, the transactions would have hit 400,000 transactions continuously, but they don't.

https://bitinfocharts.com/comparison/bitcoin-transactions.html

They find dollars to be what's working for them, and it comes with plenty of fungibility. Dollars have been trading at a 5-10% premium for quite a while in the underground market there. Stores almost beg you to pay in dollars, so there is an incentive to accumulate it.

stompix

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Quote from: Herbert2020 on September 03, 2019, 02:21:26 AM

that really isn't big enough to be worth writing an article about!

And yet I doubt we have a week so far without some news about huge volume in bitcoin trade in Venezuela.

Quote from: audaciousbeing on September 03, 2019, 02:47:22 AM

You need to be commended for putting things in the right perspective because I don't understand what Op seeks to achieve by promoting such information without even including the source neither does he wants to paint the actual happenings of things but rather a sentimental news to gather thoughts that the Venezuela economy is doing to bad to the advantage of bitcoin which is totally different from reality.

Merit fishing?
Posting crap out of pure boredom?
Inability to make a more serious and detailed post because of language barriers?
It's not his only thread like this and probably won't be, I've wasted already day like 15 minutes to check where he got his info from in other topics, lucky here Herbert2020 spared me from the task.

Quote from: jostorres on September 04, 2019, 02:26:32 AM

That is the role that I know bitcoin can really play for them, it can help them create job because when it comes to trading, it is a job that you don't need permission to do, all you need to do is just to get the right strategies and the little capital needed to start trading, and then you are on your way to having that free financial freedom.

Day trading is not a job. A job won't let you pennyless because you made a wrong order or because of the exchange you're doing your trades gets "hacked".
Yeah, for Venezuealeans even gaming has become a job but that doesn't mean that if 10 million Venezuelans start either playing Runescape or they start day trading everyone will make money.
Where would all that money be coming from?

jostorres

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Quote from: Mantas_IUNGO on September 03, 2019, 01:01:05 AM

With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

That is the role that I know bitcoin can really play for them, it can help them create job because when it comes to trading, it is a job that you don't need permission to do, all you need to do is just to get the right strategies and the little capital needed to start trading, and then you are on your way to having that free financial freedom.

I think it is a wise decision that the Venezuelans that has the right thinking took, and at least their money is even safe in the bitcoin market now that we are just gradually climbing the hill to the top for bull run. The money that they put into cryptocurrency market now will continue to appreciate till their economy is fully settled, but I think they still need to do much more than just cryptocurrency to settle their economy.

ene1980

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Quote from: Mantas_IUNGO on September 03, 2019, 01:01:05 AM

With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

This is not a new invention, people are smart enough to understand what to do to safe guard their economic valuation globally and with a failed economic policy by the government they will turn to bitcoin and many countries that are on the verge of economic meltdown will turn to bitcoin to safe guard their asset valuation.

Ausgewielt

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Quote from: Mantas_IUNGO on September 03, 2019, 01:01:05 AM

With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

The value of venezuelan currency has extremely declined. Actually the bolivar soberano is a new type of currency issued by government to replace bolivar Fuerte, but unfortunately it has continued to decline. Its government also try to adopt cryptocurrency, the government introduced petro which is national cryptocurrency that backed by oil but it was failed. There is similar trend in zimbabwe too.

Duzter

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Quote from: joelsamuya on September 03, 2019, 02:32:39 AM

Quote from: Mantas_IUNGO on September 03, 2019, 01:01:05 AM

With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

There is the growing interest for Bitcoin with some people in Venezuela because their economy right now is experiencing some huge challenges that are needing some critical fixing. Of course, not all people have access to cryptocurrency and not all have the money in the first place to buy the digital assets they desire. But to those who have the money and the access, buying cryptocurrency can be a good option for them especially under this distressful situation the country is in.

Most of the countries that gets affected by the inflation were upon the lack of governance or the improper governing. This way bitcoin cannot easily rectify the financial issue that is prevailing in Venezuela, because even the bitcoin usage will not be channeled through the proper infrastructure. This will cause more bad effects than good on the economy. It takes years for such recovery of the economic downfall.

audaciousbeing

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Quote from: Herbert2020 on September 03, 2019, 02:21:26 AM

considering the exchange rate of Blivar against USD it doesn't seem like that big a volume (1 VES = 0.0000455646 USD).
and when you check out the source of the news it is coming from a junk website called cointelegraph (https://cointelegraph.com/news/venezuela-smashes-weekly-bitcoin-trading-record-with-114b-bolivars) and it is referring to localbitcoins volume fetched from https://coin.dance/volume/localbitcoins/VES/BTC site and when you visit that last site you can see the volume has been 500BTC in a week. that really isn't big enough to be worth writing an article about!

the funnier thing is that the volume has actually dropped Cheesy

ever since first week of February (2487BTC) the volume has dropped.

You need to be commended for putting things in the right perspective because I don't understand what Op seeks to achieve by promoting such information without even including the source neither does he wants to paint the actual happenings of things but rather a sentimental news to gather thoughts that the Venezuela economy is doing to bad to the advantage of bitcoin which is totally different from reality.

Yes there is growing interest in the use of bitcoin and it goes beyond Venezuela as its becoming common by the day but it does not translate to everybody in the country now drifting towards that line of action.

joelsamuya

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Quote from: Mantas_IUNGO on September 03, 2019, 01:01:05 AM

With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

There is the growing interest for Bitcoin with some people in Venezuela because their economy right now is experiencing some huge challenges that are needing some critical fixing. Of course, not all people have access to cryptocurrency and not all have the money in the first place to buy the digital assets they desire. But to those who have the money and the access, buying cryptocurrency can be a good option for them especially under this distressful situation the country is in.

Herbert2020

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considering the exchange rate of Blivar against USD it doesn't seem like that big a volume (1 VES = 0.0000455646 USD).
and when you check out the source of the news it is coming from a junk website called cointelegraph (https://cointelegraph.com/news/venezuela-smashes-weekly-bitcoin-trading-record-with-114b-bolivars) and it is referring to localbitcoins volume fetched from https://coin.dance/volume/localbitcoins/VES/BTC site and when you visit that last site you can see the volume has been 500BTC in a week. that really isn't big enough to be worth writing an article about!

the funnier thing is that the volume has actually dropped Cheesy

ever since first week of February (2487BTC) the volume has dropped.

Mantas_IUNGO

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With the continuing hyperinflation and the seemingly non-stop going down of the Venezuelan economy, locals turn to Bitcoin trading for sustenance and wealth building opportunity.

Topic: 114 Billion Bolivars Recorded Bitcoin Trading Amount in Venezuela (Read 225 times)