Topic: [2019-12-15] Bitcoin Prices in Venezuela Near $9,500 as BTC Demand Intensifies - page 2. (Read 802 times)
December 16, 2019, 02:48:48 AM
Venezuela for sure has become like a "model" when it comes to use and adoption of Bitcoin with the people all because they are seeing Bitcoin as a good tool to help them survive the everyday harshness of the country's political and economic realities. Life in Venezuela can never be easy and so to help them buy some of the important stuffs to survive they are using Bitcoin as the country's national money is suffering from the well-known hyperinflation. Because there is that high demand, the price is getting to be higher than what we usually pay outside of that country.
December 15, 2019, 11:31:49 PM
Wow, hope we reach it soon too.. We can't even get to $8,000 mark. Their currency is getting worthless as inflation rate there is getting higher and higher. So no wonder if they stick to Bitcoin rather than banks there.
December 15, 2019, 08:22:40 PM
What is even more remarkable is the price people are willing to pay per bitcoin. Given the current global market value of $7,145, one would not necessarily expect there to be a high premium in Venezuela. Things could not be further from the truth, however, as the current premium to be paid on top of the average bitcoin price is very steep.
https://fintoism.com/news/bitcoin-prices-in-venezuela-near-9500-as-btc-demand-intensifies/
https://fintoism.com/news/bitcoin-prices-in-venezuela-near-9500-as-btc-demand-intensifies/
I do not agree. The high premium should be expected in a sanctioned country similar to Venezuela or Iran that are suffering from hyperinflation. Also check the exchange rates for the American dollar and euros in those countries and see how they are also given premium rates.
This is not isolated to bitcoin only.
December 15, 2019, 07:39:50 PM
What is even more remarkable is the price people are willing to pay per bitcoin. Given the current global market value of $7,145, one would not necessarily expect there to be a high premium in Venezuela. Things could not be further from the truth, however, as the current premium to be paid on top of the average bitcoin price is very steep.
One of the many things I realized with Bitcoin is that it can be thriving well and will be so valuable whenever people are experiencing myriad of difficulties and a country is having many big turmoils. In other words, when times are bad and people can be suffering, Bitcoin can be good. And this is quite illustrated in the country of Venezuela. However, this is truly sad and unfortunate. When there is that big demand and the supply is getting harder to flow in a free market, then the asset will certainly be getting a more-than-usual price.
December 15, 2019, 11:01:09 AM
Is the reason due to the high demand for Bitcoin in that country? Or because there is more than one exchange rate?
I remember that it happened in Iran because there are two exchange rates in that country, which caused the price to be much more than the official rate in the country.
Generally, a simple person will not have the possibility to exploit this difference, Bitcoin will be a much better investment than buying a dollar or owning a land "traditional money preservation."
I remember that it happened in Iran because there are two exchange rates in that country, which caused the price to be much more than the official rate in the country.
Generally, a simple person will not have the possibility to exploit this difference, Bitcoin will be a much better investment than buying a dollar or owning a land "traditional money preservation."
December 15, 2019, 10:09:24 AM
This is really insane but i guess the government can't do much about it either. Venezuela has been in peril times for quite sometime now and i don't think this are going to get any better soon. But i don't get why someone would purchase bitcoin at such a high price when it is relatively cheaper on so many exchanges. I have quite a number of friends over there through the internet and they tell me how life is very difficult over there.
December 15, 2019, 09:13:04 AM
I wonder: Can people in venezuela not use paypal and other sites to buy bitcoin at the fair market price?
You need to have some account in the bank to verify your PayPal, and to do that you need to have some money. I doubt that people in Venezuela have money to invest in Bitcoin, at least not ordinary people who earn $5-6 per month. Consequently, the price of Bitcoin in Venezuela is not that important either, because it is a very small market where mostly the rich buy. Also, PayPal is not a payment processor with which it is desirable to buy Bitcoin because of its policy towards cryptocurrency, and the fact that is very easy to lost money in case seller decides to play dishonest. 
December 15, 2019, 06:49:14 AM
It is a very unfortunate and unacceptable situation that a people to be suffering because of a mentally ill person. the president of venezuela Is a mentally ill I wonder: Can people in venezuela not use paypal and other sites to buy bitcoin at the fair market price?
that's why I ask if they can't buy bitcoin using paypal on other sites
Given the current global market value of $7,145, one would not necessarily expect there to be a high premium in Venezuela.
that's why I ask if they can't buy bitcoin using paypal on other sites
December 15, 2019, 05:05:31 AM
What is even more remarkable is the price people are willing to pay per bitcoin. Given the current global market value of $7,145, one would not necessarily expect there to be a high premium in Venezuela. Things could not be further from the truth, however, as the current premium to be paid on top of the average bitcoin price is very steep.
https://fintoism.com/news/bitcoin-prices-in-venezuela-near-9500-as-btc-demand-intensifies/
https://fintoism.com/news/bitcoin-prices-in-venezuela-near-9500-as-btc-demand-intensifies/
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