Topic: A normal Venezuelan getting helped using Bitcoins, even more in 2020 (Read 255 times)

I've heard of that, they use bitcoin as an intermediary to convert to USD. It was a way to fight inflation and it worked, there are many foreign citizens stuck in Venezuela and they have survived on bitcoin and dollars.

Well, it's more like Venezuelans are using Bitcoin as a safe haven instead of an asset, or currency so to speak. Not that it's wrong or anything but it still is pretty far from what we would usually consider as "adoptIon" or normal usage.

I highly doubt it though? First and foremost, even without Bitcoin in existence, they could still use other safe-haven assets such as gold to save their money from the depreciating value of their fiat currency. Secondly, if a decentralized system was to replace the centralized system the world has, it would actually be regression instead of improvement imo. Decentralization is more of you do stuff by yourself, you judge stuff by yourself, its basically you handle everything you do everything notion. Centralization, on the other hand, makes everything easier and automatic, something like qol improvements.

Not that I'm saying that centralization is better or vice versa, they have their own advantages, but imo, most people are lazy, and most improvements that are actually made in the world is to accommodate said laziness. Not that the current centralization actually accommodates that, but well, if you compare it to the old age, it is an improvement right?

I am lucky that I have saved some crypto before this pandemic break out and made most of us lose our job and live a normal life.
People should really try to save as much as they could while they can do it we don't know what could happen next just like what happen to us all during this pandemic,
Most of us took everything for granted and doesn't save up money because they thought that it would always be the same as before they could spend their money and wait for their salary again.

We used to see some conversations going on here, on the Spanish local board, and as far as I recall, Bitcoin and some other cryto can be used to make purchases here and there, but it’s not an extended deal at all, not even as a store of value to cover hyperinflation. The first thing people have in mind is in changing their VES for USD, and there are seemingly large parts of the country where most of the trading takes place in USD. Bitcoin is rather much more of an outsider yet, although pretty handy when moving funds internationally from relatives that live abroad.

Bu the way, no increased activity on the Spanish local board lately by Venezuelans, although they seem to get their information rather more form more dynamic social networks (as opposed to a forum).
 
The chart in the article labelled "Venezuela’s P2P volume in USD and bolivar during the period between July 2019 and June 2020. Source: Chainalysis" is not conclusive at all. With a galloping inflation, the yellow line (BTC-VES trades in VES – wrongly label in the chart’s legend by the way) is bound to be near hyperbolical. The orange line (BTC-VES trades in USD) decreases over time, but with the current inflation, and VES to USD ratio variability,it way well do so even if there are more purchases. Ideally, the chart should display the number of TX and unique accounts involved, and see what that looks like in terms of evolution overtime.

Original Chainanalysis source: https://blog.chainalysis.com/reports/venezuela-cryptocurrency-market-2020

I like bitcoin and a decentralized system, but the problem of venezuela is a very serious political problem, people in venezuela must know that the only way in this world to be very well and have a good life and freedom Is if they remove Nicolás Maduro and his political party (United Socialist Party of Venezuela) of power and choose a true democracy, with principles of freedom of expression, equal laws for all and an economic system without corruption and without dictatorship. There is no such thing as a good life in a country of dictatorship or in a country where it has political intolerance that allows members of the opposition to be killed and the justice system close the eyes because they know that killers are members of the government.

Venezuela's hyperinflation is a direct result of government corruption, misuse of natural resources and misuse of power. If you are not sure why this hyperinflation happened in Venzuela, please go ahead and search Google. It's because of the failed leadership of Maduro who decided to print huge sum of money for deficit spending. He overlooked the basic principles of economy and that's how Venezuela is suffering from hyperinflation. It has nothing to do with its banking system whatsoever.

Since Venezuelan people don't have an alternative, they are using bitcoin. But this hyperinflation happened not due to failed centralized economy but due to failed leadership. That certainly doesn't prove that centralized systems are bad or failed. They are an exception and will remain as an exception.

You can see the leading position of Venezuelan bolivar (VES) in total trading volume on P2P marketplaces: https://www.usefultulips.org/combined_Latin%20America_Page.html

The nation takes the first position among Latin American nations.

Trading volume in Venezuelan bolivar fell recent months but still stays at first place: https://www.usefultulips.org/combined_VES_Page.html

This is a commercial, not news. It is not a journalistic piece. It is not intended to inform, just to have advertising for bitcoin.com's p2p store.
Look in respected sources and little is said about Bitcoin in Venezuela. Unfortunately little has changed, even with the local currency destroyed. Some groups continue to mine and there is some trade with cryptocurrency. But it is far from the change that many expected.

I don't see any news about what's happening in Venezuela right now.The mainstream media is so focused on the coronavirus pandemic.Will Venezuela ever going to stabilize and get rid of the socialists?Will Nicolas Maduro resign?Why the Venezuelan socialists are still getting strong support despite the economic crisis and hyperinflation?
It's good to know that Bitcoin helps people in need,but it seems to me that this will be temporary.When the economy of Venezuela recovers and the hyperinflation is gone,more people will return to using fiat currency in their daily life.

It's worrisome to realize that full bitcoin adoption can only be achieved if fiat currency completely loses its value. I don't want that same catastrophe to happen in my country before people realize the value of Bitcoin. I'd rather see bitcoin adoption take place slowly but surely to minimize damage. Do you know what happens when you speed up continental drift? If you've watched the movie 2012, you'll have an idea. Magnitude 11 earthquakes, supervolcanoes erupting, tsunamis thousands of feet high everywhere, and lots of deaths. Only those who made it to the big boats survived. I'm not sure if it's the right comparison or maybe I'm just being too pessimistic but what I'm sure of is that a rapid shift to a decentralized global economy could have a downside.  

I bet this issue that Venezuela is now fully embracing Bitcoin over fiat is highly exaggerated. While Bitcoin may be in use in the country, there are still very limited stores accepting Bitcoin payments. I doubt that ordinary Venezuelans are actually using Bitcoin in their day to day transactions. Most Venezuelans are still using bolivars, although the US dollar has now positioned itself as the preferred currency.

Venezuela is one of the example in what will happen in the future. As long as people doesn't realize how banks are exploiting them, they will never stop stealing from the people. Bitcoin is the financial freedom we've all been waiting for. An escape against the monetary system that can freeze, devalue, and steal our life long savings.

The problem of hyperinflation in Venezuela has encouraged them to deal with the use of cryptocurrency. So far, they make crypto legal to be used in their country and moreover have the rule and regulation about this since 2019. That real inflation also leads Venezuelan to use Bitcoin more than fiat, it can be said that Bitcoin really wins over the use of fiat in their unstable economies.
Bt, I am also little bit surprised when reading this:
I do not find this news in other media and they do not tell about what kind of exchanges used. But exactly, in 2019, the regulation is for:
.

Does Bitcoin.com news only make their own news to ensure people to their sites by using this news? If Venezuelan really mostly uses bitcoin.com, I hope that they have know about what ...... is Roger Ver and Bitcoin.com, like what the other members here said.

What the heck? Did they just consider on using up that Ver'shit bcash? They should think twice and just stick with the real BTC. I didnt expect that theres still someone who do believe into this crap coin.

Its really good to witness on how BTC did perform on such situation that happened to Venezuela and now they do already had the option and did really adopt it and somehow it patches up.

This shows the possibility on actual usage or adoption that might really encourage other countries as well.

The way I understand the news is that Venezuelans aren't actually using Bitcoin directly but is receiving it via remittances and then exchanging it to USD which is also accepted in their country now. This is something that is possible since their friends and families might be using Bitcoin as their way to send money and is really a good alternative for them to skip a few charges. They might now be using Bitcoin directly but has adopted/adjusted just because it is the cheaper way to receive money from them.

It's been a long problem of the Venezuelan, the hyper inflation is killing their economy.
Decentralization is important, we can see how useful it is now especially on countries that are struggling economically but it will always remain an option since if we have a government that means we are under the centralization and decentralization will only adopted more if the government will fall.  

Therefore, it would be beneficial to people if our government would regulate crypto and allow crypto adoption so theirs always an alternative against an economic struggle that every country could possibly experience in the long run.

Venezuelans should be careful in dealing with bitcoin.com.
But should be the case for all exchanges, as you'll never know what will happen next.
The only good thing that this article is imparting to us, is the crypto adoption in Venezuela is real.
If there will more shops and merchants that will accept crypto payment in their country, other neighbouring countries may imitate as well.
And that will be good for crypto community. More adoption, more demand means increase of btc value.

It gets nicer when many services around start accepting direct bitcoin payments. It is one of the missing links in most parts of the world in order accelerate crypto adoption

I got discouraged continuing to read the article after seeing this

Roger Ver and Bitcoin.com at it again, trying to shill their newly formed p2p marketplace even through articles. A very desperate move.

According to the reports the Venezuela in the middle of all the hyperinflation adopted Bitcoins, Its National Currency is now useless due to over-inflation and therefore people are now using bitcoins for their day to day normal savings and even trading.

Everyone is well aware of the fact that Bitcoins came as a revolution in Venezuela but right now the country is making headlines for being the Third most crypto p2p trading nation.

Now what does that mean ?

-Venezuela is exploring options when the government collapsed , banks ran out of businesses and there is a political war going on targeting the citizens themselves.

This does explain why we needed decentralized system in first place.

_*_

I am happy for the people since they do have an option now , many can survive this crisis to an extent if everything is dealt with properly.

This does give an insight into the importance of bitcoins as a whole. Save up your coins people it can save you through the crisis that the whole world is facing right now.

Source: https://news.bitcoin.com/venezuela-bitcoin-use-hyperinflation-crypto-adoption/