Bitcoin demand in economically volatile countries surges - page 4.

Kyraishi

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Quote from: enhu on November 05, 2019, 11:48:03 AM

The amount of money isn't that big for a country that needs more of it though.

Quote from: AicecreaME on November 05, 2019, 11:34:34 AM

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

Hmhm. I don't think you could classify this as a "crypto revolutuon", it's mostly just a bunch of rich people that already have assets to protect are looking towards the crypto side of things in case their entire finance sector collapses.

I'm going to guess and think that a lot of people in those countries have already lost a lot of their funds due to the situation of their government/war.

How the media deals with these issues is going to be important.

Tungsten-1

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Quote from: secretgirl on November 05, 2019, 10:38:57 AM

all three countries experienced a severe economic crisis that made their national currencies experience a falling and worthless hyperinflation. so they looked for other alternatives for payment tools. and they found bitcoin as a solution. although the value of bitcoin is also volatile but I think it's still better than their fiat money which continues to decline. I read an article that bitcoin residents of Venezuela use bitcoin to survive.
and I think this is indeed the purpose of satoshi to make bitcoin usable when there is a monetary crisis.

This is the side of bitcoin which people usually ignore especially by those who fear bitcoin because of its volatile nature. The world needs to understand that volatility is a phenomenon not only limited to crypto currencies but also exhibited by fiats. Even if your state is not suffering from economic crisis still bitcoin and other successful crypto projects could be used to make economy stronger.

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Quote from: panganib999 on November 05, 2019, 11:11:37 AM

The said countries like Venezuela suffered hyperinflation during 2016 that it reached 274% in 2016, got higher during 2017 and reached 863%, 130,060% in 2018 and got worse when 2019 entered that the rate raised up to 282,973 then had the rate at 4,679% during September this year, the country's crisis was caused by their International monetary fund where they wanted to print more private money, the inflation was just so catastrophic especially its impact to busineses that made them enter cryptocurrency that bacame their safe haven and that will save them from their own currency's crisis.

The problem of inflation and hyperinflation is highly linked with the printing of local currency. Whenever the local money is printed in huge amounts, it decreases its worth and increases the rates of other stuff. This usually is done by the corrupted governments and such institutes can be wiped out by introducing blockchain in the region. Crypto coins have saved common people from such crisis.

fullhdpixel

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Quote from: uray on November 04, 2019, 01:40:26 PM

Quote from: Wexnident on November 04, 2019, 12:30:42 PM

Could be said so. A lot of countries have been trying to let their people buy BTC so that they could possibly hoard coins for the upcoming halving. A lot of people are placing their eyes on BTC right now so I expect a huge amount of analysis and descriptions of the current state of BTC now and in the next, lets say, year I guess.

No government will want their citizens to hoard their wealth in a virtual currency that can be traded world wide but they cannot stop anyone from doing so but people are investing in bitcoin because they see an opportunity to hold their funds without any government policies and manipulations and they are confident in gaining a profit after the halving.

Government too are getting wiser now, they are actually not stopping anyone form the use of cryptocurrency for trading and to make money, infact that is what they like now and we can see how they are beginning to introduce tax too into the trading system, so instead of cutting off cryptocurrency, they are seriously encouraging it right now, so that they can be able to get more money through taxing, and this is because they are able to gain access to centralized exchanges that we have.

It is still good though, because if government do not have any access to taxing people, I am sure that by now, the heat of trying to ban it would have been much more than this, but since they have access to taxing the traders which will help the economy, they will promote it more now.

Pearls Before Swine

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Quote from: alyssa85 on November 02, 2019, 08:28:05 AM

The Hong Kong dollar is pegged to the US dollar - so the people of Hong Kong have no use for tether.

That's interesting, I was not aware of that. And is the economy and/or currency of Hong Kong volatile? If their dollar is pegged to usd I would imagine that at least their money isn't.

But I was certainly aware of Venezuela and Argentina having an extremely hard time as of late. I remember reading something about venezuelans adopting Dash for some reason, but I have difficulty believing that any of them are really using crypto instead of a currency from a neighboring country that's more stable than the bolivar. They might have a use for a stable coin but I don't think they're going to be running out to buy dash or even bitcoin, tho I hope they do.

I will have to take a look at how many crypto atm's there are in these countries. That should be a general measure of how available bitcoin is and perhaps how popular as well.

Barbut

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Quote from: enhu on November 05, 2019, 11:48:03 AM

The amount of money isn't that big for a country that needs more of it though.

Quote from: AicecreaME on November 05, 2019, 11:34:34 AM

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

Cryptocurrencies are being accepted by the people, not by the countries. And when countries start using blockchain, they will create their own chain, be sure in that!
The situation we have today is just the beginning. Some countries discuss about blockchain in general, others are adopting some coin, so some countries are open to this idea, some or not, but in one moment all countries in the world will discuss about it and we will see many changes on a global level. This is just the top of the iceberg, and believe me that nobody can predict what will happen.

enhu

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The amount of money isn't that big for a country that needs more of it though.

Quote from: AicecreaME on November 05, 2019, 11:34:34 AM

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

AicecreaME

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This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

BitHodler

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Quote from: alyssa85 on November 04, 2019, 01:58:36 PM

Tether may be worthless if the investigations into it prove they have no reserves.

I don't think it will do much longer term speaking, because the sentiment within the crypto space is already that Tether has no actual reserves to back every single token that they have issued.... people still use it.

The thing with Tether is that people use it to move fiat from one exchange to another to take advantage of arbitrage opportunities, and hedge declines in the price, which it does the best of any stablecoin that's currently in existence.

panganib999

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The said countries like Venezuela suffered hyperinflation during 2016 that it reached 274% in 2016, got higher during 2017 and reached 863%, 130,060% in 2018 and got worse when 2019 entered that the rate raised up to 282,973 then had the rate at 4,679% during September this year, the country's crisis was caused by their International monetary fund where they wanted to print more private money, the inflation was just so catastrophic especially its impact to busineses that made them enter cryptocurrency that bacame their safe haven and that will save them from their own currency's crisis.

secretgirl

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all three countries experienced a severe economic crisis that made their national currencies experience a falling and worthless hyperinflation. so they looked for other alternatives for payment tools. and they found bitcoin as a solution. although the value of bitcoin is also volatile but I think it's still better than their fiat money which continues to decline. I read an article that bitcoin residents of Venezuela use bitcoin to survive.
and I think this is indeed the purpose of satoshi to make bitcoin usable when there is a monetary crisis.

carter34

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Quote from: lobat999 on November 02, 2019, 07:12:25 AM

This is no surprise at all since this scenario is all part of an ever growing Bitcoin and crypto adoption worldwide that is taking its natural course and I assume we would expect an even more vibrant Bitcoin and crypto industry in the coming years to come.

In my mind too, I think bitcoin is going to grow more because countries that have devalued currencies will see it as an investment area to hide the few currency they have in expectation of some profit that will accrue to it.

error08

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If the government fails to manage a country's economic, the fiat currency will be affected by hyperinflation, thus the value continues decreasing.
That's why bitcoin as an alternative means of payment becomes a better option instead of using invaluable fiat currency,
That graph is an example of how people switch over to bitcoin in some countries which in political and economic instability.

NathanJB

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Quote from: alyssa85 on November 04, 2019, 01:58:36 PM

Quote from: Davee294 on November 03, 2019, 02:03:24 PM

Dont you guys think its kinda funny though for people in economically volatile countries to try to find stability using such a volatile currency like BTC?...At least if they convert it to tether or something.

Whats cooler to me is the fact that its a world currency and it can benefit people in countries where the value of their money is really low compared to the USD or EUR. People in less developed countries can work online for higher wages paid in crypto.

Tether may be worthless if the investigations into it prove they have no reserves.

Bitcoin is way more valuable because you can exchange it for real dollars, rather than the fake dollar that is Tether.

The controversy surrounding Tether (USDT) has not died down until now. Personally though, I have some doubts that the full 100 percent supply of Tether (USDT) is supported by reserves. Their supply is now reaching 4 billion plus USDT. That is an extremely big amount of money that Tether can support.

Bitcoin is indeed volatile and it might even be dangerous to the present condition of the people in these countries. But if Bitcoin will not plunge in value, there is nothing to worry.

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Quote from: Davee294 on November 03, 2019, 02:03:24 PM

Dont you guys think its kinda funny though for people in economically volatile countries to try to find stability using such a volatile currency like BTC?...At least if they convert it to tether or something.

Whats cooler to me is the fact that its a world currency and it can benefit people in countries where the value of their money is really low compared to the USD or EUR. People in less developed countries can work online for higher wages paid in crypto.

Tether may be worthless if the investigations into it prove they have no reserves.

Bitcoin is way more valuable because you can exchange it for real dollars, rather than the fake dollar that is Tether.

uray

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Quote from: Wexnident on November 04, 2019, 12:30:42 PM

Could be said so. A lot of countries have been trying to let their people buy BTC so that they could possibly hoard coins for the upcoming halving. A lot of people are placing their eyes on BTC right now so I expect a huge amount of analysis and descriptions of the current state of BTC now and in the next, lets say, year I guess.

No government will want their citizens to hoard their wealth in a virtual currency that can be traded world wide but they cannot stop anyone from doing so but people are investing in bitcoin because they see an opportunity to hold their funds without any government policies and manipulations and they are confident in gaining a profit after the halving.

audaciousbeing

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Its actually not surprising what the data is saying because in the real sense that is what is happening. I remember when some times last where the country I am resident was facing an isolated economic recession. It was at the time the fiat value to bitcoin was on the high side and everyone involved in crypto to have an increased in value of their holdings but in the real sense it even out eventually because when you change high, you automatically buy things in the local market high which makes one not better off economically as you will still maintain the same economic position when the economy was better but better than those who are into fiat totally as they are poorer than they were.

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Quote from: Apes on November 04, 2019, 02:52:47 AM

the issue of the Hong Kong people began to move their cash funds to crypto, in my opinion, was precisely made an excuse for economically volatile countries surges. they know that moving their cash into crypto forms will be safer than in cash, their worries and political conditions encourage them to save in anonymous crypto forms.

Could be said so. A lot of countries have been trying to let their people buy BTC so that they could possibly hoard coins for the upcoming halving. A lot of people are placing their eyes on BTC right now so I expect a huge amount of analysis and descriptions of the current state of BTC now and in the next, lets say, year I guess.

mazdafunsun

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Your tittle is true and only logical.

But it is not actually correct to say that honk gong has as volatile economy as countries with currencies which are collapsed due the hyperinflation.
You showed us that there was only 17 million exchnages there, this is completely tiny amount and can not be correlated to price action of BTC.

Apes

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the issue of the Hong Kong people began to move their cash funds to crypto, in my opinion, was precisely made an excuse for economically volatile countries surges. they know that moving their cash into crypto forms will be safer than in cash, their worries and political conditions encourage them to save in anonymous crypto forms.

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