I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.
Bitcoin popularity is not only increasing in Africa and South America, but I can see it is even more popular in South and Central Asia. The young generation is taking keen interest in bitcoin and I think that it is a very good sign for the cryupto currencies future. I hope that in next few years crypto currencies and specially bitcoin will become more and more popular and we will even see people in backward countries to use bitcoin in their in their daily life. 
Topic: Bitcoin Trading In Venezuela Keeps Setting New Records - page 2. (Read 493 times)
This is good news from Venezuela and this is what expect to happen in all other countries of the world. And if this eventually happen, the market value of Bitcoin and other crypto currency will definitely skyrocket and long time holders will make more than enough profit from their investment.
Well, there are reasons behind why this is happening in Venezuela. The crisis in the country has really exploited the economy and the deficit and inflation in the system is so high that using monetary instruments to reduce it creates more inflation so the shift took place and the use of Bitcoin in the country is on the rise because of these factors. The same might not be the case in every other country. 
What is happening currently in Venezuela is just a warning to all government that they should begin encouraging their citizens to buy Bitcoin or they can start up crypto projects themselves.
I guess there will still be more intensive crypto related trends in Venezuela since they are now only starting with cryptos but the beginning itself they are seeming too massive
.
I guess there will still be more intensive crypto related trends in Venezuela since they are now only starting with cryptos but the beginning itself they are seeming too massive
. In this price level of Bitcoin which already in the bottomed is good way to buy it to avoid inflation, Bitcoin is no inflation because in the long term the price of Bitcoin will keep going up because the supply is limited and more adoption around the world that make more demand, and with low capitalization the price has potential to going up to more than 50 times in the long term.
Yes, very true but it is not going to happen in an instant, it is gradual process and I think that it will take decades, we need to remain calm and wait for the good time.In fact still majority of population of the world is ignorant about crypto currencies, it will really take a lot of time when majority of people of the world will get knowledge about crypto currencies and will replace it with fiat currencies. No doubt that at that time the demand of bitcoin will continue to increase and the price will surely reach to the sky.
if I think it is great if they are a country or Venezuela, they want to adopt Bitcoin because they are likely to be able to help their countries whose economies are destroyed because the inflation is already severe
the right choice if Venezuela wants to use crypto to replace their destroyed currency because of inflation, if they want to save the country's economy then there must be a right step. the best step is to use alternative currencies. Currency wars are always a frightening threat, so all countries must take precautionary measures, one of which is to use a currency that cannot be managed by any country, and that currency is bitcoin.
In this price level of Bitcoin which already in the bottomed is good way to buy it to avoid inflation, Bitcoin is no inflation because in the long term the price of Bitcoin will keep going up because the supply is limited and more adoption around the world that make more demand, and with low capitalization the price has potential to going up to more than 50 times in the long term.
I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.
This is good news from Venezuela and this is what expect to happen in all other countries of the world. And if this eventually happen, the market value of Bitcoin and other crypto currency will definitely skyrocket and long time holders will make more than enough profit from their investment.
The one and only reason behind this Venezuelan rise in peer to peer transaction of Bitcoin is nothing but its political and financial crisis. Due to inflation, the demand for fiat was reduced and ultimately replaced by the introduction of Bitcoin in the country.
That's what you like about bitcoin, just imagine if bitcoin hasn't been invented, Venezuela will suffer worst than today for sure. But with bitcoin, I think majority survived their political and financial crisis. Bitcoin gives Venezuelan's hope and now they are still into it to help them fight this hyperinflation.
This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.
Their national currency is worth nothing by today standards, so I hope if the Maduro step down, the new government show prioritized their monetary system or at least encourage more crypto.
The one and only reason behind this Venezuelan rise in peer to peer transaction of Bitcoin is nothing but its political and financial crisis. Due to inflation, the demand for fiat was reduced and ultimately replaced by the introduction of Bitcoin in the country.
This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.
This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.
and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.
Not sure if that's something to look forward to. It all comes down to the circumstances. Bitcoin being worth $1 million at one point in the future is shit if the US dollar only represents $100,000 (or even way less than that) in actual purchasing power.
I remember that people celebrated that Bitcoin against USDT made new local highs last year, while in reality it was nothinig more than the market pricing in the very weak USDT spot rate. In other words, you didn't gain or lose anything. It's just a market adjustment.
It's way cooler for Bitcoin to continue gaining value with a strong US dollar.
Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.
LOL, $1 million = 1 BTC.
As far as I can remember the government devaluing its bolivar by removing three zeroes. So it only make sense of Venezuelans to find ways to fight this hyperinflation. As the OP has said, this is a just use case, in countries where the monetary system have failed it's people miserably, and their financial structures like banks are going down hard, Bitcoin is really handy and provide them some sort of store of value or even currency itself. Here is another good article to pounder upon: Can Bitcoin Save Venezuela?
Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.
I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!
https://coin.dance/volume/localbitcoins/VES/BTC
https://coin.dance/volume/localbitcoins/VES/BTC
I'm also impressed. but I think we will see up to 10 times higher volumes in Venezuela in next months. Crypto is just the only real way to use some money there and the situation is not going better at this point. The hyperinflation killed the whole local economy.
Right, Crypto is the only way out and I don't think they have a choice but with crypto around, it's there number one option for now to fight hyperinflation which slowly sinking the country. Juan Guaido, the interim President is pro-crypto so this is a good sign for Venezuelans.
However, if Maduro doesn't want to step down and will fight till the last drop, it may sink Venezuelan's even more and I don't think that crypto will save them. But good thing is that crypto is still alive and Maduro's government can't do anything about it.
Gazeta Oficial, the main media source in Venezuela, announced on February 7, 2019, that certain limitation will be implemented for the cryptocurrency remittance in the country.
According to the official documented presented, from now on the National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, will control the flow of all incoming and outcoming crypto transactions and tax those accordingly. That will influence not only individual traders but the commercial ones as well.
The maximum taxed fee per transaction might reach 15%, and the minimum fee was announced to be 0.25 euros (or $0.28 accordingly). Moreover, you can transfer a maximum of 10 Petro per month, or $600. In case if the value of the transaction exceeds that amount, the above-mentioned SUNACRIP organization shall check its validity. However, still, the transaction cannot exceed a total sum of 50 Petro, or $3,000.
However, it is still unclear how the government plans to control decentralized cryptocurrencies like Bitcoin (BTC). From Could it be even worse? Venezuela introducing limitations for the crypto community
According to the official documented presented, from now on the National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, will control the flow of all incoming and outcoming crypto transactions and tax those accordingly. That will influence not only individual traders but the commercial ones as well.
The maximum taxed fee per transaction might reach 15%, and the minimum fee was announced to be 0.25 euros (or $0.28 accordingly). Moreover, you can transfer a maximum of 10 Petro per month, or $600. In case if the value of the transaction exceeds that amount, the above-mentioned SUNACRIP organization shall check its validity. However, still, the transaction cannot exceed a total sum of 50 Petro, or $3,000.
However, it is still unclear how the government plans to control decentralized cryptocurrencies like Bitcoin (BTC). From Could it be even worse? Venezuela introducing limitations for the crypto community
They will become an example of a country that has help by bitcoin.
With the hyper inflation they are currently experiencing, they have found the answer which is bitcoin.
I believe countries with similar problem would also do the same and that's why it's important to protect bitcoin to maintain
its position to be a decentralized currency and out of control by the government, this is just one good example
but with further adoption in the future, we will become a bigger world that will be noticed by people.
With the hyper inflation they are currently experiencing, they have found the answer which is bitcoin.
I believe countries with similar problem would also do the same and that's why it's important to protect bitcoin to maintain
its position to be a decentralized currency and out of control by the government, this is just one good example
but with further adoption in the future, we will become a bigger world that will be noticed by people.
https://beincrypto.com/bitcoin-trading-in-venezuela-keeps-setting-new-records/?utm_campaign=bitcoin-trading-in-venezuela-keeps-setting-new-records&utm_medium=rss&utm_source=rss
As we all know that bitcoin is really a safe haven for Venezuelans specially in the last couple of years and we can say that it did help them to survive the economic turmoil. But it's not done yet because Maduro doesn't want to step down does why bitcoin is setting new records in the country. Venezuela's crisis is one use case how bitcoin or crypto has really help people in times of financial trouble.
Quote
Peer-to-peer Bitcoin trading volumes in Venezuela have hit all-time highs amid escalating economic and political crises.
Last week, Bitcoin broke another record in terms of trading volume in Venezuela. The latest spike confirms that Venezuelans choose Bitcoin instead of their national currency as a store of value amidst shocking hyperinflation and rising political uncertainty.
Last week, Bitcoin broke another record in terms of trading volume in Venezuela. The latest spike confirms that Venezuelans choose Bitcoin instead of their national currency as a store of value amidst shocking hyperinflation and rising political uncertainty.
As we all know that bitcoin is really a safe haven for Venezuelans specially in the last couple of years and we can say that it did help them to survive the economic turmoil. But it's not done yet because Maduro doesn't want to step down does why bitcoin is setting new records in the country. Venezuela's crisis is one use case how bitcoin or crypto has really help people in times of financial trouble.
Good to know that but of course depend government policy about bitcoin, not regulation and safety law, bitcoin will become garbage or money laundry. Venezuela is beautiful country with their problems, using bitcoin as alternative income to support their daily activity is the right decisions. I hope the government can see bitcoin as solution to help their people, if they do that it will help people and us as bounty hunter.
Quite ironic that something like this is not understood correctly. Many people believe this is because people or Venezuela people will adopt crypto or something like that, while they're actually trying to desperately save their money or preserve their wealth in a broken country. As Lucius and others pointed out, there's more to this story and I hope people in Venezuela can live a better life in the near future.
Luckily they can use Localbitcoins, if not they might go to buy gold or something similar which can be stolen if there's someone who knows about it.
Luckily they can use Localbitcoins, if not they might go to buy gold or something similar which can be stolen if there's someone who knows about it.
These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....
I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.
In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.
I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.
In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.
That's funny though. We thought we are talking with large bitcoin numbers but 20BTCs. But anyway, not bad. At least this kind of media frenzy might help a lil bit of action in the crypto community.
These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....
I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.
In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.
I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.
In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.
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