Bitcoin Trading In Venezuela Keeps Setting New Records - page 3.

Kelvinid

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Quote from: exstasie on February 14, 2019, 05:55:38 AM

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

That is really impressive. May this thing will help them out from their economic problem and so the government will realize by then just for the goodness of their community. Their escrow system is trusted one and it might be the reason that could they give their trust to invest with crypto.

tippytoes

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Quote from: davis196 on February 14, 2019, 09:14:49 AM

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

This is a perfect example of crypto adoption and works in the whole country. It shows the benefits of how utilizing crypto will affect their everyday living. With this country as a model, some other countries might follow this kind of set-up.

senyorito123

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Quote from: davis196 on February 14, 2019, 09:14:49 AM

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

That's great news for bitcoin and Venezuela is a good example for all countries who started to become knowledgeable with bitcoin. It's a biggest factor for btc price to increase more demands in the future, so price could spike up towards pumping volume. Cashless is one way to make the life of the people in society more convenient. There's no reason people become hesitant to that kind of improvement, yet most individuals prefer to choose comfort rather than hassles.

jjdub7

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Quote from: exstasie on February 14, 2019, 05:55:38 AM

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

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.

hugeblack

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Does this rise differ from what happened in Iran, when the price fluctuated because of the currency difference?
Also, political factors can influence as the transfer of money using Bitcoin to make remittances to other countries is much easier than the local currency.

I want to point out other aspects that push people to use the dollar instead of being a tool for speculating or store of value.
+ Price volatility makes it impossible to risk it as an investment.

el kaka22

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People are just trying to get their money out somehow. When a country is this bad and the conditions are getting worse and there is a civil war going on you can just assume there are people who try to run away from that country to somewhere else. Doesn't really matter where because no matter where you go at least you will have food to eat. That is the level they are at the moment, if they can EAT they are happy hence they do get bitcoin from their country and than leave for another country to maybe have a chance to feed their baby.

There are mothers who lost their new born babies because they couldn't find food for them, if a countries conditions are that bad its not a wonder why they would prefer bitcoin over their own currency. Hopefully, it will get bigger and bigger and either the dictator falls or people leave that country for good. We talk about ISIS being a terrorist organization and kills people there and send people away to other countries but in reality Venezuela is in the same situation and the dictator should be considered a terrorist occupying a country as well.

LUCKMCFLY

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In an economy that has no solution whatsoever and totally devastated, any solution through Bitcoin is the exit, it is a good move especially to try to minimize the huge and growing inflation that exists in the country, it must be handled with caution and that many people do not know how to operate well in trading.

Lucius

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Quote from: davis196 on February 14, 2019, 09:14:49 AM

Paper money aren't used anywhere.

Although the bolivar really is not worth almost anything, people still use it for some other purposes. They make purses and bags, dresses and origami figures, and you can buy full plastic bag of bolivar for 1$ or less.

Regarding crypto trading in Venezuela, my opinion is that most of this trades originates from one small part of people who have money and want to save value of that money. Most people there can not afford to buy any coin, they are literally hungry with 5-6$ monthly salary.

davis196

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I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

Anies_Sandi

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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

Freny250

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Good to see that bitcoin is gaining mass adoption and acceptance globally. In due time it will go mainstream

exstasie

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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

Baofeng

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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

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.

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.

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