Petro hasn't really been helpful in mitigating the deteriorating Venezuelan economy. I believe this inability is what is keeping other countries from adopting their own national cryptocurrency. At least it has to work somewhere first before anyone would think of following suite. I guess that's why more of Venezuelans are queuing behind bitcoin since it looks more certain to help people out of poverty than any other. So, they think.
Topic: Bitcoin trading volume hits record high in hyperinflationist Venezuela - page 2. (Read 229 times)
October 03, 2018, 05:20:08 AM
October 03, 2018, 03:02:08 AM
Last week Venezuelans traded bitcoins worth nearly 300 million Bolivars (Bs) and the record could be broken again as thus far this week bitcoin worth more than 292 million Bs has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in 2018.
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
Cryptocurrency Petra will be interesting for Venezuelans only when the economy of the token will work and citizens will see in it a favor. Of course, if the token is useless, then preference will be given in the direction of Bitcoin.
October 03, 2018, 02:51:21 AM
Last week Venezuelans traded bitcoins worth nearly 300 million Bolivars (Bs) and the record could be broken again as thus far this week bitcoin worth more than 292 million Bs has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in 2018.
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
As we know that the currency of the Venezuelan country is falling in price. Many people choose to move places and transact using Bitcoin or other crypto currencies. Therefore, Bitcoin transactions in Venezuela are very high.
October 03, 2018, 02:43:40 AM
where are you getting the volumes from? is there any Venezuelan bitcoin exchange that has the volumes or is it purely based on localbitcoins volume?
a fiat currency losing its value has nothing to do with how people obtain funds! everyone has some money and during times like this when the currency you are using is losing value you sometimes decide to invest it in something to "store your value" which is where the volume comes from.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
a fiat currency losing its value has nothing to do with how people obtain funds! everyone has some money and during times like this when the currency you are using is losing value you sometimes decide to invest it in something to "store your value" which is where the volume comes from.
October 03, 2018, 01:47:18 AM
Last week Venezuelans traded bitcoins worth nearly 300 million Bolivars (Bs) and the record could be broken again as thus far this week bitcoin worth more than 292 million Bs has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in 2018.
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.
With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?
Jump to: