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Topic: BTC is helping out Cubans and Venezuelans - page 3. (Read 984 times)

legendary
Activity: 3710
Merit: 1756
Non-custodial BTC Wallet
October 17, 2021, 08:03:01 AM
Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment

The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

And what - now the state pays social benefits, salaries, and so on in bitcoin? By the way, why is the dollar not suitable, which can be freely received, changed, used for payment? At the same time, there are no losses on transactions, no difficulties in use?

No. The state continues paying all that with local currency.
I meant we adopted USD in an informal way, nowadays USD in cash is used for many daily transaction in businesses like supermarkets, malls, etc. The only difficulty we have find while using USD in cash is the change, we dont have coins here of USD and bills of 1$-5$ are uncommon, so if you need to pay 5$ with a 20$ bill you may have trouble if the shopkeeper does not have change.

People have opted to spend the whole bill at the shop or receive the change in local currency through a quick bank transference.


Well, we came to the conclusion that the use of stable currencies is a completely suitable and simple solution for all segments of the population. The only "problem" is the problem with the bargaining chip in order to give change. It seems to me that this is not critical, well, at least in the current situation. But payment with bitcoin is a technologically more complicated solution, for some part of society it is not available. The ambiguous price of bitcoin - here the bitcoin holder can both receive additional income and an uncontrollable decrease in his savings. Transaction Fee - It's not going anywhere. If the buyer does not pay for the transaction itself, most likely it is already included in the cost of the product. The question is why all this hype and almost hysteria with shouts of "Bitcoin will save the economy!" ? Smiley
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
October 16, 2021, 09:29:30 PM
Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment

The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

And what - now the state pays social benefits, salaries, and so on in bitcoin? By the way, why is the dollar not suitable, which can be freely received, changed, used for payment? At the same time, there are no losses on transactions, no difficulties in use?

No. The state continues paying all that with local currency.
I meant we adopted USD in an informal way, nowadays USD in cash is used for many daily transaction in businesses like supermarkets, malls, etc. The only difficulty we have find while using USD in cash is the change, we dont have coins here of USD and bills of 1$-5$ are uncommon, so if you need to pay 5$ with a 20$ bill you may have trouble if the shopkeeper does not have change.

People have opted to spend the whole bill at the shop or receive the change in local currency through a quick bank transference.
legendary
Activity: 3710
Merit: 1756
Non-custodial BTC Wallet
October 16, 2021, 04:16:25 PM
Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment

The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

And what - now the state pays social benefits, salaries, and so on in bitcoin? By the way, why is the dollar not suitable, which can be freely received, changed, used for payment? At the same time, there are no losses on transactions, no difficulties in use?
full member
Activity: 1484
Merit: 101
October 16, 2021, 10:42:41 AM
Bitcoin has become a trend today, the number of global companies that invest in bitcoin like Tesla certainly gives an illustration that the future of bitcoin will be bright, this is what makes us optimistic that we can increase prosperity by investing bitcoin.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
October 16, 2021, 10:09:05 AM
The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

I remember one of your previous posts, in which you claimed that it is not 100% legal to carry US Dollar banknotes and corrupt policemen sometimes steam them if they find the banknotes. In such instances, Bitcoin may be more convenient, as they are easier to conceal. Even if some tech savvy cop searches your mobile phone, he will have a hard time in stealing the coins. Only issues are the high volatility rate for Bitcoin and the fact that not all the shops don't accept BTC in Venezuela. The reconversion of BTC to USD is going to be a problem.

Perhaps I did not expressed myself correctly.
Having USD is legal now, but there is a chance some official give you the stop at an outpost and notice much USD in your wallet while you give them your documents. If the official is corrupt they may try to make up an excuse or situation so they can keep your money. That's one of the reasons people do not go outside with their cash unless they need to and also use payment systems, Uphold and Zelle are popular here, among others.

BTC to USD it is possible. Liquidity between BTC and our local currency is high,(so is it the liquidity between BTC and USD within different platforms like Uphold) once you sell BTC for Bolivars all you need to do is buy USD cash, which is the annoying part. However, since the Bolivar is still accepted through digital transferences among banks, it is no problem to buy with them. The prices are tagged in USD but if you only have Bolivars, the shopkeeper gives you the equivalent price in Bolivars according to the exchange rate of the day.

And I am agree, BTC it is easy to hide specially if leaving the country (officials are specially "picky" at airports). Also, here in Venezuela, we have a departament store called "Traki", there are many around the country and they accept crypto currency, so you can buy several things here in crypto (last time I asked about it at one Traki as in 2019), not mentioning the other bussiness in the big cities who already accept it. Someone who lives in our capital could easily live on cryptocurrency.



Source: https://twitter.com/jacksonpo7/status/1059130163743600641



Source: https://www.diariobitcoin.com/articulos/noticias/traki-la-tienda-por-departamento-venezolana-cuenta-por-que-acepta-criptomonedas/



Source: https://twitter.com/trakienganchate/status/339183911718486016?lang=ga



Source: https://www.descifrado.com/2020/07/29/tiendas-traki-ofrece-servicio-de-compras-en-linea/

full member
Activity: 1526
Merit: 111
Pepemo.vip
October 16, 2021, 12:53:08 AM
The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

I remember one of your previous posts, in which you claimed that it is not 100% legal to carry US Dollar banknotes and corrupt policemen sometimes steam them if they find the banknotes. In such instances, Bitcoin may be more convenient, as they are easier to conceal. Even if some tech savvy cop searches your mobile phone, he will have a hard time in stealing the coins. Only issues are the high volatility rate for Bitcoin and the fact that not all the shops don't accept BTC in Venezuela. The reconversion of BTC to USD is going to be a problem.
indeed, in such a slump, the main thing is to seek economic stability by using the dollar. but if that is not possible then the government takes a bold step by using bitcoin, even though it has high volatility, but if successful then the country's recovery will be achieved faster
legendary
Activity: 3136
Merit: 1343
Leading Crypto Sports Betting & Casino Platform
October 15, 2021, 11:50:22 PM
The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.

I remember one of your previous posts, in which you claimed that it is not 100% legal to carry US Dollar banknotes and corrupt policemen sometimes steam them if they find the banknotes. In such instances, Bitcoin may be more convenient, as they are easier to conceal. Even if some tech savvy cop searches your mobile phone, he will have a hard time in stealing the coins. Only issues are the high volatility rate for Bitcoin and the fact that not all the shops don't accept BTC in Venezuela. The reconversion of BTC to USD is going to be a problem.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
October 15, 2021, 05:06:46 PM
Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment

The interesting thing is that the adoption happened because the people started to slowly switch to it after the government made legal to carry foreign currency in 2018, before it was not legal to have USD in cash. All this it is rather an improvised thing, because the administration is not paying in dollars to public workers, private employers do, though.
legendary
Activity: 3444
Merit: 1162
www.Crypto.Games: Multiple coins, multiple games
October 15, 2021, 04:08:24 PM
Bitcoin is already spreading widely, now a lot of Cubans and Venezuelans are already experiencing what Satoshi wanted for all of us. Bitcoin is indeed a big help for everyone anywhere in the world, even in remote areas.
Because of inflation, fiat currencies nowadays doesn't make that much of a living, people need other income that has great value like bitcoin.

I just hope though that their government will allow and won't intervene about the usage of bitcoin in the said countries. If their government is pro-bitcoin then there will be no problem unlike China.
It is not even just about these nations, I live in a much better nation, my nation is in the world power list, we are economically in the top 20-30 or whatever, so there are like 100+ nations which are a lot worse than my nation. However I still feel like I am only making profit and having a good life thanks to bitcoin. If my job is gone today then I would have to find some other option and I would have to end up making a little bit of profit then it would be something that would be horrible for me.

I really do believe that we should be focusing on how much bitcoin can change a life and it is not limited to small nations. I mean even in a nation like USA and UK, there are so many people who could make the money I make and be super happy about it. Sure it is not going to be good for a person who has full time good salary, but a college student could have something like mine and be happy about it.
legendary
Activity: 3710
Merit: 1756
Non-custodial BTC Wallet
October 15, 2021, 04:02:31 PM
Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

The transition to the American dollar, as a temporary measure, is the most logical move for this situation. Simple, understandable, and really predictable for ordinary people, and this is very important. And the most important thing is stability, as long as the dollar is the blood of the world economy, nothing bad is guaranteed to happen to it, and everywhere it will be welcome as a means of payment
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
October 15, 2021, 02:49:29 PM
And who of the participants in this topic can provide evidence / arguments that the use of bitcoin as a means of payment really helped the country's economy, and did not become, such a distraction, in a situation where there are no good solutions? Changing the type of means of payment cannot correct the fundamental problems of the country's financial system and its economy. And this type of problem is the key problem for Venezuela and Cuba.
As Venezuelan living in Venezuela. I believe Bitcoin and other crypto assets are not a panacea for our economy (perhaps it was never supposed to be one in the first place), however it does help us to manage our few savings not only against inflation but also against crooks and crooks in uniform thanks to self custody.
There have been many cases of people getting out the country though airports are getting their money and even gold stolen by officials claiming whatever BS they want in order to justify their theft. Bitcoin solves that.
The amount of corruption one can see here it is so big that people can sleep tighter holding Bitcoin than having their USD cash under the mattress (A friend of my family got their money robbed while doing that) or precious metals (I was personally extorted by military to hand over a silver coin).
So even though Bitcoin may not have a big macroeconomic impact in my country, I am happy enough with the fact it has a positive impact for ones who give it a chance here.

Thank you for your answer, it is very pleasant to communicate with a direct participant in this process!

The question is - why, for example, you are not satisfied with the US dollar or, for example, the EU euro? They are quite stable. They can act as a means of accumulation and storage. Yes, they do not give a x10 chance of growth, but there is also no x10 chance of a loss. The only caveat is that there may be difficulties with the enrollment and withdrawal of these funds. But the withdrawal of funds from the sale of bitcoin from script exchanges can also be blocked very quickly. As for me, there was just a change of some "pieces of paper" for "electronic pieces of paper", and the complexity and risks associated with their use have not yet been "appreciated"

Strong FIAT like Euro and USD have become common here for daily transactions, as I mentioned. I personally don't mind much, it has given us some stability after all at a big cost of course. I personally hold my few satoshis as a long time investment, since I have in a position I can have some bucks lying around doing nothing. When something serious happen and I need to sell, I am supposed to use and exchange, yes.
The situation with the USD in cash here is that we Venezuelans use social media to let know all your contacts we are selling USD cash. It is not strange here to see people announcing in Whatsapp, Facebook, ect "Selling 10$", "Selling 50$" or " Buying 40$". I don't know about you, but I personally prefer to deal with some exchange instead lettling know a bunch of people that I am dealing with cash and how much.

While I am here in this country, I everytime someone ask me about money I always tell them I am broke.

And about the risks, I believe one needs to stay correctly informed about how Bitcoin and other cryptocurrency work and are supposed to move and be used. Gladly here in Venezuela one can find some businesses like restaurants, candy shops, ect that directly accept crypto with no FIAT bridge.

Bitcoin clearly represents the way out of the crisis, but not everyone knows BTC and as he has said before, if you have a fraction of BTC saved and you have an emergency, that fraction of BTC is used without thinking, because apart from everything, any service is as expensive as in Ibiza here, showing that 1000USD to 10000USD is not so much money in Venezuela, because it can be easily spent without realizing it, some people are like that, as well as others who with 100USD work miracles to survive.


It is difficult to hodl when there are some many things that could go wrong and the most basic civil rights as healthcare are not longer guaranteed.
But You don't need me to tell you about it, you have probably already lost someone because of the awful conditions of the public services, as happened to me.

So this is already moving into the format of the usual use of crypt, as in many other countries. This has nothing to do with saving the economy, "it just means that cryptocurrencies, not bitcoin or some other kind, but all crypts, went to the masses, and the market adapted to their appearance, as a means of payment, or as a payment surrogate that suits many

If "saving the economy" means saving the interests of central banks and the politicians, then Bitcoin is not suitable for that purpose. Venezuelans use Bitcoin just because their own national currency is worthless.
Yup if their currency is still standing High till now , I'm sure bitcoin will not enter their economy this big because surely they will prioritize using their respective fiat than this virtual money.
Quote
The ruling elite has other ways to take care of their expenses and to maintain their wealth, but for the vast majority of the ordinary Venezuelans that is not the case. With the annual inflation nearing 10,000%, they are desperate to save their wealth. Other assets like gold and platinum are not readily available there and even if the are available, the threat of confiscation will be there.
10,000% annual inflation ? damn that is the lowest dropping country in the world now.
 Yes Venezuela is just going to what they can only afford now.


To be completely honest, inflation (even though it is still a problem) has been experimenting a deceleration since a couple of years ago. Back in 2015-2018 the situation was insane, you could be in a line  waiting for your turn to pay and and price of your products would be updated when you reached the cash register.

Nowadays, the situation is a  bit less dramatic, thanks to the adoption of USD and to a lesser extent Crypto.

You can check this graphic from Statista as example.



Bitcoin has been really a good substitute for other worthless currencies. It's a good thing that other countries recognize it as a useful currency especially during hard times. Other strict countries are also using it to transact internationally. The convenience that Bitcoin has been providing is really helpful for lots of users.

I agree, hopefully we all as a community will be able to face the FUD and counter-crypto measures the ones who don't want our money to be free from a rigid and old system will take.
full member
Activity: 1708
Merit: 126
October 15, 2021, 12:21:48 PM
Bitcoin has been really a good substitute for other worthless currencies. It's a good thing that other countries recognize it as a useful currency especially during hard times. Other strict countries are also using it to transact internationally. The convenience that Bitcoin has been providing is really helpful for lots of users.
full member
Activity: 1092
Merit: 100
Tontogether | Save Smart & Win Big
October 15, 2021, 12:16:37 PM
Bitcoin has proven to be hilly, helping many people to countries, and I also felt great benefits after investing bitcoin, I used to still rent a small house and now have my own house and a place to sell cake ingredients, of course this is a good consideration for all countries so that soon to legalize bitcoin like Cuba and Venezuela.
most governments only see this case from the negative side, namely the very volatile bitcoin price which can cause a sudden decline in the value of the asset. the government should also look at it from the positive side because in fact bitcoin does help the economy of many people. when the world economy is in turmoil like it is now someone who invested in bitcoin in the past will definitely find it very helpful, and that means bitcoin also helps restore the world economy.
sr. member
Activity: 1708
Merit: 308
Leading Crypto Sports Betting & Casino Platform
October 15, 2021, 02:14:22 AM
Well am glad to hear this, reason why btc is a good substitute for fiat, in the case where fiat fail to meet all requirements of it's citizens btc will be a fine substitute to such country from their dying currency,  this must mean the Cubans must need a huge amount of their dying currency to buy btc otherwise how else will they be able to get hold of btc, Am just wondering  Embarrassed

See? Bitcoin is already spreading widely, now a lot of Cubans and Venezuelans are already experiencing what Satoshi wanted for all of us. Bitcoin is indeed a big help for everyone anywhere in the world, even in remote areas.
Because of inflation, fiat currencies nowadays doesn't make that much of a living, people need other income that has great value like bitcoin.

I just hope though that their government will allow and won't intervene about the usage of bitcoin in the said countries. If their government is pro-bitcoin then there will be no problem unlike China.
legendary
Activity: 3710
Merit: 1756
Non-custodial BTC Wallet
October 11, 2021, 02:59:38 PM
So this is already moving into the format of the usual use of crypt, as in many other countries. This has nothing to do with saving the economy, "it just means that cryptocurrencies, not bitcoin or some other kind, but all crypts, went to the masses, and the market adapted to their appearance, as a means of payment, or as a payment surrogate that suits many

If "saving the economy" means saving the interests of central banks and the politicians, then Bitcoin is not suitable for that purpose. Venezuelans use Bitcoin just because their own national currency is worthless. The ruling elite has other ways to take care of their expenses and to maintain their wealth, but for the vast majority of the ordinary Venezuelans that is not the case. With the annual inflation nearing 10,000%, they are desperate to save their wealth. Other assets like gold and platinum are not readily available there and even if the are available, the threat of confiscation will be there.

Some time ago I heard that the adoption of bitcoin, attention as an OFFICIAL means of payment, will help stabilize the situation in the country's financial market. This is about Venezuela. And then something similar appeared about Cuba. That is why I could not understand HOW it will help the ECONOMY !? This will not help the economy in any way, but it can give the population an opportunity to earn a little, with a reasonable approach (do not forget about the volatility of this market). The crypto has the advantage - you can get it without paying attention to yourself as with a bank transfer, it is safer to store than gold ...
full member
Activity: 1932
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★Bitvest.io★ Play Plinko or Invest!
October 10, 2021, 11:45:46 PM
So this is already moving into the format of the usual use of crypt, as in many other countries. This has nothing to do with saving the economy, "it just means that cryptocurrencies, not bitcoin or some other kind, but all crypts, went to the masses, and the market adapted to their appearance, as a means of payment, or as a payment surrogate that suits many

If "saving the economy" means saving the interests of central banks and the politicians, then Bitcoin is not suitable for that purpose. Venezuelans use Bitcoin just because their own national currency is worthless.
Yup if their currency is still standing High till now , I'm sure bitcoin will not enter their economy this big because surely they will prioritize using their respective fiat than this virtual money.
Quote
The ruling elite has other ways to take care of their expenses and to maintain their wealth, but for the vast majority of the ordinary Venezuelans that is not the case. With the annual inflation nearing 10,000%, they are desperate to save their wealth. Other assets like gold and platinum are not readily available there and even if the are available, the threat of confiscation will be there.
10,000% annual inflation ? damn that is the lowest dropping country in the world now.
 Yes Venezuela is just going to what they can only afford now.
legendary
Activity: 3136
Merit: 1343
Leading Crypto Sports Betting & Casino Platform
October 10, 2021, 11:13:09 PM
So this is already moving into the format of the usual use of crypt, as in many other countries. This has nothing to do with saving the economy, "it just means that cryptocurrencies, not bitcoin or some other kind, but all crypts, went to the masses, and the market adapted to their appearance, as a means of payment, or as a payment surrogate that suits many

If "saving the economy" means saving the interests of central banks and the politicians, then Bitcoin is not suitable for that purpose. Venezuelans use Bitcoin just because their own national currency is worthless. The ruling elite has other ways to take care of their expenses and to maintain their wealth, but for the vast majority of the ordinary Venezuelans that is not the case. With the annual inflation nearing 10,000%, they are desperate to save their wealth. Other assets like gold and platinum are not readily available there and even if the are available, the threat of confiscation will be there.
legendary
Activity: 3710
Merit: 1756
Non-custodial BTC Wallet
October 10, 2021, 10:45:52 AM
Crypto is used widely in Venezuela, we have heard of some news before 2017 that there are already resorts accepting DASH in there. It's best for them to just accept crypto directly without fiat for there is a chance of them making more money when prices spikes.

I don't know about Cuba but probably increasing as well. The rise of cryptocurrency use in the country has led the government to kill switch the internet back when there was an SOS trending during the surge of Covid19 infection.

So this is already moving into the format of the usual use of crypt, as in many other countries. This has nothing to do with saving the economy, "it just means that cryptocurrencies, not bitcoin or some other kind, but all crypts, went to the masses, and the market adapted to their appearance, as a means of payment, or as a payment surrogate that suits many
legendary
Activity: 2338
Merit: 1838
Leading Crypto Sports Betting & Casino Platform
October 09, 2021, 08:24:25 PM
And who of the participants in this topic can provide evidence / arguments that the use of bitcoin as a means of payment really helped the country's economy, and did not become, such a distraction, in a situation where there are no good solutions? Changing the type of means of payment cannot correct the fundamental problems of the country's financial system and its economy. And this type of problem is the key problem for Venezuela and Cuba.
As Venezuelan living in Venezuela. I believe Bitcoin and other crypto assets are not a panacea for our economy (perhaps it was never supposed to be one in the first place), however it does help us to manage our few savings not only against inflation but also against crooks and crooks in uniform thanks to self custody.
There have been many cases of people getting out the country though airports are getting their money and even gold stolen by officials claiming whatever BS they want in order to justify their theft. Bitcoin solves that.
The amount of corruption one can see here it is so big that people can sleep tighter holding Bitcoin than having their USD cash under the mattress (A friend of my family got their money robbed while doing that) or precious metals (I was personally extorted by military to hand over a silver coin).
So even though Bitcoin may not have a big macroeconomic impact in my country, I am happy enough with the fact it has a positive impact for ones who give it a chance here.

Thank you for your answer, it is very pleasant to communicate with a direct participant in this process!

The question is - why, for example, you are not satisfied with the US dollar or, for example, the EU euro? They are quite stable. They can act as a means of accumulation and storage. Yes, they do not give a x10 chance of growth, but there is also no x10 chance of a loss. The only caveat is that there may be difficulties with the enrollment and withdrawal of these funds. But the withdrawal of funds from the sale of bitcoin from script exchanges can also be blocked very quickly. As for me, there was just a change of some "pieces of paper" for "electronic pieces of paper", and the complexity and risks associated with their use have not yet been "appreciated"

Strong FIAT like Euro and USD have become common here for daily transactions, as I mentioned. I personally don't mind much, it has given us some stability after all at a big cost of course. I personally hold my few satoshis as a long time investment, since I have in a position I can have some bucks lying around doing nothing. When something serious happen and I need to sell, I am supposed to use and exchange, yes.
The situation with the USD in cash here is that we Venezuelans use social media to let know all your contacts we are selling USD cash. It is not strange here to see people announcing in Whatsapp, Facebook, ect "Selling 10$", "Selling 50$" or " Buying 40$". I don't know about you, but I personally prefer to deal with some exchange instead lettling know a bunch of people that I am dealing with cash and how much.

While I am here in this country, I everytime someone ask me about money I always tell them I am broke.

And about the risks, I believe one needs to stay correctly informed about how Bitcoin and other cryptocurrency work and are supposed to move and be used. Gladly here in Venezuela one can find some businesses like restaurants, candy shops, ect that directly accept crypto with no FIAT bridge.

It could not have been better expressed, it is a reality that everything related to crypto and foreign currency is the infallible option of Venezuelans, it is also necessary to emphasize that the US dollar is what is most handled in the country, and in the border area with Colombia handles both the Colombian Peso (COP) and the dollar.

It is also very common to exchange Bs in transfer to buy USD, and at a black market price, not at the normal price that is handled when you search in google.

Bitcoin clearly represents the way out of the crisis, but not everyone knows BTC and as he has said before, if you have a fraction of BTC saved and you have an emergency, that fraction of BTC is used without thinking, because apart from everything, any service is as expensive as in Ibiza here, showing that 1000USD to 10000USD is not so much money in Venezuela, because it can be easily spent without realizing it, some people are like that, as well as others who with 100USD work miracles to survive.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
October 09, 2021, 07:17:48 PM
Strong FIAT like Euro and USD have become common here for daily transactions, as I mentioned. I personally don't mind much, it has given us some stability after all at a big cost of course. I personally hold my few satoshis as a long time investment, since I have in a position I can have some bucks lying around doing nothing. When something serious happen and I need to sell, I am supposed to use and exchange, yes.
The situation with the USD in cash here is that we Venezuelans use social media to let know all your contacts we are selling USD cash. It is not strange here to see people announcing in Whatsapp, Facebook, ect "Selling 10$", "Selling 50$" or " Buying 40$". I don't know about you, but I personally prefer to deal with some exchange instead lettling know a bunch of people that I am dealing with cash and how much.

While I am here in this country, I everytime someone ask me about money I always tell them I am broke.

And about the risks, I believe one needs to stay correctly informed about how Bitcoin and other cryptocurrency work and are supposed to move and be used. Gladly here in Venezuela one can find some businesses like restaurants, candy shops, ect that directly accept crypto with no FIAT bridge.
We in Ukraine also once had a time with galloping inflation and multi-million dollar salaries, fortunately we survived these times, and we live in a world that is not the most stable, but already more predictable. I sincerely wish that everything will change for the better for you, and the existing problems will be fundamentally resolved!

Thank you and I hope you can also solve your problems with Russia and NATO.

If you ever have any question about Venezuela feel free to ask.
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