Topic: BTC is helping out Cubans and Venezuelans - page 4. (Read 990 times)

On September 15, the regulations that regulate the use of crypto assets in Cuba and the granting of licenses for financial exchange and payment operations came into force.

It is the principle for Cuba to improve its economy and the quality of life of its inhabitants. Once launched, the best thing is for its inhabitants to learn to take advantage of what the law offers them. I want the government of Cuba to be a leader in this regard and that everyone has their opportunity.

On the other hand, in Venezuela we have a regulation of crypto assets that came into effect on January 31, 2019 and the Venezuelan population has not reacted in masses, only some sectors have taken the initiative to include crypto assets in their economic activities.

The reason I can think of lack of promotion of the government to make use of the regulations of cryptoactives in the country.

https://www.vtv.gob.ve/gaceta-oficial-ley-criptoactivos/

For a country, it's difficult to see it that it will come from them that they're adopting. Although there were countries that are pro bitcoin already and it never stops to see those countries turning to be kind to bitcoin because they're seeing the positive sentiment and impact of it.
They're not willing to take the risk because on their side, they have to protect their economy from such high volatile asset.

for a person maybe the presence of bitcoin can help in a good direction, but for a country with having to legalize bitcoin immediately, I don't think it's an easy way. Moreover, we know that only a few countries have legalized it, while we also need international relations with other countries. Of course the government will calculate the risks and rewards for this

You can't just tell that they should adopt it right away. There's a process for everything and if the people are the ones adopting it and there's no government intervention then that's a better thing.
As long as the government doesn't stop or discourage these people to get along with btc, that's totally fine.

in theory this seems very reasonable and in fact it is true that way because indeed with this bitcoin everyone, especially investors who are in bitcoin, will have the option of transacting because there are two choices, namely fiat and bitcoin.
and of course I think most people will choose bitcoin because as you mentioned they can at least avoid the extra fees that will be added when transacting via fiat.
although there must be people or some who oppose this because they are suspected of avoiding excessive taxes and will definitely refer to the assumption that bitcoin is one of terrorist propaganda

I don't know how it become always useful to the countries that are struggling hard for their economies like Cuba and Venezuela. They are actually rich but they have been ruled by corrupt leaders bringing them to suffer and put in poverty.

Even they adopt Bitcoin, I still don't think if this will be the solution to their economic problem coz ever since this was not. Might this could give an opportunity for the jobless people, for those who want to invest to earn some money but this seems so hard for those who really don't have any.

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.

Thanks again ! This answer of yours is perhaps the most valuable in the entire thread - a brief and full description of the situation in general. Well, as a result - from bitcoin, as a means of payment, there is more hype than mass, real, benefit. On the other hand, the empty little, but the accumulation of crypt can become a very useful helper in the short term - the crypto market still allows you to earn money, and even if only 1 in the family will earn on this, but this means that the whole family will live easier. 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!

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.

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"

Do you expect normal citizens in an oppresing political system to "improve the financial system" ?
Closest thing we have managed to do here is impose the USD as de facto common currency besides de Bolivar, even with a higher adoption of the BTC by the people (how is currently happening) that won't change the situation for many of the people here while we have the same useless people leading the country.

For instance, there is a good reason the government can't legalize as currency USD or BTC here: they can't pay public workers in neither of those currencies, and a good percentage of the workers here are public ones, I'd dare to say over 40%-50%. The rules knows they do not hace the liquidity to pay them so they allow the dollar and BTC to gain adoption while continue to pay the 50% of the workers in worthless FIAT (about 2$ monthly is the min wage, private workers receive more).

I have known personally teachers from public universities who literally work for free (a few of dollars month pais in Bolivars) and do not quit their job in order to accumulate enough years of service to qualify for social security (hoping in the future when they are elderly, it may be helpful under a different administration) or simply out of stubbornness because they have been doing that job for more than a decade. Of course, most of them get another job with a private employee, but still, they work for free and the government knows but do not care, it is better for their plans that way.

This is something I agree with. What's the point now that it's been legalized? They have a high rate of inflation, which reduces the value of their fiat currency. I haven't read anything about how they plan to improve the financial system; all I know is that they have legalized it or that bitcoin will fill the void. I think I'll do some research on this and get back to you if I find anything., I'm just upset about it because they haven't provided any justifications.

It has come handy as well to receive money from abroad in exchange of some oddjobs many people do here or even remitances.
To put you in context, many people here has had problems with Paypal, because this is problaby one of the few countries on the planet that do not provide us with credit cards in USD (we used to have credit cards in Bolivars but the inflation rate used to go way faster than the interest of the cards so the bankers ended up losing money with them, there was a time people used their credit cards as much as possible to buy food and paid the minimum to the banks for the loan, expecting the inflation to eat it all away) so since we dont have credit cards, we can't bind one with Paypal, taking the risk to have our money frozen, seized or our accounts closed without reason. With a good crypto-wallet we do not need to be afraid of it and we can sell for local FIAT in case of an emergency fairly quickly thanks to the high liquidity of the market.

It is easier to see the adventages of blockchain technology and decentralizaction when one is in a situation like this one, almost defendless, in my opinion.

this is really great to hear from a person who is a resident of the country that we are talking about. at least, get your insights on how btc is helping ordinary citizens in that country. as we don't know the exact usage of btc from your end, we are getting the glimpse of how btc is giving some peace of mind to those crypto holders in your country. this is a testament that a lot here don't see it as an advantage because they are not experiencing such situation. but for residents like in your country, it is a big deal to avoid extortion from supposedly protectors.

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.

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.

Cubans and Venezuelans only Bitcoin can really make their lives better. and There's more good to countries that use Bitcoin as a medium of exchange than bad, even with the volatility attached to it making it seem like it wouldn't be okay to use it instead of Fiat. but according to my reading a lot of news Bitcoin has become very popular for these two countries and their life bitcoin is a part of it.

I think that the main thing that you should take into account for such a course is that they teach you to understand the market, because only technical analysis I do not recommend, because in any social network you can find any free course where they teach indicators, technical tools. And the market must know how to understand it to make a good technical analysis, since the market has influences from corporations, institutional investment, investors, whales, by understanding such acts that they can do, technical analysis has a better effect on commercial decisions. . Of course those who are most happy are those who bought cheap, but in any case it is exciting that BTC rises, because not only is the effect of BTC, it is also the effect it has on other altcoins, and everything is a total effect on the market depending on the investment.

According to one of the best price prediction models is the S2F, and it is a very successful model and states that the first target is for $ 100k, and the second target is $ 288k, so knowing this, it is likely that if BTC it goes up to more than $ 64k many will be happy, and when it goes up to $ 100k it will be a total madness of joys on the part of many people in the world.

Given the fact that people need to realize that whatever is being felt in Venezuela or in Cuba at this time, we hope that the problem is only one, all must recognize Bitcoin is not just for people. for the big holders, but we all should remember that When the digital economy is only for growth thanks to the account investors, we can determine that Venezuela gets there too, Yes, I think thanks to BTC that makes them out of poverty and progress

Well there in that statement I support you, the only thing is that those who can gradually accumulate some BTC even if it is very little will do it, if those people have more than 60 years without money, I think that 3 years or 4 years saving from very little I'm sure they will.

Regarding the opportunities they have to obtain BTC, I think they will be the same as everyone has, the only thing is that in Cuba everything can be controlled even by the internet, and those who do not adapt to the conditions offered by the government I think they will be of Similarly punished, I think that in Cuba the use of VPN will grow a lot so that they can carry out BTC transactions and thus can overcome the prohibitions that the government has on them.