Cuba one of the reason for bitcoin rally

BrewMaster

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Quote from: akirasendo17 on November 11, 2020, 08:10:00 AM

We all know that when Paypal announce they allow to buy and hold bitcoin, many have speculated that bitcoin price will move upward and it did,

wrong. bitcoin was already on the rise when Paypal made the announcement!

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we all know that other countries crack cryptocurrency, arresting people who use it,

wrong. 98% of the world only arrest criminals and also they aren't against cryptocurrencies at all to arrest people just for using it. you may be confusing arresting ICO scammers, tax evaders, drug dealers, money launderers,... with arresting regular people for no reason!

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regulations are the one stopping people to know about bitcoin,

wrong. if anyone wants to "know about bitcoin" all they have to do is to search about it. the only thing preventing them is their lack of interest or laziness.

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but in Cuba, there is no regulation, people are free, and allow people to buy, without restriction that is why it also help bitcoin rally
here is the source of the news:

in my experience when there is no regulations in a country about something, it means that thing is not used that much to demand regulations.

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Cuba has a population of around 11M people, with an average salary of 879 Cuban pesos per month (https://tradingeconomics.com/cuba/wages), something in the range of 33$/month. Not numbers that are seemingly likely to make much of a dent in BTC price in the best case scenario.

Besides, increases need to have some sort of measurement in absolute terms to compare with. Large increments are easy to achieve when the baseline is low (i.e. going from 1000 users to 2000 users x2 is not the same as going from 100.000 users to 200.000 users in terms of representativity).

Cubans are trying to bypass economic sanctions using platforms such as Bitremesas (referenced in the article, and basically consisting on people sending BTC from outside Cuba to Bitremesas, where someone purchases the BTCs (after winning the auction for it), and sends/takes the more or less equivalent amount money in their local currency to the final recipient). Being a new business, and being a way to get money into the country, it’s pretty easy to grow x2 each month. That does not denote any sort of heavy mark in the big picture. The article seems overly exagetated in terms of real impact on BTC.

cabron

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Quote from: Darker45 on November 11, 2020, 08:53:52 AM

Probably, but it cannot be the sole reason. Well, there wasn't a single specific reason for the bull run. There are definitely a lot of factors involved which might include the recent surge of Bitcoin demand in Cuba, the entry of institutional money, the green light from Paypal, and so forth.

Anyway, deregulation is much better than erroneous regulation but I guess we cannot see governments taking steps backward in handling the rising popularity of Bitcoin and cryptocurrency. Regulation is certainly the way to go for majority of countries. Bitcoin has been in the mainstream for quite some time now. It cannot just be allowed to freely thrive without being put under a certain amount of control.

When it's erroneous or there are loopholes to the regulation, they will just fix it. When they say all governments are authoritarian, it's true because they all want control. Even when the countries are adopting BTC, there are regulations to it.

Quote from: sujonali1819 on November 11, 2020, 09:05:57 AM

I don't know about Cuba before seeing this post.

What I guess about the reason for the rise of bitcoin price are sleeping for long time, halving, some good news, for example, PayPal accepts bitcoin, etc, But it could be also a reason but not only one reason. Actually, the world is going to be more modern-day by day, people are also smart to smartest, more people are knowing about bitcoin, some countries also start accepting bitcoin. So it is actually high time to surge bitcoin in price.

That is also true. There are just more people today who learned about BTC thanks to Paypal who help spread the word. Cuba is a popular country actually, I'm sure most of us heard about Narcos.

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I'd say: "Cuba one small reason for bitcoin rally"

Yes, I agree that although the use of bitcoin is booming in Cuba, the impact on the global market is limited.

What does seem clear is that interest in bitcoin is increasing worldwide.

sujonali1819

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I don't know about Cuba before seeing this post.

What I guess about the reason for the rise of bitcoin price are sleeping for long time, halving, some good news, for example, PayPal accepts bitcoin, etc, But it could be also a reason but not only one reason. Actually, the world is going to be more modern-day by day, people are also smart to smartest, more people are knowing about bitcoin, some countries also start accepting bitcoin. So it is actually high time to surge bitcoin in price.

Darker45

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Probably, but it cannot be the sole reason. Well, there wasn't a single specific reason for the bull run. There are definitely a lot of factors involved which might include the recent surge of Bitcoin demand in Cuba, the entry of institutional money, the green light from Paypal, and so forth.

Anyway, deregulation is much better than erroneous regulation but I guess we cannot see governments taking steps backward in handling the rising popularity of Bitcoin and cryptocurrency. Regulation is certainly the way to go for majority of countries. Bitcoin has been in the mainstream for quite some time now. It cannot just be allowed to freely thrive without being put under a certain amount of control.

cabron

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If it's not regulated in their country, could a US IP address register to their exchanges like Qbita and without KYC?

Their country didn't deregulate but they have not regulated Crypto ever since. I doubt there will be deregulations that will happen to any country. Once they started adding laws for it, there will be more laws coming. Its laws that make us civilized.

BIT-BENDER

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I am free to buy and sell bitcoin in my country, no restrictions at all, so its not cuban uniqueness, and to be clear cuba did not cause the pump, but a faded restrictions on Bitcoin, in sells, buys and uses can create pumps on Bitcoin price but for some time, if the bitcoin restrictions fades completely so does its misconceptions and misinterpretation by the people and bitcoin adoption goes to the roof, there won't be need bitcoin price to fiat.

SquirrelJulietGarden

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It is what the article wrote for Cuba's trading volume on Qbita exchange.

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“Bitcoin usage and volume in Cuba is exploding right now,” said Mario Mazzola, founder of Qbita exchange. According to the executive, Qbita’s trading volumes in October were equal to the total volumes of September, August and July combined.

It is an explosion in volume but how big the volume in Cuba is and how big it is in October?

I can not find the Qbita exchange on Coinmarketcap or Coingecko. With Google I see this one: https://qbita.org/ (is it the exchange in the article?)

The article told us that Google search (queries) increased but it can not tell us the usage or volume is rising.

If the volume in Cuba is small, the rise only has its meaning in the nation, not in the global trade of bitcoin.

mocacinno

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I live in western Europe, my country nor the other countries close to mine "crack cryptocurrency", "arrest people who use it" or "stop people to know about bitcoin". I think most of the American countries are in the same boat...

Sure, some western governements don't like crypto, they'd rather see it regulated or dissapear, but they defenately don't crack down, arrest or censor crypto mining or usage.

Sure, some other countries might actually do those things, but there are more than enough countries that leave crypto users alone, so i don't think the fact that cuba is also indifferent towards crypto doesn't have a major effect... This fact alone is most likely not the driving force behind bitcoin's upward trend

akirasendo17

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We all know that when Paypal announce they allow to buy and hold bitcoin, many have speculated that bitcoin price will move upward and it did, but why is Cuba is one of the reason, we all know that other countries crack cryptocurrency, arresting people who use it, regulations are the one stopping people to know about bitcoin, but in Cuba, there is no regulation, people are free, and allow people to buy, without restriction that is why it also help bitcoin rally
here is the source of the news:
https://cointelegraph.com/news/cuba-s-exploding-crypto-interest-comes-amid-an-absence-of-regulation
do you think that deregulation will help us reach another all-time high?

Topic: Cuba one of the reason for bitcoin rally (Read 150 times)