Topic: the life of the society venezuela depends on crypto (Read 471 times)
Venezuela is deeply efforted with hyperinflation the country is working on bringing cryptocurrencies in mainstream so we can see mass adoption of crypto
Gold and silver or not practical options either .It very hard to hide gold and silver form a the venezuela goverment .They more then likely seize it if they know u had it .It way easier to hide crptocurrency .
I'm curious to know whether the government is doing anything like that. I'm really not into politics or world events, but I've watched a few videos about Venezuela and have read some stuff here. They're going through a hyperinflation situation, which is one of the events that the precious metals shills often use to hype metals.What I'd like to know is whether Venezuelans are using gold or silver as stores of value at all. I suspect that most aren't, because it sounds like most of them are dirt poor to begin with. I have read some articles about Dash being used in lieu of their fiat currency, but I'm not sure how prevalent that is. In any case, crypto is definitely easier to hide from the government if they were intent on seizing assets from citizens.
Does anyone know about asset seizing? I haven't read anything about that.
Its hard to see peoples of venezuela facing this economic crisis. Government should take necessary step to lift that crisis and their solution should not only depending on cryptocurrency because not many peoples familiar with cryptocurrency. Hopely that crisis can be handle
that's right, I've read some articles on this, venezuela is a country that is in economic crisis and sanctioned by the US central bank so that this kills their national currency. Their way out to compete in the world economy is through crypto. Even the president of Venezuela has now legalized the crypto, but it has been prevented by opposition parliament, so that the impact of America does not legalize the digital money coming from Venezuela.
If their own currency is already crashed, then they have very good opportunity to use bitcoin and make it as their first currency, I think that very soon they will be able to restore their economic status, because I am hopeful that bitcoin will really give the financial assistant. 
Venezuela's inflation rate is high, and the country's legal currency has no value at all, so new currency circulation is needed. Although BTC is not the first choice, it is also a good choice.
It's gotten so bad that many Venezuelans have resorted to playing video games such as Runescape to farm gold and sell it on the black market. Your economy is truly screwed if citizens can make more money farming gold on an online job than working in their own country.
Off course in that case Venezuela is having bitcoin as the option. I guess such countries should step froward and get into the crypto currencies for sure. I am not saying that they should be adopting it but they should be bending the crypto assets in the economic circulation they are having and thus that way they can dilute the crisis or the currency devaluation. At least until the situation becomes easy to handle they should add up bitcoin as currencies and as you said they are already into it and trying to get most of the essence from the bitcoin. Thats the currency they should adopt because it has the higher value than their own local currencies.
This here is a very delicate matter, i have been following the news for quite sometime now, the corruption of the govt there lead the citizens to give up on their own currency, for me i think it's a good thing, and if this becomes a success it might lead to a better revolution in other countries facing the same situation, also the stability of bitcoin price might come afterwards.
that's right, I've read some articles on this, venezuela is a country that is in economic crisis and sanctioned by the US central bank so that this kills their national currency. Their way out to compete in the world economy is through crypto. Even the president of Venezuela has now legalized the crypto, but it has been prevented by opposition parliament, so that the impact of America does not legalize the digital money coming from Venezuela.
Venezuela is in a tough situation right now. I hope that their crypto adoption will help them overcome their economic and financial problems and lead them to growth.
If this happens then nations will embrace positively any crypto or blockchain project as their benefits will be shown to the world.
If this happens then nations will embrace positively any crypto or blockchain project as their benefits will be shown to the world.
I am not following what is going on in Venezuela, but I wonder how the economically depressed state can depend on Bitcoin, the price is high and the fluctuations are significant.
Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.
I believe this is a good move to allow the interaction between bitcoin and local currency in a weak economy.Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.
Production rates of some countries and economic measures may not be enough to cut their local currency depreciation.
Adopting bitcoin can be a tool to keep these economies on the right track because bitcoin does not depend on the economy of a country.
Only then will the market adapt and will grow steadily.
Venezuela's inflation rate is high, and the country's legal currency has no value at all, so new currency circulation is needed. Although BTC is not the first choice, it is also a good choice.
I am not following what is going on in Venezuela, but I wonder how the economically depressed state can depend on Bitcoin, the price is high and the fluctuations are significant.
Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.
I believe this is a good move to allow the interaction between bitcoin and local currency in a weak economy.Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.
Production rates of some countries and economic measures may not be enough to cut their local currency depreciation.
Adopting bitcoin can be a tool to keep these economies on the right track because bitcoin does not depend on the economy of a country.
Only then will the market adapt and will grow steadily.
If these news are true, well,is another good news for bitcoin despite bitcoin will banned to other nation will have also nation that truly accepted on bitcoin as subsidy to thier paper money like you said venezuela are depend too.
That is true, i just hope that the prevailance of crypto currency is successful in Venezuela so that other countries will see the benefits of it and not just a stop gap while their fiat is actively recovering. If it does happen, then more and more people will buy crypto currency and actually stabilize crypto currency itself
Venezuela worst affected country in the world in terms of financial crises now crypto is helping the citizens to transit money due to hyperinflation they are suffering most
Bitcoin has been able to make many people financially independent for years, so it would be really helpful for a country like Venezuela where inflation is high. And it's actually going to be helpful if people start investing on Bitcoin, since the prices are recently rising. But it's still quite not so believable that people would actually invest on Bitcoin because the society is till not used to the digital currency system, nevertheless, let's see how they manage their situation.
we know that Venezuela has a political crisis and economic crisis, the Venezuela government is seriously adopting bitcoin well. regulate, process, and develop crypto. so that the crypto world became a protector of the hyperinflation that hit the national currency Venezuela.
devaluation of the national currency that rapidly, even a piece of bread for a week's life has an expensive value. the level of people's differentiation in Venezuela is still high.
and then the crypto world has an important role there, hyperinflation makes people protect the value of their currency by converting into foreign money, items, and crypto. while many countries see that bitcoin is only a speculative asset because of its commodities.
but in Venezuela bitcoin already has the main function of currency that is decentralized and not controlled by the government, so the belief of the people of Venezuela against bitcoin is higher than the national currency.
I've heard about the hyperinflation rate Venezuela has known this last years (I heard 90% I think?) I often give this as an example of how paper money is declining as per Voltaire quote's:"Paper money eventually returns to its intrinsic value -zero".I'm quite happy to see that there is a country that woke up and decided to adopt it in contrary of some countries who doesn't even know what is all about and decide to ban it devaluation of the national currency that rapidly, even a piece of bread for a week's life has an expensive value. the level of people's differentiation in Venezuela is still high.
and then the crypto world has an important role there, hyperinflation makes people protect the value of their currency by converting into foreign money, items, and crypto. while many countries see that bitcoin is only a speculative asset because of its commodities.
but in Venezuela bitcoin already has the main function of currency that is decentralized and not controlled by the government, so the belief of the people of Venezuela against bitcoin is higher than the national currency.
It's a good move to allow the interplay of bitcoin and local currencies in a distressed economy. The production rate of some countries and economic measures may be woefully inadequate to curtail depreciation of their local currencies. The adoption of bitcoin may be instrumental in helping these economies get on track since bitcoin does not depend on a single country's economy.
As far as i now in Venezuela inflation range is too much high because they can't believe fiat money. They love to connect with digital crypto money. Crypto currency is a popular site among them.
Why it wont be. The things is, most of the people in the world who has come in contact with the bitcoin's or any other projects related to it is in love with the crypto currency. Everyone knows how easy it is to work with the bitcoin as compared to the fiat. You can literally earn bitcoin online, invest it and gain profits from it and much more benefits to count on. May be this world ludes people a lot and they start believing the fact that crypto currency is something best and its adoption should be done all over the country or locally with their governments.
Jump to: