It sucks that the country is in the shape that it's in,
No, actually that is the bitcoin advantage there and it is the major reason cryptocurrency became embraced in Venezuela. If their currency didn't sink abysmally, bitcoin and Petro wouldn't have had this level of breakthrough they are recording now. A man who is down fears no fall - That's the case with Venezuelans trying out the crypto route. 
Topic: The weekly trading volume of bitcoin in Venezuela reached $ 55 million. - page 2. (Read 291 times)
April 18, 2018, 05:08:51 AM
April 18, 2018, 04:53:16 AM
Very good news for crypto currencies !!!
April 18, 2018, 04:47:44 AM
That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
Yeah, it is really awesome and I hope things get to improve in a very good way for their economy based on how some other countries in the same shoes where inflation has really dug so deep in the system. Still, based on the stuff you raised, it would actually be very insane of the government to think they would want the petro currency to just be the only currency in circulation within the country without considering how that would even affect them negatively.They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
It is good the way they are allowing things to be for now, as over time, i am sure they will get to see the impact themselves, and if lucky for them, petro ends up growing in value, good for them but I want to believe the petro will not make much impact as it is still centralized anyway, so what makes it different from experiencing the same fate as the fiat system ?
April 17, 2018, 08:47:41 AM
I think it may actually be because of Petro that bitcoin adoption is growing this much in Venezuela!
Yeah I guess you could look at it that way. I mean, it looks like Bitcoin has always been popular in Venezuela, but if nothing else, Petro basically cemented the fact that their government is completely open to Bitcoin and its use. I also see Petro being talked about as Venezuela's Bitcoin every now and then, so I'm sure it's increasing awareness.
Local residents pay through BTC to meet daily life needs!
It's probably not as widely used as people imagine. There's a huge black market for foreign currency there. It looks like things are about to change quickly though.
April 17, 2018, 04:03:04 AM
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
I think it may actually be because of Petro that bitcoin adoption is growing this much in Venezuela!
whenever they are advertising their Petro coin they are also advertising the blockchain technology and the thing that started it all meaning bitcoin. also they have been educating people a lot over the past few months with a lot of programs in their country and that helps with the awareness and knowledge about blockchain technology and also bitcoin.
on top of it when people learn more and see the differences that a decentralized currency like bitcoin is offering they will surely want to get involved with it. as a result we have this kind of big surges in adoption.
April 17, 2018, 03:57:03 AM
That's just on LocalBitcoins... Is that the only exchange people from Venezuela can use or do they also have access to other exchanges (without using a VPN)?
Also checked their volume on Paxful, but that's negligible and not up-to-date it seems.
I sense a major bull run coming in the next couple of weeks/months
Also checked their volume on Paxful, but that's negligible and not up-to-date it seems.
I sense a major bull run coming in the next couple of weeks/months
April 17, 2018, 03:26:45 AM
According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)
Source: https://coin.dance/volume/localbitcoins/VEF
Source: https://coin.dance/volume/localbitcoins/VEF
This is a very good news to all of us. Sooner or later more countries will adopt not only bitcoin but other crypto as well. This is just the beginning, there's still so much more that can happen with regards to the technology brought by bitcoin and the blockchain. I can just imagine how convenient and comfortable it will be if every people here on earth will just use crypto as mode of payments to everything whether it will be goods or services. Lower fees and faster transactions should be the main focus of development when it comes to the use of cryptocurrencies.
That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
ACWA Power, the Saudi-based developer, owner and operator of power generation and water desalination plants, will now start using SolarCoin, the first time a utility-scale company will adopt the global reward programme for solar electricity generation. This technology can really create more innovations and applications in the future. I'm really looking forward for new inventions and applications that will be created in the future using the blockchain technology.
Let's all be ready to embrace a very bright and promising future of cryptocurrencies few more years from now.
April 17, 2018, 03:25:37 AM
Venezuela's economy has collapsed, and their fiat money is worthless.
Local residents pay through BTC to meet daily life needs!
Many BTC minerals are also in venezuela!
Local residents pay through BTC to meet daily life needs!
Many BTC minerals are also in venezuela!
April 17, 2018, 03:09:46 AM
That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.
April 17, 2018, 02:41:20 AM
According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)
Source: https://coin.dance/volume/localbitcoins/VEF
Source: https://coin.dance/volume/localbitcoins/VEF
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