The weekly trading volume of bitcoin in Venezuela reached $ 55 million.

stompix

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Quote from: Pursuer on April 25, 2018, 01:00:01 AM

Quote from: stompix on April 21, 2018, 09:21:05 AM

Which was another round of fake news with no support.
Those claims about Zimbabwe using bitcoins for purchases appeared when the average tx for a bitcoin transaction was over 10$. How could somebody in a country that has a media wage of 300$ pay 10$ for a purchase?

but about this I have to say the way I have heard Venezuelans are using bitcoin is to use it to import stuff like food to their country. they mine bitcoin with cheap electricity and in some cases underground and then use the rewards to purchase goods and have them sent to a place nearby and them bring it in their country and sell it to people.
$10 or even more fees don't matter for them because the profit is good enough to cover that.

good catch on the volume thing by the way but it is worth mentioning that this volume has grown from 0-20 bitcoin in one week at 2017-12 to 500-800 bitcoin per week in past 4 months. that is a huge growth.

Common, underground?
This is too Mad Max even for Venezuela.

There might be cheap energy but it's only cheap below a certain number of kwh, plus there are so many blackouts and problems with the grid that will burn your miner in a couple of days.
Besides, how could individuals buy miners if the cost is in $ and their bolivar is useless, the average wage is well below 100$ a month, how could they dream of buying a miner?
The only ones doing this are those able to get $ and have friends at the customs, or ....exactly the people that are to blame for the situation the country is in right now.

And although trade in bitcoin really exists it is blown out of proportion.
Venezuela has 31 million inhabitants, if each of them would make one single TX , it would mean 150 days of full blocks:D, so the at current capacity it means itx per person every 6 months, and that if they book the chain for themselves and give the middle finger to the rest of the world.

ps.
I can see that for the last week the volume in bolivar has gone up by 16% but the volume in BTC down by some other 16%, while in USD terms the BTC has gone up only 11% during that period.
That currency is really getting down the drain...

marcbitcoins

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Quote from: Goozzi on 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

This is because Crypto currencies investment is not ban in this country and their president has his own version of Crypto currency name Petro coin. So this will trigger their people to join Bitcoin investments and some of them will work for the bounties in which majority of them will probably to own much numbers of Bitcoins in trading. This progress is good especially if Bitcoin has no tax in their country.

Pursuer

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Quote from: stompix on April 21, 2018, 09:21:05 AM

Which was another round of fake news with no support.
Those claims about Zimbabwe using bitcoins for purchases appeared when the average tx for a bitcoin transaction was over 10$. How could somebody in a country that has a media wage of 300$ pay 10$ for a purchase?

but about this I have to say the way I have heard Venezuelans are using bitcoin is to use it to import stuff like food to their country. they mine bitcoin with cheap electricity and in some cases underground and then use the rewards to purchase goods and have them sent to a place nearby and them bring it in their country and sell it to people.
$10 or even more fees don't matter for them because the profit is good enough to cover that.

good catch on the volume thing by the way but it is worth mentioning that this volume has grown from 0-20 bitcoin in one week at 2017-12 to 500-800 bitcoin per week in past 4 months. that is a huge growth.

ene1980

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Quote from: Veterock on April 21, 2018, 07:52:37 PM

How funny it is when people in the country have nothing to eat, but the volume of the cryptomarket is growing up!

It was a country which was oil rich and because of their governments inability and the policies they made brought the country to its knees and so is the reason there is poverty and lack of job and because of their inflation rate more people are turning to bitcoin and so is the reason we are seeing more volumes.

Bitmore1

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Quote from: timerland on April 24, 2018, 03:03:14 AM

Quote from: Goozzi on 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

We're seeing a huge trend in people moving to P2P trading, after the centralized exchanges have underperformed to expectations.

Also, Venezuela is an extremely interesting case, because its country is in economic turmoil, and bitcoin is used to store people's wealth for the long term. It's no surprise honestly that the volume is picking up.

I expect the figures for BTC volumes in Venezuela to continue to go up. Only nations that are affected by an economic crisis will realize what BTC can truly bring as a stable long term store of value. Again, things like this make me believe in BTC's long term growth.

.

Yup, and combine all you just said with the fact Venezuela has one of the largest oil reserves in the world, and we are talking about a new world power, along with BTC gaining soo much value John Mcafee will grow a second dick!

Bitmore1

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So Venezuela has an economically collapsed communist socialist system, one of the largest oil deposits on the planet, and is embracing crypto and specifically Bitcoin. What a combination!!

And the BRICs nations (Brazil, Russia, India and China I think) are attempting to pry the oil market out of the control of the USD.

Could you imagine if the Petrodollar was replaced by the BTC as the preferred currency (reserve currency) to buy and sell the world's energy? Roll Eyes

STT

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Quote from: Netnox on April 21, 2018, 09:31:34 AM

First of all, we don't know whether these figures are accurate or not. And secondly, trade volume of $55 million represents a daily volume of around $8 million. I just checked coinmarketcap, and according to that site, this amount represents less than 0.1% of the global Bitcoin trading volumes.

Comparison must be made to the population of that country. Also its bullish overall if a crypto standard proves itself useful, as a demonstration or example for larger markets its quite important. The deal with Japan was important because its such an advanced wealthy country but its easily arguable that Venezuela is far more in need of a system that works no matter what as people genuinely will require to purchase food with it. Lets hope Bitcoin stands up and shows itself with high utility and low cost vs FIAT problems, this is genuine growth potential not speculation so really good to see imo.

Febo

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Quote from: Goozzi on 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

Ofcourse value on Bolivars is going up if they have high inflation. If inflation was 100% then has to double to keep the same ratio of trades.

Switch to BTC and you will see last April was record. https://coin.dance/volume/localbitcoins/VEF/BTC Seems April is time when Venezuelans need most BTC

timerland

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Quote from: Goozzi on 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

We're seeing a huge trend in people moving to P2P trading, after the centralized exchanges have underperformed to expectations.

Also, Venezuela is an extremely interesting case, because its country is in economic turmoil, and bitcoin is used to store people's wealth for the long term. It's no surprise honestly that the volume is picking up.

I expect the figures for BTC volumes in Venezuela to continue to go up. Only nations that are affected by an economic crisis will realize what BTC can truly bring as a stable long term store of value. Again, things like this make me believe in BTC's long term growth.

Veterock

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How funny it is when people in the country have nothing to eat, but the volume of the cryptomarket is growing up! Grin

Netnox

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First of all, we don't know whether these figures are accurate or not. And secondly, trade volume of $55 million represents a daily volume of around $8 million. I just checked coinmarketcap, and according to that site, this amount represents less than 0.1% of the global Bitcoin trading volumes.

stompix

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Quote from: EzzNju on April 18, 2018, 12:01:30 PM

Venezuela is the most committed country partaining adoption on crypto currency...with the oil wealth in venezuela,more and more money will be invested in bitcoin particularly,.good news..

Oil wealth? What oil wealth? What money?
https://panampost.com/sabrina-martin/2018/01/04/new-monthly-minimum-wage-in-venezuela-barely-enough-to-buy-daily-cup-of-coffee/

This wealth?

Quote from: darewaller on April 20, 2018, 01:42:17 PM

Quote from: bengca84135120 on 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!

This is just the same exact incidence that is happening in Zimbabwe and it is good because it is obvious that the real life usage of bitcoin ........

That reminds me of how Zimbabwe has really been using bitcoin a lot for transaction purposes than one can imagine which has made the value to shoot higher than normal in this place than other places globally. It is a good thing to know bitcoin is really making huge impact.

Which was another round of fake news with no support.
Those claims about Zimbabwe using bitcoins for purchases appeared when the average tx for a bitcoin transaction was over 10$. How could somebody in a country that has a media wage of 300$ pay 10$ for a purchase?

Those are just exaggerations that have so little truth in them like the FUD about countries banning coins.

Quote from: ?? on ??

I am surprised Venezuela has 55 million worth of liquid cash to make such a trading volume. The country is in an exteme economic fall right now isn't it?

Read my post above and divide the number by 10. Wink

darewaller

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Quote from: bengca84135120 on 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!

This is just the same exact incidence that is happening in Zimbabwe and it is good because it is obvious that the real life usage of bitcoin as a currency is actually going to be helping a whole lot of things and most especially could help make the countries that have experienced a high level of inflation and dead economy to in a way revive their economy. However, we know corruption made these systems this way, and the citizens finding freedom from the problem their own government has placed them makes it awesome.

It is good to know that citizens from these countries where there has been huge inflation with an extremely dead fiat system are beginning to find solace in the usage of bitcoin. That reminds me of how Zimbabwe has really been using bitcoin a lot for transaction purposes than one can imagine which has made the value to shoot higher than normal in this place than other places globally. It is a good thing to know bitcoin is really making huge impact.

EzzNju

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Venezuela is the most committed country partaining adoption on crypto currency...with the oil wealth in venezuela,more and more money will be invested in bitcoin particularly,.good news..

Supercrypt

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Quote from: PsylockReborn on April 17, 2018, 03:26:45 AM

Quote from: Goozzi on 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

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.

It is good news indeed. The real life case actually started with the way the Zimbabweans adopted cryptocurrency to a very large extent, after their currency became extremely useless and worthless and so far, we have been seeing the demand increasing hugely in this region for a while now and helping the citizens in making transactions and most especially international transactions.

It is good the citizens of Venezuela are taking the same path and that shows how impactful bitcoin is being perceived in places like this considering the level at which it is going to help boost the economy, only if the corrupt governments would allow it.

stompix

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Quote from: Goozzi on 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

Sorry to curb your enthusiams, but that's the official rate that is taken into account
Switch to the BTC graph and it shows 652 BTC, that's 5 million.
https://coin.dance/volume/localbitcoins/VEF/BTC

If you go to localbitcoins:
https://localbitcoins.com/instant-bitcoins/?action=buy&country_code=VE&amount=¤cy=VEF&place_country=VE&online_provider=ALL_ONLINE&find-offers=Search

You can see that they are selling coins for 6,700,000,000.00 VEF , that's 134,000 $ on the official rate.

dado7

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Quote from: bengca84135120 on 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!

Although I am very supportive of Bitcoin, it is rough when you have to accept something so volatile simply because you don't have other means.
However, it is a good thing that people found something they can at least remotely rely on. A few years back it was not possible (just consider what Vietnamese people had gone through for instance).

vv181

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As soon as FIAT collapse, decentralized currencies will rise. It is a hard truth that the only thing we need is a trustless decentralized peer to peer currency. Venezuela and Japan are the countries that have been leaping forward toward a better future. I believe governments shall follow the path of both countries.

Rhaizan

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Quote from: jseverson on 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.

It is very awesome in the country of Venezuela.
I see that the government in that country are clearly believes the CryptoCurrency/ Bitcoin and be the way to accepting Crypto and it will help to improve their economy.

Red-Apple

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Quote from: madjpm on April 18, 2018, 04:53:16 AM

Very good news for crypto currencies !!!

not really. it is only bitcoin volume because people are interested in bitcoin and they are being educated about bitcoin and also they see the real potential in bitcoin.
not altcoins! they may go to altcoins to trade them a little but never buy them since they are pump and dumps.

Maestro75

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Quote from: jseverson on April 17, 2018, 03:09:46 AM

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.

madjpm

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Very good news for crypto currencies !!!

el kaka22

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Quote from: jseverson on 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.

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.

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 ?

jseverson

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Quote from: Pursuer on April 17, 2018, 04:03:04 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.

Quote from: bengca84135120 on April 17, 2018, 03:25:37 AM

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.

Pursuer

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Quote from: jseverson on April 17, 2018, 03:09:46 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.

eternalgloom

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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 Cheesy

PsylockReborn

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Quote from: Goozzi on 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

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.

Quote from: jseverson on 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.

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.

bengca84135120

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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!

jseverson

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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.

Goozzi

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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

Topic: The weekly trading volume of bitcoin in Venezuela reached $ 55 million. (Read 291 times)