Topic: Venezuela Citizens Turn To Bitcoins In Record Numbers (Read 1555 times)
The problem might be and will be for sure the government allowing this to happen, this will mean they loose their power against the people, and i doubt they will allow, but for the people bitcoin will and should help them to store their money being in bitcoins or using it to get dollars.
The Venezuelan government will react harshly, if they perceive this as a method to bypass their capital controls. The Venezuelans are only using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned. 
not going to happen because it is only a temporary increase in trading volume and that is because of the situation bitcoin is in right now. first let the trade volume in Venezuela stay up for a couple of weeks at least then make a conclusion that people are turning to bitcoin as their currency or even investment and government reacting at all!
I promise you next month the volume will be 1/10 of today on Venezuela as soon as bitcoin rise starts becoming slower.
I tend to laugh at these comments. It is like everyone is branding Bitcoin as the answer to all our financial and political woes. It is a step forward but it is far from being the ultimate solution that would straighten up the world into a Utopia. We are now sounding like those stoners who keep saying that "Hemp will save the world" like it was that simple.
Bitcoin alone can't save anyone, but with bitcoin we might influence current rotten economic & banking system based on endless debt spiral and effectively making us slaves in a process.Do you think it is pure coincide that Bitcoin is banned in Bolivia and Ecuador? South American countries are known for their financial instability - authorities fear bitcoin will take power from their hands.
I accept the fact that Bitcoin is a breakthrough and has widened the meaning of how define "money" as Money. Let us just leave it at that first and be here for what it is, a break through and our tour de force and leave politics, the cult like behavior and the utopian fantasies out of it.
Things will evolve and come naturally and I am confident Bitcoin will indeed change the world for better or worse.
The Venezuelan government will react harshly, if they perceive this as a method to bypass their capital controls. The Venezuelans are only
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
Good governments? Where?
I don't believe in democracy because the government is just reflection of the people and people just don't care about bitcoin/freedom or good things
I know their gov't will have any of their citizens killed for any inking of retaliation against them.
The Venezuelan government will react harshly, if they perceive this as a method to bypass their capital controls. The Venezuelans are only
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
Good governments? Where?
I don't believe in democracy because the government is just reflection of the people and people just don't care about bitcoin/freedom or good things
The Venezuelan government will react harshly, if they perceive this as a method to bypass their capital controls. The Venezuelans are only
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
using Bitcoin to hedge against the devaluation of their wealth, not to avoid capital controls. We should rather work with democratic elected
governments to support Bitcoin, not work against them, and in the end having them over regulate the technology or getting it banned.
from me its a wise decesion now all we have to wait is to see the live results of this experiment i know it has 99% chances of being success as venenzula's people at this time needs something which can make them self development other than relaying in banks
What Venezuelans have to go through right now, is really harsh living environments.
The only reason for this is money, or lack thereof. I am pretty sure that most Venezuelans have never heard of bitcoin, but for the few that did,
I hope they can provide a bit better for themselves. The reason why the bolivar dropped is due to Venezuela being a communist country for a very long time.
The only reason for this is money, or lack thereof. I am pretty sure that most Venezuelans have never heard of bitcoin, but for the few that did,
I hope they can provide a bit better for themselves. The reason why the bolivar dropped is due to Venezuela being a communist country for a very long time.
Seeing as how the economy of Venezuela has collapsed, it should come as no surprise that many of the people living in that country have turned to Bitcoin. Venezuela's economy is one of the worst in the world, with more than 80% of the population living in poverty, increasing food shortages, and massive inflation. The country relies on oil as their main commodity, and with oil near their lowest mark, the country is suffering. The Venezuelan people have had enough of their government and their response is to invest in Bitcoins as a way to survive.
Bitcoins are becoming an increasingly popular form of digital currency, especially in areas that are suffering from currency devaluation. Unlike other forms of currency, the bitcoin remains relatively stable and isn't likely to suddenly drop in value at the drop of a hat.
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
It's interesting to hear it.
What about government?
I don't think they will like it.
Also, citizens in Venezuela still have to use local money to pay their bills, food in local stores etc.
I would like to hear some ''first hand'' experiences about it.
Also, where did you find this info?
Can you share some links with us?
this is just another bitcoin news site trying to advertise and promote their own link for some free traffic. also known as click bait
What about government? obviously government never agrees with things like this nowhere in the world!
''first hand'' experiences? like any other place in the world when price of bitcoin went high volumes every where went up too!
Bitcoins are becoming an increasingly popular form of digital currency, especially in areas that are suffering from currency devaluation. Unlike other forms of currency, the bitcoin remains relatively stable and isn't likely to suddenly drop in value at the drop of a hat.
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
It's interesting to hear it.
What about government?
I don't think they will like it.
Also, citizens in Venezuela still have to use local money to pay their bills, food in local stores etc.
I would like to hear some ''first hand'' experiences about it.
Also, where did you find this info?
Can you share some links with us?
Venezuela i do believe is the worst country to try to save local currency because their inflaction that has no control at all, they can spend 1 dollar for milk, next month pay 4 dollars for the same product. Those people need stability and something where they can store their fiat without loose, and i do believe bitcoin is the easy way and dont left a trace, like what gold savings may do.
It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.
So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
I would guess that it would be used by middle and higher class Venezuelans to store value in stead of using it instead of their national currency. So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
Plus, I'd like to see some actual volume from different local exchanges combined.
bitcoin as their national currency
that will never happen!
people from all around the world are investing in bitcoin because it is a good investment and it gives them profit. and a small percentage of them are buying bitcoin for usage.
but as long as local shops are accepting fiat and don't know what bitcoin is it can never become adopted massively.
localbitcoins weekly volume 280 btc? either the population has suddenly reduced to a few thousand or this bullshit.
i'm getting tired of these dumb articles trying to find epicness where there is none to be found.
and if you did have bitcoin why would you sell it for bolivars? you'd need a truck to pick up the cash.
i'm getting tired of these dumb articles trying to find epicness where there is none to be found.
and if you did have bitcoin why would you sell it for bolivars? you'd need a truck to pick up the cash.
So you are citizen from Venezuela ?
Local bitcoins isn't the major exchange in Venezuela there are many with better trading volume like SurBitcoin, Bitinka even Xapo .Maybe you think ok 220 btc is not much but with the inflation in my country that is a Lot of money righ here.
and why 220btc is decent here,because our goverment have hard regulations with fiat money like dolar, and euro.
but you have reason when you exchange bitcoin for Bsf you need a truck to pick up the cash.
https://coin.dance/volume/localbitcoins/VEF
Peru has next to NO Bitcoiners. Hardly anyone has ever heard of it, and last I checked a mere TWO or businesses accepted it...
My problem with the Venezuelas (etc.) adopting BTC on a large scale is that an economy still needs an "endpoint" in the BTC Ecosystem there. What can you BUY with BTC there? What can those who accept your BTC then buy? Granted, this is still a "chicken-and-egg" problem, but that really seems to be a barrier to larger scale use soon.
And a country banning BTC can indeed shut down the BTC for products in a country!
An exception (I am sure there are many exceptions to my above comments) is that the relative rich can have much of their wealth held intact with BTC.
It doesn't have to be the relative rich, who store their wealth in Bitcoin.
Apart from being a medium of exchange, money has to be a store of value. Bitcoin can perform that function in Venezuela.
It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.
So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
I would guess that it would be used by middle and higher class Venezuelans to store value in stead of using it instead of their national currency. So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
Plus, I'd like to see some actual volume from different local exchanges combined.
I'm in thr neightborhood of Venezuela so, as I saw and as I see, I hope some people (very creative and illuminated) could turn the game and promote some benefit for the people who lives there. Bitcoin can be a key to their situation. Hope somebody with a honest mind helps then because they don't deserve their government of shi*. Maduro must burn alive.
I am wondering what is meant by record numbers in the article.
The only number I have read is that somebody in Venezuela has bought 370 btc in a single week.
Maybe this one purchase was already enough to bring the trading volume in Venezuela to an all time high like it is mentioned.
But in general I think as well that South America is really a very good market for bitcoins due to the uncertainty of the local fiat currencies.
The only number I have read is that somebody in Venezuela has bought 370 btc in a single week.
Maybe this one purchase was already enough to bring the trading volume in Venezuela to an all time high like it is mentioned.
But in general I think as well that South America is really a very good market for bitcoins due to the uncertainty of the local fiat currencies.
Bitcoins are becoming an increasingly popular form of digital currency, especially in areas that are suffering from currency devaluation. Unlike other forms of currency, the bitcoin remains relatively stable and isn't likely to suddenly drop in value at the drop of a hat.
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
Not only Venezuela,but they are a good example if many people in a particualr country are very incline to use Bitcoin the people of that negative will have a high rate of literacy in information technology.
Bitcoins are becoming an increasingly popular form of digital currency, especially in areas that are suffering from currency devaluation. Unlike other forms of currency, the bitcoin remains relatively stable and isn't likely to suddenly drop in value at the drop of a hat.
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.
http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/
It is a good news for bitcoin users worldwide and bad for the bitcoin user in venezuela. What am I saying is it will triggered the government of Venezuela to make a law against bitcoin, to prevent their own currency to go down. Lets just hope this will not happen.
It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.
So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.
A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.
ya.ya.yo!
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