Venezuela Citizens Turn To Bitcoins In Record Numbers - page 2.

davis196

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Quote from: Etanllah on November 02, 2016, 02:26:53 PM

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/

Let`s hope that the Venezuela socialist government doesn`t ban bitcoin.

Or maybe bitcoin is already banned in Venezuela?I don`t know.

Bitcoin is an alternative to such weak currencies.

Pursuer

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the usage of bitcoin is increasing everywhere in the world that is an obvious thing that anybody can come up with by taking a quick look at the number of transactions and the volumes on the bitcoin exchanges.

but this doesn't really mean that Venezuela citizens are turning to bitcoin because of severe economical problems! and the volumes that are higher now compared to before is only because of the bitcoin price rise and that is what usually happens where there is a big movement.

~Bitcoin~

legendary

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Quote from: Sibtalf on November 02, 2016, 02:28:45 PM

So the entire country can run solely on bitcoin? Now that would be a real boost for bitcoin awareness across the globe if that indeed does happen.

No in reality i don't think any country can solely run on bitcoin only. However bitcoin may take major part of daily transactions as it is slowly being adopted by countries where currency devaluation and economic crisis are normal things. Majority of african and asian countries are going through economic disasters so in these countries bitcoin will be really a blessing.

Juggy777

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Quote from: Etanllah on November 02, 2016, 02:26:53 PM

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/

If this article estimates are correct it will indeed be good for Bitcoin industry. This will create more awareness of it. Though I have a doubt, Bitcoin is stable but can it remain stable for long, I mean what if it crashes, things happen so wouldnt it be risky for a entire country to bet solely on Bitcoins?

Herbert2020

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i have been hearing this type of news every now and then and each time there is a new country.
they always say country ... is turning to bitcoin and people are enthusiastically waiting in lines to buy bitcoin but in reality you see people of these countries always are concerned with other things.

Quote

According to recent date released by LocalBitcoins (an online page that helps bitcoin buyers and sellers communicate), trading volume in Venezuela is at an all-time high. Some in the country have purchased as many as 370 bitcoins in a single week, which translates to about $224,000 USD.

what did you expect?
price of bitcoin went up from $600ish to $740 everywhere in the world is seeing an increased trade volume. your conclusion would have been true if everything was stable and this volume had gone up!

Kakmakr

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Quote from: Sibtalf on November 02, 2016, 02:28:45 PM

So the entire country can run solely on bitcoin? Now that would be a real boost for bitcoin awareness across the globe if that indeed does happen.

No, I think the rich people would look for safe havens to protect the value of their wealth. If bitcoin or gold or silver offer them that potential, they would temporarily use that commodity or currency. The value of their money is not in their hands, so they need to protect it in a way that they will have control over it.

Bitcoin offer them a quick method to shift between commodities and to protect their wealth. ^smile^

pooya87

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Quote from: OROBTC on November 02, 2016, 11:53:30 PM

Quote from: pooya87 on November 02, 2016, 11:46:49 PM

this sounds like one of those click-bait articles to me. no country will ever turn to bitcoin instead of their own currency and it doesn't matter if the value of their currency is dropping, people inside the country are using their local currency to buy shit not USD to buy it! so what does it matter to people that want to use currency if their currency is worth 1:1 or 1:1000

People in countries that experience hyperinflation may have a different view...

In Peru's hyperinflations in the 1980s and 1990s, the people wanted to SPEND that local currency on goods ASAP before it lost value (a noticeable amount every day or two). People who wanted to save saved in US$. Typically, wages increased more slowly than the inflation, so the people could buy less and less.

Hyperinflations really suck for those people living through them.

you don't have to tell me

i live in a country with a pretty high rate of inflation (it was half the current Venezuela inflation rate recently) and i know how it feels like.
but nobody is running around looking to buy bitcoin when they have wages are lower than expenses.

also the more underdeveloped the countries are the less they know about bitcoin.

OROBTC

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Quote from: pooya87 on November 02, 2016, 11:46:49 PM

this sounds like one of those click-bait articles to me. no country will ever turn to bitcoin instead of their own currency and it doesn't matter if the value of their currency is dropping, people inside the country are using their local currency to buy shit not USD to buy it! so what does it matter to people that want to use currency if their currency is worth 1:1 or 1:1000

People in countries that experience hyperinflation may have a different view...

In Peru's hyperinflations in the 1980s and 1990s, the people wanted to SPEND that local currency on goods ASAP before it lost value (a noticeable amount every day or two). People who wanted to save saved in US$. Typically, wages increased more slowly than the inflation, so the people could buy less and less.

Hyperinflations really suck for those people living through them.

pooya87

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this sounds like one of those click-bait articles to me. no country will ever turn to bitcoin instead of their own currency and it doesn't matter if the value of their currency is dropping, people inside the country are using their local currency to buy shit not USD to buy it! so what does it matter to people that want to use currency if their currency is worth 1:1 or 1:1000

Zadicar

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Quote from: European Central Bank on November 02, 2016, 02:29:56 PM

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 would really say the same thing to as you mentioned. This kind of articles or news about adoption of bitcoin to a certain country does really publish by some people but the truth you would see regarding on the volume of bitcoin doesnt have a move or increase at all which we could say that this is bullsh*t news anyway.
Im very glad to hear some legit news about adoption of bitcoin though.

Yakamoto

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Quote from: outatime1 on November 02, 2016, 09:04:21 PM

This makes sense for Venezuela when there is huge inflation. Bitcoin can be a stable store of value and could even give them a return on the investment.

Venezuela is definitely a country that is experiencing some rather unique things right now, and I think it is worth noting that the government isn't really giving any incentives for its people to keep using the Venezuelan dollar. The wheelbarrows of money they have to use to get basic things is insane, and a sign of a completely unsustainable society.

OROBTC

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Quote from: th3nolo on November 02, 2016, 03:13:09 PM

Quote from: European Central Bank on November 02, 2016, 02:29:56 PM

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.

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.

outatime1

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This makes sense for Venezuela when there is huge inflation. Bitcoin can be a stable store of value and could even give them a return on the investment.

Hazir

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Quote from: Wind_FURY on November 02, 2016, 08:10:43 PM

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.

European Central Bank

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Quote from: Wind_FURY on November 02, 2016, 08:10:43 PM

We are now sounding like those stoners who keep saying that "Hemp will save the world" like it was that simple.

man, i can't stand people like that. every single problem you can think up, hemp's gonna solve it. same goes for bitcoiners sometimes. let's see some real adoption and then go from there. we're still a long way away from that.

Wind_FURY

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Quote from: arcanaaerobics on November 02, 2016, 02:59:01 PM

Quote from: European Central Bank on November 02, 2016, 02:29:56 PM

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.

Everything fine until I read "wallet hacks"...

Actually bitcoin in Latin America have a lot of potential because of the corrupt/bad governments... A good chance to be free.

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.

th3nolo

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Quote from: European Central Bank on November 02, 2016, 02:29:56 PM

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.

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

tobeyrowe

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Quote from: Gahs on November 02, 2016, 03:00:51 PM

And when the currencies of countries all around the world becomes devalued, people will have to step up to digital currencies.

Or precious metals such as gold and silver which is more than likely what would happen in that case rather than cryptocurrencies well at least there would be more people doing the gold and silver rather than crypto for many reasons but I will list a few. 1 precious metals have been currency for thousands of years, 2 it is a lot easier for people to understand how to use precious metals in an exchange especially for older folks that don't know much about this stuff, and the fact that to a lot of people its still unknown and even taboo to some for whatever reason, and also the ones who do understand it but still don't like it because of hacks, the electrical grid going down and stuff like that could cause their cryptocurrencies to be gone and then they would be stuck with nothing unlike with precious metals where hacks and electrical grids don't effect it. And the reason I mention the electrical grid is because if world currencies start to go down or become completely worthless then the chances are the luxuries of life including electricity will go away.

Milkduds

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Quote from: Gahs on November 02, 2016, 03:00:51 PM

And when the currencies of countries all around the world becomes devalued, people will have to step up to digital currencies.

How are they going to purchase crypto if the economy has tanked and every one is out of work?
People do not suddenly go and invest when they are trying to make it pay day to pay day,it does not work that way.
Hell people in North America are more than not barely making it pay cheque to pay cheque.

Reality is that people do not wake up and start seeing the best way to go about things would be all of us adopting this bitcoin thing.
Humans are more lemming/sheep than actual trendsetters.

BitcoinMarshal

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Quote from: arcanaaerobics on November 02, 2016, 02:59:01 PM

Quote from: European Central Bank on November 02, 2016, 02:29:56 PM

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.

Everything fine until I read "wallet hacks"...

Actually bitcoin in Latin America have a lot of potential because of the corrupt/bad governments... A good chance to be free.

You are right I just check few sites we have too many bitcoiners from South America in last few months they are adopting very quickly specially in Argentina Brazil Mexico and now Venezuela its spreading in corrupt countries so fast

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