Topic: Venezuela & The Bitcoin - page 2. (Read 587 times)

The way I see it, it's only the rich in that country that will be able to invest in Bitcoin, the poor ones will be finding it difficult because the price of Bitcoin is high there. So, I don't really see how it's going to change things there, they should add more focus on fighting for a better economy and a good government to make things better for the country and the poor.

Bitcoin can't magically change a country's economy, something more has to be done, unless they will invest heavily in Bitcoin (more than other countries )  and hold till the price bubbles and they sell it, maybe that will have some impact. I doubt Venezuelan alone will be having power to pump bitcoin prices at least to the current ATH. If they will be able to do anything similar to that and making profits from their own pump then I believe bitcoin may give them some chances to find a immediate recovery from economic crisis in permanent manner too.

The crisis in Venezuela has been going on for a long time. Unfortunately, Petro could not change anything in the country. People want stable money, and Bitcoin seems to be a good fit. However, this is only a temporary solution, because the government is obliged to do something. Perhaps the adoption of Bitcoin as an alternative currency may help, but Venezuela is unlikely to take such measures.

It’s not quite that simple though. The state oil company, PDVSA, is having real issue managing to get paid for their petrol in a currency. EEUU sanctions on Venezuela affect their banks, and the possibilities of getting paid in USD, and are therefore reaching out to crypto as a form of avoiding the payment blockade. It’s therefore not a happy choice in a gee wiz look how cool type scenario, but one that confronts politics with the country’s needs, being the general polulation the one who suffers.

The Venezuela is still facing crisis and it is because of the corruption of their president that causes hyper inflation where their money become worthless. This financial crisis lead to fled by their citizens to another country. Their governement are now also using bitcoin in terms of mode of payment. It is good to then because their have advantages that they keep getting.

When country faced economic crisis situation maybe they will take other solution with their payment way like adopting bitcoin as legal currency, last year Venezuela faced with bigger economic crisis and they are trying for receiving bitcoin to get positive payment transaction and get economic back to normal and get much benefit again.

I think bitcoin helps Crypto users in Venezuela go through the government's breakdown and can help them buy food and supplies from other countries. It can also help them store their assets when their money is virtually devalued

Venezuela in the last few years experienced a severe economic crisis that made the Bolivar currency fall and not worthless. so to be able to survive the people began to look for alternative means of payment that are more powerful and finally they chose bitcoin. so do not be surprised if the demand for bitcoin in venezuela is increasing. and the Venezuelan government will also make its own crypto called PETRO. making petro coins will be pegged with oil. We know Venezuela's biggest income comes from oil.

Venezuela is always on the news because this country has become the so-called "poster child" on how a misfortune to a country's economy become the catalyst for some people to adopt and use Bitcoin as part of their survival strategy as the whole economic system is ravaged by gargantuan and seemingly insurmountable problems left and right. The recent high in trading bolivar to Bitcoin is just one of the symptoms that there is really a big problem with this country. However, one thing I realized is that Bitcoin can be doing well when there is something unfortunate happening like this one in Venezuela...now we can look at this positively or negatively depending on what lens to focus with. Definitely, Bitcoin will continue to be a premium digital asset in Venezuela for as long as the government could not be able to rein in the running away inflation and other related problems of the economy.

Would you mind stopping with your political agenda? What you say is utter garbage, and it will force me to debunk you. This gets annoying after doing it for years...

This has nothing to do with "embargoes", don't bring that utter crap. China doesn't use or care for the USD, we send them crude OIL, in fact we are in debt to them for over 60 thousand million USD or such huge amount it would be cheaper for them to just take us over Hong Kong style and be done with it (and we would probably live better as their colony than under Maduro anyway).

Next is Russia, they also don't care for the USD. Maduro was quick to give them what little gold was brought by Chavez back in the day, in exchange of weapons, and who knows what else...

America threatens anyone dealing not with Venezuela, but with certain Venezuelan individuals, its quite the list, all related to Maduro and his cronies, Padrino, Diosdado etc, and all from the untouchable "nomenklatura". Any regular Venezuelan not related to them, can still do business just fine. Too bad the government is the one that authorizes who does business and who doesn't...

However, this doesn't concern neither Chinese nor Russians (and various non-aligned), which are the main "friends" of Maduro anyway.

To put it short, the reason of our misery is only one: The economy. It is not a foreign cause, but an internal cause. The economy is strangled by those in power. There are of course other factors, such as the rampant crime and corruption, but lets keep this focused.

You bring Guaido, but he is nothing more than a symbol if at all. The political opposition is powerless in a country that imprisons and kills dissent. The very reason Maduro will remain eternally in power unchallenged, and millions giving up hope and leaving the country.

As for Localbitcoins, the reason there is so much movement, is because of traders. No, not all transactions have to do with Venezuelans living in Venezuela exchanging for their daily needs. There are people (many not even living within) making lots of money with the terrible distortion this "command" economy produces.

Reality is, people do not use bitcoin in the street, or merchants receive it at all. You DO see (now that its "legal") some things with prices listed in USD, but aside VES, NOTHING else. Not even petros, petros simply do not exist in the street save for the one infamous chain store owned by who knows whom which is closely tied to the government and uses a very disadvantaged exchange rate you might end paying twice for the same thing than if you exchanged your petros for bolivares before going... But that's the typical Venezuelan merchant tradition: 100%+ gain or none, which is also why they HATE competition and depend on the State strong-arming them out of existence (yet another tradition).

If the "masters of the world" wanted the country, they would have taken it already. Fact is, they don't care. Trump is very happy doing, whatever, and the UK? They never had a presence or remote interest in this place. The OIL cartel is more than happy that Venezuela's production went under 1 million barrels per day (from 3 million, 20 years ago). All thanks to mismanagement, corruption and the broken "command" economy that ruined almost everyone, including State owned companies.

Hyperinflation, product of printing, caused by Maduro's overbudgeting. Because the free market means US imperialism and that is the root of all evil, and socialism cannot tolerate such a thing as people deciding things for themselves, they MUST OBEY THE STATE, or else...


Want to get close to the truth? Read this article: What Venezuela Needs for a Prosperous Future

Right but the question still isn't answered.. If you have milk, bolivars etc etc.. then why are you so reliant on another govt?

One thing we should always remember is that Bitcoin cannot solve problems with governments. The Venezuela's government f%^^&ed up the local

economy and hyperinflation is killing the local currency. Today you can buy 3 bottles of milk with say 1000 Bolívar and within a couple of hours you

can only buy 2 bottles of milk. So what do you do... you shift your Bolívar into something that would protect the value of your local currency, so

that you can buy 3 bottles of milk with it, even after the value has dropped. The Bitcoin price gradually goes up, so you get even more milk for the

bitcoins that you bought before. 

miracles doesn't happen when a country's situation is like Venezuela against the masters of the world who just want to milk the country. UK and US are against their current leader. their government doesn't have much option since Chavez death but even so they can still be the top oil exporter.  the country can produce more oil for China but these UK and US doesn't like that. and they will bring Marudo down. but BTC will serve their economy to be stable. they do have the resources, they can ignore all if they are just unified.

I don't think it would provide them with lots of benefits, though it is evident that they have their leaders who are pro-cryptocurrency, it is still a good thing that their leaders should focus on maintaining the good economy first before they try to grasp new technology, because for me, how could we excel if we aren't really aware and perfected the basics of maintaining good economy? But also I consider the chances that they might find the best way to make their economy good with cryptocurrency.

Well taking it off subject back to the dumping btc. If you look at btc being dump, people will look as it is a problem since its driving the price down but in reality in the future i think it could create a higher distribution rate than it is now which in turn drives up the price. Gets it away from weak hands and maybe into stronger hands and turns it into more into a main stream currency and a storage of wealth. The beauty of bitcoin or any "altcoin" in that matter is that it's almost a neutral currency. It's goes around lots of barriers that may be there with other Fiat/currency.

Sometimes it is really a little funny to me when Bitcoin connects with Venezuela in every way possible, either as the savior of the entire monetary system of the country or as some straw of the salvation of ordinary people. Although the percentage of unemployed is very large, the minimum wage in August was only $2 which is really not enough for any kind of life. It should also be noted that more than one million people have left the country in recent years.

Bitcoin can't help Venezuela, they need a lot more than that, above all, they need a miracle - and we all know that miracles happen very rarely, especially if you have bad relations with the masters of the world.

What can I say... I give my condolences to Venezuelans who have to live in such a terrible economic situation... The government does not seem to be doing good in terms of improving the situation as well. No wonder people sell their almost worthless fiat for something valuable like Bitcoin. Then again, since exchanges report fake volume sometimes, perhaps this data is inaccurate as well. It's also sad that the government is trying to push that Petro pseudo-crypto, whereas it's clearly not helping the situation. As far as I know, the majority of the population is leaving below the poverty line and unemployment is at 30%. Unfortunately, in such a terrible situation, I don't think Bitcoin can help Venezuela or vice versa.

The country is now embracing the idea of cryptocurrency because their government is in turmoil right now at least the people are doing something in their own to lessen the inflation that their country is suffering right now, but I think the volume of BTC is below right now so I think they are buying other cryptocurrencies that are cheap, well there are still people switching to Bitcoin but mostly I think Altcoin is popular in Venezuela right now,

Well, that spike from February 2019 was because of them that are starting buying BTC only but many can not afford the price value of it so they are inverting to other cryptos.

This is the same data that is represented in the article referenced in the OP, but in BTC (despite what the chart’s title says – it doesn’t seem to adjust properly when switching between VES and BTC):
It tells a different story … BTC trades on LocalBitcoins in Venezuela seems rathe stable since June 2019, and a third since the beginning of year. Of course BTC has doubled in price this year (in relation to a stable FIAT).

All in all, interpreting with precision a chart of the kind when both the currency (way more in a single direction) and BTC (way less) have wide shifts in their relative value, is not a simple task.

Note: Historical data in VES is only present since halfway through 2018 (in BTC it goes back to 2013), when the Bolivar Soberano was reconverted from it’s prior form.

those who bought bitcoin however are also going to experience misfortune when the price of BTC will crash. a lot will take profit because of them panic buying. these rich influentials if not aware of the of the risk will be forced to dump back to USD in loss. they're fucked in both ways. 

its hard to run a government when politicians around the president are advising different things, all these because they want Guaido to be their leader. so it has to appear like the country is in turmoil for Guaido to take over.

Every year inflation in Venezuela increases more than 10,000%, so a record in bolivar trading volumes is irrelevant. They're trying to use USD, and a trading volume in USD would be more relevant