Only the rich and influentials are converting their local currencies to Bitcoin in order to save their fortune. Poor people won't have that kind of financing capability to buy Bitcoin.
It is Bad to hear about a country, so rich with natural resources has come to this state. Corrupt politicians and bureaucracy have to be blamed.
Topic: Venezuela & The Bitcoin - page 3. (Read 587 times)
The same metric to gauge interest over and over again for the same country. Not that I'm discrediting Venezuela's progress on everything crypto-related but apparently LBC is not really reliable anymore and the stats that they are producing/showing are somewhat unreliable. Even though that's the case, Venezuela is still showing progress in cryptocurrency adoption.
it is obvious that bitcoin adoption is growing everywhere and that means more trading volume on every exchange that you look at in any country around the globe.
but the small rises or even small spikes that sometimes we see in localbitcoins volume is not something to get excited over and start an article about specially when you convert the volume to another currency you are more familiar with like USD!
when you look at the volume in Bolivar it looks big (209 billion) but when you convert it to USD or even BTC (607 bitcoin) then you can see how small it is in comparison with volume elsewhere.
in fact when you convert it to BTC you can see there is a big decline in the volume compared to the beginning of the year!
but the small rises or even small spikes that sometimes we see in localbitcoins volume is not something to get excited over and start an article about specially when you convert the volume to another currency you are more familiar with like USD!
when you look at the volume in Bolivar it looks big (209 billion) but when you convert it to USD or even BTC (607 bitcoin) then you can see how small it is in comparison with volume elsewhere.
in fact when you convert it to BTC you can see there is a big decline in the volume compared to the beginning of the year!
Bitcoin can really help not only the country as a whole but also people.
Its a good thing to see that wherever there is a financial crisis, the government is turning towards crypto, there are pros and cons for this but the governments of developed countries should understand the importance of it and try to implement blockchain in their system.
Venezuela is country that isn't not really a progressive one when it comes to economy, then why their leaders prefer choosing cryptocurrency as their mode of payment? It made me more amaze for their leadership, because of the open minded leaders which has adopted on the system that crypto has; even if it was recently encountering several downturns. Their people towards the economy, was strongly motivated on how crypto works on particular advantages that provides financial freedom to all individuals.
The majority of people in Venezuela are too poor they won't be able to afford to buy bitcoin. The economy there has collapsed so people can't even earn enough to buy food.
The only rich people are the ones connected to Maduro's regime, and I guess they are carefully trying to hide their money in the form of bitcoin so that when the regime finally collapses they can get out unscathed.
The only rich people are the ones connected to Maduro's regime, and I guess they are carefully trying to hide their money in the form of bitcoin so that when the regime finally collapses they can get out unscathed.
Its a good thing to see that wherever there is a financial crisis, the government is turning towards crypto, there are pros and cons for this but the governments of developed countries should understand the importance of it and try to implement blockchain in their system.
Economic crisis is the biggest problem for Venezuela now so cryptocurrency is their best option. I heard that they made their own currency named Petro. By the growing of Bitcoin in Venezuela, i think their own currency will grown too.
https://cointelegraph.com/news/venezuelan-bolivar-trading-volumes-on-localbitcoins-hits-new-record-high
Any thoughts or ideas?
Any thoughts or ideas?
Recently we have seen a similar surge in bitcoin trading volume from Hong Kong when the protest against China was on full swing. Protesters thought that China may ban them from banking services and hence they converted their HKD to Bitcoin to protect their capital amidst all these unrest!
Probably a similar thing is ongoing in Venezuela as well! Not the protest but due to the devaluation of the national currency Bolivar, Venezuelan people is trying to protect their capital and maintain their purchasing power. The reason can be anything but capital protection is one primary reason due to which we are seeing more trading volume in Venezuela! But really, a concrete reason is hard to conclude!
Pardon me but a thought that might be common with others is, if you have a country or even a nation with lets say bountiful resources, money etc etc.. why would you be so reliant on someone else's governement?
Venezuela's official currency is facing the highest inflation in history, people seem to have lost all faith in the government.The financial crisis in Venezuela has led to serious consequences for the economy. Bitcoin has solved many of their consequences and will likely replace the Venezuelan currency.
Bitcoin's rising demand in Venezuela also makes it much more likely that they will replace these national currencies. People are still trying to do whatever they can to get USD, gold and Bitcoin to ensure their lives.
Every Venezuelan citizen is looking for a more stable and stronger currency, maybe that's why they chose bitcoin.
Bitcoin's rising demand in Venezuela also makes it much more likely that they will replace these national currencies. People are still trying to do whatever they can to get USD, gold and Bitcoin to ensure their lives.
Every Venezuelan citizen is looking for a more stable and stronger currency, maybe that's why they chose bitcoin.
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If may be good if you provide your thoughts in the OP, in order to open a debate as to the specifics you want to discuss …Venezuela has a galloping hyperinflation as we know, which causes the population, the fraction that can, to move away from the Bolivar, and shift to the USD when possible, to the extreme where the USD is a common currency for everyday life in many areas.
Additionally, those that have a bit of technological background use crypto (BTC and others, including stablecoins) in order to try to slow down the impact of hyperinflation on their savings, and, if possible, skim a percentage from the benefit (if any - not going to happen this week for example) in order to live off it, or at least complement their household incomes. The proportion of the population that is capable of managing BTC is not massive, but large enough to show on LocalBitcoins a a trend for those who dare venture the crypto path.
Note: Forget the Petro (a government centralized invention that bears no value outside its borders, and little within).
Currently, Venezuela is facing a terrible crisis and embargo from abroad.
The Venezuelan government has tried to launch the peso to stabilize its finances, attract foreign currencies and break the embargo, but this did not achieve the desired results. People tend to hoard foreign currencies and bitcoins, which are more stable than local currencies. Perhaps that is the reason for the high transaction.
The Venezuelan government has tried to launch the peso to stabilize its finances, attract foreign currencies and break the embargo, but this did not achieve the desired results. People tend to hoard foreign currencies and bitcoins, which are more stable than local currencies. Perhaps that is the reason for the high transaction.
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