Venezuelan can now renew their Passport with Bitcoin as payment. - page 3.

witcher_sense

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Quote from: boyptc on June 25, 2020, 05:49:01 AM

If this is real news, it's actually good news.

Much better to accept bitcoin for this kind of renewal rather than them accepting tons of Venezuelan bolivar which will require every person to carry those cash.

It is definitely much better for a government in Venezuela to accept bitcoin instead of useless cash. Bitcoin is very liquid and value-preserving asset, it can be exchanged to bolivars any time without loses in purchasing power. From that point of view, I don't see any reason for common people in Venezuela to start paying for services using valuable assets like Bitcoin, because there is always a better option for them such as to spend bad money first. Many believe that Venezuelan government wants to adopt bitcoin, I think it is a wrong assumption. In my opinion, what they really want is to seize sound money, which is bitcoin, from the country's population while hiding behind the idea of accepting cryptocurrencies.

Arkann

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In fact, in Venezuela, the use of cryptocurrency has been very actively developing since the beginning of 2020. As an example, we can recall the signing of an agreement on the sale of oil for the national cryptocurrency Ell Petro, and it was President Maduro who initiated this transaction. In addition, Maduro has repeatedly stated that they will continue to trade in oil in the future with the help of cryptocurrency, including using bitcoin, in order to circumvent US sanctions.
Of course, if we talk about a specific situation, namely the permission to issue passports using Bitcoin, then there was information that such a function was no longer available, but nevertheless, several users managed to use it. In addition, certain publications state that perhaps the migration service plans to create such an opportunity specifically for foreign citizens who can use Bitcoin, since not all Venezuelan citizens have the opportunity to buy Bitcoin.

davis196

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Quote from: posi on June 24, 2020, 05:03:42 PM

Venezuelan citizens who are abroad can reportedly use Bitcoin to pay for passport services.

According to BTC transaction images posted on Twitter by Ronny Martinez, an engineer who hosts an academic YouTube channel, the Venezuelan government is allowing Bitcoin as a payment option for passport renewals and extensions via its online immigration platform SAIME (Administrative Service for Identification, Migration and Foreigners).

Source

That's great.I've never expected that the Venezuelan government will adopt BTC payments for such administrative services.I hope that this is going to be the beginning of a total Bitcoin adoption in Venezuela,since the national currency(bolivar) isn't stable enough.
Too sad that such countries turn to Bitcoin only in times of crisis and after trying all the other options,like the PETRO oil-backed currency,that failed miserably.

boyptc

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Quote from: DabsPoorVersion on June 25, 2020, 05:55:21 AM

Quote from: boyptc on June 25, 2020, 05:49:01 AM

If this is real news, it's actually good news.

Much better to accept bitcoin for this kind of renewal rather than them accepting tons of Venezuelan bolivar which will require every person to carry those cash.

I do agree,

though it is stated in the article posted by OP that this is not confirmed yet, however, it is already visible in their portal that they are accepting bitcoin as payment. What really amazes me is, they think of having the rule that the client should finish the transaction within 8 minutes if he/she uses bitcoin. This can really help them a lot to avoid any problems such as the problem of sudden changes in price of crypto.

Paying in cash there is terrible.

I have watched a video that most people there are transacting cashless so this is possible and viable news. But, we have to wait for further confirmation.

Leviathan.007

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Venezuela is experiencing economic crisis just like any other country in the world. US sanctions are also taking this country under pressure. But, in this time Bitcoin is helping this nation in order to pass the crisis and sanctions times. In other worlds, bitcoin is helping them to survive. That's because of the government decided embraces Bitcoin as a new legal technology in their country. Renewal on the passport is just one simple example of the solutions.

Latviand

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Quote from: Sadlife on June 24, 2020, 07:12:16 PM

Venezuela is one of the few examples that Bitcoin can be viable for businesses and can be use for micro and macro transactions that can be regulated by Governments and Country's. The moment the financial markets gets worse with the continous printing of money we might see the current monetary system will be the same as Venezuela or Zimbabwe.

ANOTHER BITCOIN ADOPTION! That's a good step for Venezuela to achieve full mass adoption of bitcoin. Although there are still people who are not that knowledgeable about it, by that mode of payment, people will have an idea what bitcoin is. Hopefully, the government should regulate this use of cryptocurrency in many transactions properly so that they will not have a hard time promoting it in many businesses. If most of the businesses in Venezuela are knowledgeable about bitcoin then probably, most of the people will use it as a quick and safe transactions. That's the reason why printing a lot of money is prohibited, inflation will occur in the market.

Paycoinzzz

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Quote from: posi on June 24, 2020, 05:03:42 PM

Venezuelan citizens who are abroad can reportedly use Bitcoin to pay for passport services.

According to BTC transaction images posted on Twitter by Ronny Martinez, an engineer who hosts an academic YouTube channel, the Venezuelan government is allowing Bitcoin as a payment option for passport renewals and extensions via its online immigration platform SAIME (Administrative Service for Identification, Migration and Foreigners).

Source

That's good news but I really feel sorry for the people of Venezuela. they have a very bad government and do not know how to run the economy, make the currency devalued and must use bitcoin to be able to pay. You know, when you hold bitcoins, all your expenses and revenue are transformed by the second and it is never good. I just hope that Venezuela can revive earlier so that people can be at peace.

DabsPoorVersion

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Quote from: boyptc on June 25, 2020, 05:49:01 AM

If this is real news, it's actually good news.

Much better to accept bitcoin for this kind of renewal rather than them accepting tons of Venezuelan bolivar which will require every person to carry those cash.

I do agree,

though it is stated in the article posted by OP that this is not confirmed yet, however, it is already visible in their portal that they are accepting bitcoin as payment. What really amazes me is, they think of having the rule that the client should finish the transaction within 8 minutes if he/she uses bitcoin. This can really help them a lot to avoid any problems such as the problem of sudden changes in price of crypto.

boyptc

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If this is real news, it's actually good news.

Much better to accept bitcoin for this kind of renewal rather than them accepting tons of Venezuelan bolivar which will require every person to carry those cash.

Lucius

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Venezuela is just looking for new ways to ease the sanctions imposed on them by the United States for more than a decade. Bitcoin is something that can help them do that, but the question is how many people in Venezuela actually have anything to do with Bitcoin. Weekly volume on their LocalBitcoins is just over 500 BTC, which is very modest for a country with almost 28.5 million inhabitants.

Bitcoin just can't solve their economic crisis, and the fact is that the average resident of that country can't afford to invest in BTC with a monthly salary of less than $10.

dentolas

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This is really nice as it represents trust on BTC from the venezuelan government... so if your government accepts payments in BTC, why wouldn't you? and this will also get a lot of people looking at this payment option and maybe learning about BTC and how to buy it...
Really good also because if the Venezuelan government adopts BTC as currency, we may be watching the beginning of a use case that we have all discussed about and never seen live, the economic recovery of a country with the help of BTC

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Indeed, its a very good initiative as now government is considering bitcoins as a payment option which will lead to massive btc adoption. I hope in near future there will be other platforms which will consider bitcoin as a form of making payments in exchange with goods or services. It is evident now that Venezuelan government is accepting bitcoins as a legal currency, now people will feel more safe and secure about cryptocurrencies.

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Quote from: Darker45 on June 24, 2020, 09:31:21 PM

However, I have a little confusion as to this:

Quote

Dear user, you selected payment with cryptocurrencies. Please keep in mind that you will only have 8 minutes to complete the transaction...

Does "complete the transaction" include payment confirmation? If it does, then this might be a concern since Bitcoin confirmation may actually exceed such limit at times.
Anyhow, the hyperinflation still happening in Venezuela really pushes for Bitcoin adoption there.

This is what most payment processors do, they offer a time window in which you must create the transaction, it doesn't have to be confirmed, it just helps them do their balances as the moment the transaction is broadcast they are already selling a similar value of coins on the market to avoid losing $ from price fluctuations. With evey store I bought it was the same, just create the tx in a matter of 5 to 10 minutes and then wait, I had a a tx that didn't cofirmed for 8 hours but the moment it did I recieved imediatly the mail from the sotre that the purchase has been completed.

Besides, it might actually be impossible to get a confirmation in the next 8 minutes, for example just 4 blocks before (as I'm writing this) the time between block 636255 and 636256 was 35 minutes.

crwth

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So this means that their government is ultimately supporting cryptocurrency payments, And you could also say that they support Cryptocurrency in general. Hopefully, if this results in getting more people involved, I hope that every country would accept this type of payment for any kind of transaction.

For different countries watching the Venezuelan government, it’s the start for sure.

plvbob0070

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One of the cases that we can actually see what bitcoin can really do in a community. Because of what happened in Venezuela and the ongoing hyperinflation, bitcoin becomes a good alternative for the citizens, and now the government is also trying to test the ability of bitcoin. Others might have not seen the importance of bitcoin before but during hyperinflation in their country, they have realized what bitcoin can do.

We have been hearing news about bitcoin acceptance in Venezuela, from individuals to businesses adopting crypto and bitcoin, no wonder why the government is also doing this. If this becomes successful, I guess this will also help other countries to recognize bitcoin and might as well try to adopt this innovation in the future.

KrisAlex18

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That's great news, it seems like bitcoin is being prominent as of this day. We have now many many payment transactions that accept bitcoin, well, there will be always an adoption for everything on bitcoin. Maybe soon we can use bitcoin for every transaction we have in our daily lives. It would be great if this thing would be implemented in other countries. It would make people more popular and known by many people, therefore there would be many users of the bitcoin which may result in good movement of the price of the other assets as well.
Bitcoin is really great an online transaction, itis good for safe and fast transactions.

Quote from: AmoreJaz on June 24, 2020, 05:08:49 PM

another day, another adoption.
of course, this kind of development is always welcome. it would attract their citizens who are non-crypto users to look at this option and maybe learn about crypto along the process. we need more of this kind of service. also, it means their government is fully trusting bitcoin. if some of their constituents are still in doubt about crypto, they may change their stance on how they perceive it.

That would be an impact of this news. There would be many people who will use bitcoin because of this thing. The government is really good because they know the benefits of using this kind of cryptocurrency.

bitbunnny

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It's a good initative, especialy because it comes from government. I don't know how much will that contribute to adoption of Bitcoin in Venezuela but it could be considered as a kind of progress.
However, the question is how many citizens will actually use possibility to pay for document with Bitcoin. If the overal number will be small the government might come to conclusion that this feature isn't necessary.

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Quote from: nicecrypto on June 24, 2020, 09:28:32 PM

This is really great news because more use of btc means more adoption and more acceptance, this country is very crypto friendly so I believe this initiative will happen, this can also lead to more businesses and organizations accepting btc as well, soon other countries will also want to adopt the use of btc in some of their businesses.

One of the few wonders of bitcoin, the good thing about this is that the payment for this is very helpful in their economic recovery because this will help in making an injection to their collapsed finances, I really that the Venezuelans get what they deserve, they are suffering because of the decisions of their government, they deserve better and I hope that bitcoin will be of big help in sustaining their country.

Oasisman

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This only means one major thing, the Venezuelan government embraces Bitcoin as a legal currency to use in their country, though their civil registry hasn't fully accept Bitcoin, but I they will, sooner. This will make other governments from different countries very envious, thus will conduct research on what elements could Bitcoin contribute to a country's economic development.
Nevertheless, this will be a better way for massive adoption.
And it's very evident;

Quote

Bitcoin transaction volume in Venezuela on peer-to-peer crypto exchange LocalBitcoins has continued to soar, reaching an all-time high for the week ending June 6th with 997.7 billion bolivar.

maydna

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Finally, one of the government company used bitcoin as the payment option. That is good news for every Venezuela people, especially for people who already knew bitcoin and used bitcoin. Soon, another government company will try this way too, and slowly the adoption process will grow in that country. If more countries can use bitcoin as Venezuela, it could bring new adopters from many countries, which means we will see the increasing number of people who use bitcoin.

It could attract people in that country to use to try to use bitcoin. Perhaps, that can make bitcoin popular in Venezuela.

Quote from: Darker45 on June 24, 2020, 09:31:21 PM

Does "complete the transaction" include payment confirmation? If it does, then this might be a concern since Bitcoin confirmation may actually exceed such limit at times.

I think they can process the next step after the transaction gets 1-2 confirmation, so the officers and the people will not have to wait for a long time to complete the renewals and extensions process.

Topic: Venezuelan can now renew their Passport with Bitcoin as payment. - page 3. (Read 810 times)