Topic: Venezuelans are adopting Bitcoin - page 2. (Read 812 times)
Good. Their country is in shambles and they need Bitcoin to pull them out of it. Imagine if every Venezuelan buys 1 Bitcoin, they will be the richest country in the world someday!
https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
The story of Bitcoin in Venezuela is already a very popular one and this good rate of adoption is due to the failing economic policies of the past and present administrations. The country's past leadership led the country to unbridled socialism which proved to be so disastrous to the whole economy and their currency run amok. Bitcoin came in as a way for many to buy foods and things abroad as severe supply affected the whole market. Venezuela then became a classic example of how Bitcoin can be of big help to a country mired in its own economic miseries.
the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.
Sure, inflation is a serious problem. But that doesn't mean that BTC is the answer from the perspective of the government.... not for everyday usage and debt/tax repayment, anyway. The recent volatility in BTC shows exactly why it can't underpin an economy; people's wages could double (or halve) in a matter of days. That doesn't work if you want anything resembling economic stability.
I think that Venezuelans are adopting BTC for the same reasons we all are: as an investment opportunity. Whether or not our national currency is strong, we want to invest our money where it will grow in value.
https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
Well another huge achievements in the history of bitcoin if the adoptation will sucess. If this will continue other countries will may do the same adoptation specially if it will help the countries economy. I just read also that even America is planning to adopt bitcoin system and blockchain technology because they believe that the bitcoin process is reliable and strong.
the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.
It'll be worth less than one dogetoshi at that rate, lol. They need to adopt some other currency but I'm not sure bitcoin is stable enough to serve their needs. They'd be better off using the USD, which probably wouldn't be hard for them to get, or the peso. I'm all for btc but realistically it's too volatile to be useful right now. 
the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.
It's just an amazing trend for Venezuela's adoptation of bitcoin. I know bitcoin will take a big role to everyones life and for the countries development progress. Maybe a few months later, Venezuela government will legalized it and make it known to the community and many investors and traders will get through it. the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.
It's just an amazing trend for Venezuela's adoptation of bitcoin. I know bitcoin will take a big role to everyones life and for the countries development progress. Maybe a few months later, Venezuela government will legalized it and make it known to the community and many investors and traders will get through it.
the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.
Nothing new here. Some month ago i've seen an article about venezuellians paying with memes 
Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.
Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.This is great, many more countries are adding up to the Bitcoin Craze. But is so frustrating that there are countries that has a low fee in terms of the electricity. I really want to mine but the thing is our country has a high fee in terms of the electricity and this will be a problem.
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People always imagine that there's some place far away from them where everyone is starting to use BTC as a mainstream currency. Whether or not we'd like it to happen, "mass adoption" is simply not happening yet.
The reason that we're suggesting Venezuelans are using Bitcoin is because they have an unstable fiat currency. While this is true, it doesn't mean that they have to learn from the mistakes of fiat currency in general and start using alternative currencies.
It's more likely that they will find whatever currency is the most stable at the time so they can have a good short-term future. Hence why the US dollar is being used as a reserve currency in countries that have their own unstable currencies.
The reason that we're suggesting Venezuelans are using Bitcoin is because they have an unstable fiat currency. While this is true, it doesn't mean that they have to learn from the mistakes of fiat currency in general and start using alternative currencies.
It's more likely that they will find whatever currency is the most stable at the time so they can have a good short-term future. Hence why the US dollar is being used as a reserve currency in countries that have their own unstable currencies.
Nothing new here. Some month ago i've seen an article about venezuellians paying with memes Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.
Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.
https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.
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