Venezuelans are turning to bitcoin as the bolívar crumbles

justdimin

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Quote from: the_poet on November 03, 2016, 02:57:07 PM

Let's hope Venezuelans embrace BTC en masse.

http://qz.com/825519/venezuelans-are-turning-to-bitcoin-as-the-bolivar-crumbles/

Let them quickly adopt it before it may become too late for them to do so. Not only Venezuela but almost every country of this world is going for bitcoin adoption because of its lucrative potential. They better start adopt bitcoin right away so that they will avoid from further hardship.

Doamader

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Quote from: outatime1 on November 04, 2016, 04:28:09 PM

If they have a way to convert to bitcoin or US dollars or something like gold, they have a chance to hold the value. It would be nice for bitcoin to be more available for people in this situation.

Im sure there are some companies interested into providing this service, but the governement wont allow no one outside or inside to allow people to save their currency into bitcoin or dollar. I remember someone offer a partenership to make a mine there, i dont know what happened, but some months ago some people got jail at Venezuela because laundering money, atleast is what the news reported.

outatime1

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If they have a way to convert to bitcoin or US dollars or something like gold, they have a chance to hold the value. It would be nice for bitcoin to be more available for people in this situation.

iv4n

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I didn`t know that situation is so terrible in Venezuela, when economy is falling apart people suffer a lot, and richer are getting richer. I don`t know how many people there knows about bitcoin, and how much active users from there is active here. I don't believe that bitcoin can save their country, but bitcoin will be salvation for many Venezuelans who knows about it, and have active roll in this community.
I don't think their government will adopt bitcoin, two many strings one country have with dollars, who will allow them to do that?

Yakamoto

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Quote from: prabowo96 on November 04, 2016, 12:32:27 PM

I believe that the smart guys here is who is selling bitcoins because if the fiat money are devaluated, in the future this currency will grow again, so if you hold a lot of this currency, you can have a good profit in the future when the Venezuela economy start to raise again Wink

In my opnion is a good time to sell bitcoins there, not to buy.

>Bolivar
>Value growth
Choose one bud.

The bolivar is in a terrible position right now, and likely will be for a long period of time still. I'll be surprised if they continue to use the bolivar a few years in the future, and they might simply make another to recover from this terrible economic position.

While holding it for the future isn't a bad idea, the chances of it being revalued is incredibly low. Anyone flipping BTC for fiat in Venezuela is highly overcharging and is moving his fiat through almost immediately. I wouldn't want to be caught holding that.

Robertqueen2

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Not only Venezuela, in every place in the world where there are political or commerical issues Bitcoin is good option to save the money value, some traders said that the last pump in Bitcoin price is the result of Yuan falling, even Egyptian people are buying Bitcoin because their currency (Egyptian pound) is falling down.

prabowo96

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it's showtime

I believe that the smart guys here is who is selling bitcoins because if the fiat money are devaluated, in the future this currency will grow again, so if you hold a lot of this currency, you can have a good profit in the future when the Venezuela economy start to raise again Wink

In my opnion is a good time to sell bitcoins there, not to buy.

yayayo

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In a high inflation environment, Bitcoin is the investment of choice to escape currency devaluation. Therefore increased adoption by Venezuelans is not a surprise. However even if the trading volume has skyrocketed, it started from a very low level. Judging by the numbers, Bitcoin is being bought only by an extremely small fraction of the whole population - it has no significance in the Venezuelan economy.

Apart from the low total adoption, Bitcoin can only be used as an investment. It can't solve the every day problems of the Venezuelan people: You can't buy food with it. Most Venezuelans are totally absorbed with their daily fight to obtain basic necessities.

ya.ya.yo!

unamis76

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Not the first time that news like these appear. I think 400 BTC in Venezuela is quite reasonable from what I read about the country. Not many people can access the internet (and even less know about Bitcoin), a reasonable part of the population has more to worry about in their daily lives and Bitcoin (especially mining operations) are frowned upon by government and authorities. I hope they can have a new government and skip this crisis. Bitcoin will certainly help some people keeping their assets.

mobnepal

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Good move by Venezuelans however the devaluation of local fiat is not only problem of Venezuela, most of the developing countries and under develop countries suffer high level of economic crisis, USD domination, devaluation every year and most of them even don't know about bitcoin which can make them stay in safer side from these types of financial disaster.

In Nepal also Nepalese rupees is being weaker and weaker every year and people haven't yet realized that this is happening and we may soon see similar type of heavy crisis here too. I have already started educating my family and relatives regarding bitcoin and how we can actually save our wealth against Rupees devaluation.

pooya87

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Quote from: Kakmakr on November 04, 2016, 12:30:26 AM

Quote from: pooya87 on November 04, 2016, 12:03:28 AM

just FYI, Venezuela has a 31.1 million population as of 2015 and a 400-500BTC daily volume on localitcoins means there is only a small number of people are doing the bitcoin trading.

if Venezuelans had embraced bitcoin it means that at least 20 million people had embraced it which means 0.00002BTC each Cheesy

Something you have to keep in mind is that only 54.9% of the population have access to the internet. The declining oil industry is perhaps the most urgent problem of Venezuela's economic crisis. I think most people are concentrating on buying food, not Bitcoin as a investment.

Their biggest problem is stupid government policies that are destroying a great economy with a huge potential. Solve that, and the people will prosper and only then, will they start buying Bitcoin.

i agree, as i said in the other topic about Venezuela and also a while back about Greece and a while back about Cyprus (i think) when economy of a country is bad people are not thinking about investing especially not investing in bitcoin which is always risky. it is like Maslow's hierarchy of needs, you don't think about anything else when you have nothing to eat.

Kakmakr

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Quote from: pooya87 on November 04, 2016, 12:03:28 AM

just FYI, Venezuela has a 31.1 million population as of 2015 and a 400-500BTC daily volume on localitcoins means there is only a small number of people are doing the bitcoin trading.

if Venezuelans had embraced bitcoin it means that at least 20 million people had embraced it which means 0.00002BTC each Cheesy

Something you have to keep in mind is that only 54.9% of the population have access to the internet. The declining oil industry is perhaps the most urgent problem of Venezuela's economic crisis. I think most people are concentrating on buying food, not Bitcoin as a investment.

Their biggest problem is stupid government policies that are destroying a great economy with a huge potential. Solve that, and the people will prosper and only then, will they start buying Bitcoin.

pooya87

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just FYI, Venezuela has a 31.1 million population as of 2015 and a 400-500BTC daily volume on localitcoins means there is only a small number of people are doing the bitcoin trading.

if Venezuelans had embraced bitcoin it means that at least 20 million people had embraced it which means 0.00002BTC each Cheesy

Velkro

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Quote from: the_poet on November 03, 2016, 02:57:07 PM

Let's hope Venezuelans embrace BTC en masse.

I dont need to have hope, they need to put their hope in bitcoin because there is hardly any other way for them to store value.
Poor people, poor country, poor goverment they have. Shame.

Milkduds

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Quote from: the_poet on November 03, 2016, 04:03:06 PM

Quote from: franky1 on November 03, 2016, 03:42:50 PM

no its not.

venezuelans are only buying under 500btc a day TOTAL

seems the OP is just trying to push some story hoping people speculate falsely to raise the price, without the story itself having any merit to actually affect the price.

eg 500btc affects nothing. but op is trying to stir thousands of bitcoiners to over estimate the story to think it affects millions of bitcoins.
even those saying localbitcoins is small.. but so is their surbitcoin volumes too
https://surbitcoin.com/en_US/#market

sorry OP but speculative chain reactions based on rumours and misleading claims dont work like that

Dude I just shared an article I found on Facebook, I neither need nor intend to push anything.

The article was posted yesterday or the day before:
https://bitcointalksearch.org/topic/venezuela-citizens-turn-to-bitcoins-in-record-numbers-1668944

When I read it I thought that it could not be right myself and felt like it was some kind of story to promote speculation in some form.
Kind of odd that it is being spread around so much though when it was not long ago that people where saying they should adopt bitcoin and where not.

mrcash02

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Congratulations for them... But it's not enough. They don't have food on super-markets, don't have medicines, critical situation there. They need much more than Bitcoins to save their country. Surely BTCs can help them a bit, because they will earn a valuable currency from the internet, much better than their current local currency. Let's see what happen...

the_poet

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Quote from: franky1 on November 03, 2016, 03:42:50 PM

no its not.

venezuelans are only buying under 500btc a day TOTAL

seems the OP is just trying to push some story hoping people speculate falsely to raise the price, without the story itself having any merit to actually affect the price.

eg 500btc affects nothing. but op is trying to stir thousands of bitcoiners to over estimate the story to think it affects millions of bitcoins.
even those saying localbitcoins is small.. but so is their surbitcoin volumes too
https://surbitcoin.com/en_US/#market

sorry OP but speculative chain reactions based on rumours and misleading claims dont work like that

Dude I just shared an article I found on Facebook, I neither need nor intend to push anything.

franky1

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no its not.

venezuelans are only buying under 500btc a day TOTAL

seems the OP is just trying to push some story hoping people speculate falsely to raise the price, without the story itself having any merit to actually affect the price.

eg 500btc affects nothing. but op is trying to stir thousands of bitcoiners to over estimate the story to think it affects millions of bitcoins.
even those saying localbitcoins is small.. but so is their surbitcoin volumes too
https://surbitcoin.com/en_US/#market

sorry OP but speculative chain reactions based on rumours and misleading claims dont work like that

calkob

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It sounds like Venezuela is in some really serious trouble. i hope these people can sort their country out and yeah using bitcoin would help to do that.

th3nolo

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Quote from: markj113 on November 03, 2016, 03:06:35 PM

peaking at a 400 bitcoin/week trading volume on localbitcoins isnt what I would call Venezuelans embrace BTC en masse.

markj113 the reality is Local Bitcoin isn't the major exchange in venezuela Surbitcon is the major exchange and have better trading volume, but this exchange has no statistics about his trading volume. This is just the tip of the iceberg about the exchange of bitcoins in Venezuela

Why I know that, I'm citizen of this country..

Topic: Venezuelans are turning to bitcoin as the bolívar crumbles (Read 709 times)