Venezuelans Turn to Bitcoin to Escape Financial Hardships

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Quote from: hyudien on January 13, 2017, 09:26:06 AM

Quote from: Slim2017 on January 10, 2017, 08:33:52 AM

Venezuela has been suffering from significant economic decline and turbulent markets. Many worldwide and residents of the region blame the country’s socialist government and centrally planned economic choices. Over the past few months, it’s been reported quite frequently that Venezuelan citizens have been finding financial relief by utilizing the decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Wow, This is a very good news from big country. It'll make this crypto currency more popular in the world. Some day another county will use this crypto if in venezuela get resolved in economic problem. Shocked

I don't think we can resolve any economic problems that quickly because there are greedy and powerful people who will always manipulate things to their favor and it will be common men who will have to pay the price. We can only use alternative methods such as bitcoin to reduce the impact. Nevertheless, it is quiet promising if Venezuela can use bitcoin to improve themselves.

hyudien

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Quote from: Slim2017 on January 10, 2017, 08:33:52 AM

Venezuela has been suffering from significant economic decline and turbulent markets. Many worldwide and residents of the region blame the country’s socialist government and centrally planned economic choices. Over the past few months, it’s been reported quite frequently that Venezuelan citizens have been finding financial relief by utilizing the decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Wow, This is a very good news from big country. It'll make this crypto currency more popular in the world. Some day another county will use this crypto if in venezuela get resolved in economic problem. Shocked

alyssa85

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Quote from: Mometaskers on January 13, 2017, 08:36:11 AM

Well since their bolivar is going down I wouldn't be surprised that they'd exchange them for bitcoins to avoid losing even more value. Now the only problem I'm seeing now is that since their currency is being devalued at the same time btc prices are going up, how will they even get a bitcoin? Are there really people out there willing to buy bolivars for bitcoins? Could be people speculating the currency would recover?

Anyway, it's nice to know that bitcoins are being used to relieve these people of hardship. I just hope that the government don't start on a crackdown on bitcoin use in the country.

As far as I can tell the only way they can get bitcoins is to mine them (I think they have very cheap electricity). Or mine an alt (easier difficulty) and change the alts into bitcoin. But their govt is cracking down on miners. It's well nigh impossible for them to buy bitcoin as their currency is worthless, it can barely purchase a loaf of bread.

Mometaskers

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Well since their bolivar is going down I wouldn't be surprised that they'd exchange them for bitcoins to avoid losing even more value. Now the only problem I'm seeing now is that since their currency is being devalued at the same time btc prices are going up, how will they even get a bitcoin? Are there really people out there willing to buy bolivars for bitcoins? Could be people speculating the currency would recover?

Anyway, it's nice to know that bitcoins are being used to relieve these people of hardship. I just hope that the government don't start on a crackdown on bitcoin use in the country.

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Quote from: Slim2017 on January 10, 2017, 08:33:52 AM

Venezuela has been suffering from significant economic decline and turbulent markets. Many worldwide and residents of the region blame the country’s socialist government and centrally planned economic choices. Over the past few months, it’s been reported quite frequently that Venezuelan citizens have been finding financial relief by utilizing the decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Venezuela faces financial and political crisis, since the opposition obtained the majority of Parliament in the legislative elections and asked for a referendum to revoke Maduro's mandate the situation worsened.

Maduro ordered intervention in factories that are paralyzed and the arrest of businessmen who stop production. this in itself shows dictatorship and intimidation

And bitcoin once again became the currency of refuge

ASHLIUSZ

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Even before the economic collapse Venezuela seems to be one among the country to support and adopt bitcoin. Also due to the reduced electricity consumption charge mining was found effective. Recently after the oil crisis the country has overcome those hardships. GCC committee too is an factor for its stability after collapse.

eternalgloom

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Quote from: Arcteryx on January 10, 2017, 08:42:33 AM

It does look like the rise in the price above the $1000 USD level made these countries that were arresting people for using it like the ones who were mining made them turn a new way thinking on where they should stand on what bitcoin is and not just trying to fight the benefit of allowing it within their borders off.

I don't think that the price above 1000 dollars has something to do with that, if that were an actual issue. Plus what are your sources that countries (which ones btw?) were arresting people for just using Bitcoin?

just_Alice

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Quote from: LeGaulois on January 13, 2017, 04:42:07 AM

Who is taking Venezuela currency for BTC? Why would that currency "which does not have any significant value anymore" and only getting worse be accepted by any person, mining company, or exchange dealing with BTC? How do they not get burned by having the lousy money?

Well, Venezuelan Bolivar costs 0.1 USD right now and the price is more or less stable during past several months. Since the probability of the Bolivar falling in the future is high it would be wise to exchange Bolivars for Bitcoins. That would be a good move for those who want to minimize the risk of losing all their money if the Bolivar crashes completely. Those people might lose 10% or a bit more during the exchange but at least they would save the rest 90%. And those who are experienced in trading for sure will buy Venezuelan Bolivar to profit from those who agree to sell it 10% cheaper than it is now.

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Who is taking Venezuela currency for BTC? Why would that currency "which does not have any significant value anymore" and only getting worse be accepted by any person, mining company, or exchange dealing with BTC? How do they not get burned by having the lousy money?

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Quote from: mk3000 on January 10, 2017, 09:30:35 AM

knowledge and adaptation is growing and that's good, but is far from even being considered an alternative to fiat there. hyper inflation keeps growing and people are obviously desperate to find ways to avoid it. It'd be fantastic for entire country to have mass bitcoin adaptation but I think we are very far from it yet

I have no doubt that percentage of people is small compared the population of Venezuela but if someone is middle-aged or bigger and not familiar with technology how easy is to learn to transact using bitcoins? Besides that, we can easily see the flexibility of bitcoin globally. Whilst in Venezuela people use it as payment system buying food and medicines in China people use it to overcome the hassles of capital controls and somewhere else as safe heaven to keep their savings.

Blawpaw

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Of course Venezuelans are turning to Bitcoin. The Venezuelan government is going through a capital control process, that stifles all private and individual initiative and Bitcoin seems to be the only viable alternative to this issue.

20kevin20

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When your country's currency becomes extremely instable or you know it has to fall soon, you need to find another option to put your savings and your wealth into. Taking a position in Bitcoin or precious metals (which I consider as being even better and safer to do) is going to assure you that you won't be a victim of your own wealth going down because of the fall of one currency. This is good for both people coming from Venezuela and us, the Bitcoin users. What makes it good for both of us is that they will have their own money safe and assured, while our Bitcoins' demand keeps growing with every person coming to Bitcoin.

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Quote from: bohr on January 13, 2017, 02:08:56 AM

Quote from: gredisgold88 on January 10, 2017, 08:51:37 AM

I hope in my country do not experience such as this, venezuela countries may fear the threat of inflation using bitcoin, may need legal help to solve problems in the country

Now that you know about bitcoin, it is irrelevant if it happens in your country or not now you have the knowledge and tools to avoid the same fate as your country, if my country is going to sink I’m going to make sure I don't sink with it.

Everyone is taking about Bitcoin now because of the price jump, there is always to ways to anything what if the price of Bitcoin dumped below $500 where would the people of inflation ravage countries run to

bohr

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Quote from: gredisgold88 on January 10, 2017, 08:51:37 AM

I hope in my country do not experience such as this, venezuela countries may fear the threat of inflation using bitcoin, may need legal help to solve problems in the country

Now that you know about bitcoin, it is irrelevant if it happens in your country or not now you have the knowledge and tools to avoid the same fate as your country, if my country is going to sink I’m going to make sure I don't sink with it.

CraigWrightBTC

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It is good news for bitcoins because will many countries that adopt bitcoins include Venezuelan
it will impact on bitcoin's price become increasing at least sideaway and not decrease was like 2013
after halving block of bitcoins.
will many countries that adopt bitcoins after Venezuelan because of economic problem on every countries
and bitcoins become best solution for the problem I guess.

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Quote from: deadsilent on January 10, 2017, 09:12:46 AM

Anyway, the growth of bitcoin users there is amazing. From 4,000+ to 80,000+ users. The fiat there is failing. Venezuela is on financial crisis right now. Thats why bitcoin can be the way to avoid devaluation. Bitcoin can save them from sinking.

80,000 users isn't much. My feeling is that a lot of them have left it too late. They should have done this two years ago, when their currency could actually buy stuff. The combination of their currency becoming worthless and bitcoin soaring in value, means they'll need wheelbarrows just to be able to purchase a single BTC.

I guess the moral of the story is Don't Leave It Too Late.

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People in venezuela aware about bitcoin can bring their economic system better, in other article:

Quote from: deadsilent on January 10, 2017, 09:12:46 AM

I think i've seen this kind of thread before. This is redundant thread.
Anyway, the growth of bitcoin users there is amazing. From 4,000+ to 80,000+ users. The fiat there is failing. Venezuela is on financial crisis right now. Thats why bitcoin can be the way to avoid devaluation. Bitcoin can save them from sinking.

Actually from 450 to 85k++ https://bitcointalksearch.org/topic/sorry-bitcoin-only-venezuelan-travel-agency-responds-to-hyperinflation-1733031

Quote from: IIOII on January 10, 2017, 08:53:58 AM

*snip*

The number of Venezuelans who use Bitcoin is still extremely small. So its definitely only a niche solution for a tiny part of the population.

85k++ is such great users number i think.

Digitalbitcoin

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Yes. Sudden demonetization have already occur in India too. And make lots of changes with economy. Same as Venezuela also facing currently.

Sudden change can make lot more troubles to common end user while doing any transaction with fiat currency.

mk3000

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knowledge and adaptation is growing and that's good, but is far from even being considered an alternative to fiat there. hyper inflation keeps growing and people are obviously desperate to find ways to avoid it. It'd be fantastic for entire country to have mass bitcoin adaptation but I think we are very far from it yet

deadsilent

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I think i've seen this kind of thread before. This is redundant thread.
Anyway, the growth of bitcoin users there is amazing. From 4,000+ to 80,000+ users. The fiat there is failing. Venezuela is on financial crisis right now. Thats why bitcoin can be the way to avoid devaluation. Bitcoin can save them from sinking.

Topic: Venezuelans Turn to Bitcoin to Escape Financial Hardships (Read 996 times)