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Two New York-based Venezuelan brothers hope this week to start trading on the first bitcoin exchange in the socialist-run country, which already has at least several hundred bitcoin enthusiasts.
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Due to currency controls introduced by late president Hugo Chavez a decade ago, acquiring hard currency now means either requesting it from the state, which struggles to satisfy demand, or tapping a shadowy black market. Even small dollar transactions are out of the question for most Venezuelans.
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"Bitcoin is a way of rebelling against the system," said one bitcoin trader, Caracas-based software developer John Villar, 32, who discovered the usefulness of bitcoin when he wanted to buy a $10 cellphone battery on Amazon.
Unable to pay for it in dollars, he bought bitcoin off a friend using local currency. He then used the bitcoin to purchase an Amazon gift certificate, with which he bought the battery.
Unable to pay for it in dollars, he bought bitcoin off a friend using local currency. He then used the bitcoin to purchase an Amazon gift certificate, with which he bought the battery.
http://www.reuters.com/article/2014/10/08/us-venezuela-bitcoin-idUSKCN0HX11O20141008
Very insightful information, thank-you for taking the time to share this. I find this to be an interesting example of how people will solve their problems regardless of situation. People are pretty resilient when it comes to finding solutions, let us hope more turn to Bitcoin as the solution for a variety of financial issues.
