Why are Venezuelan not switching to Bitcoin? - page 8.

Atdhe

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Atdhe Nuhiu

Quote from: tyz on June 26, 2016, 09:58:25 AM

Sure, the US-Dollar is the first currency for average Joe in Venezuela to save wealth from inflation. However, USD are very hard to get in those times like this in Venezuela. You need to purchase it on the black market with at least 30-50% addition compared to the current exchange rate. Bitcoin or other crypto would be much cheaper to get.

Quote from: panju1 on June 20, 2016, 11:54:22 AM

Quote from: podyx on June 07, 2016, 12:38:59 PM

Because it is hard to get into for the average man. No matter what these extremist libertarians will try to tell you.

The problem is that even those with internet access are not shifting.
They prefer the dollar.

Bitcoins will not be cheaper than USD. Both USD and BTC are hard currency in Bolivia and are sold for the same premium. The "current exchange rate" is just some artifical rate that nobody except big companies can use. Bitcoin market in Venezuela https://surbitcoin.com is defacto the same black market.

STT

legendary

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Someone should sneak in some bitcoin on a usb stick and setup shop, start splitting it up for people to be swapping as proxy dollars; it basically is that at this point. Thats when it becomes a useful product to people because they literally being denied the simple freedom of reliable exchange in their trading everyday

tyz

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Sure, the US-Dollar is the first currency for average Joe in Venezuela to save wealth from inflation. However, USD are very hard to get in those times like this in Venezuela. You need to purchase it on the black market with at least 30-50% addition compared to the current exchange rate. Bitcoin or other crypto would be much cheaper to get.

Quote from: panju1 on June 20, 2016, 11:54:22 AM

Quote from: podyx on June 07, 2016, 12:38:59 PM

Because it is hard to get into for the average man. No matter what these extremist libertarians will try to tell you.

The problem is that even those with internet access are not shifting.
They prefer the dollar.

MadAlpha

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Socialism did not lead to incredible utopia and paradise for everyone? I am surprised. Shocked

I love how it is always the fault of the government when things don't work out, but never the people who voted the government in. Brilliant.

panju1

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Quote from: podyx on June 07, 2016, 12:38:59 PM

Because it is hard to get into for the average man. No matter what these extremist libertarians will try to tell you.

The problem is that even those with internet access are not shifting.
They prefer the dollar.

justspare

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Quote from: tyz on May 04, 2016, 02:26:18 PM

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me Undecided

Well I wouldn't be surprised if they didn't know what Bitcoin is. But It is not as simple as saying, "We are switching to Bitcoin". You can't just tell a county to switch to Bitcoin. It will happen over time if they even want it to in the first place.

Cybertron00

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Well IMO opinion there is only one reason why venezuelan is not switching to Bitcoin yet. I believe that they are not switching to bitcoin because it is decentralized. No one controls it thats why the venezuelan will not be switching to bitcoin maybe in the future they will consider it but not now.

expert4knowledge

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Quote from: outatime1 on June 04, 2016, 04:07:29 PM

I heard that in Argentina, some people convert their money to bitcoin. It seems like the Venezuelans could do that to unless it is illegal. Even if illegal, the government may not be able to find out.

Maybe amny of Venezuela people did it before but the thing is that they cannot consider bitcoin as their national currency.

Divitiae miserae

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@mrhelpful

Sorry, it was a reply for zimmah.

mrhelpful

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Quote from: Divitiae miserae on June 05, 2016, 06:49:41 PM

A subpar cognition and lack of proper education are showing.
You need the support of a, or, more likely, several high-ranking military officers to move the subordinate pawns.

Its not just the education for it, its also the massive corruption in general in a dangerous area.

So for them to actually have everyday people to apply that, would take a time length of trends in their day to day life style.

podyx

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Because it is hard to get into for the average man. No matter what these extremist libertarians will try to tell you.

tyz

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All over the world there are "some" people converting some of their fiat into Bitcoin. There is not a trend recognizable (if I follow the media coverage about South America and Bitcoin) which states that their is an increasing number of people converting their money into Bitcoin or crypto currencies.

Quote from: outatime1 on June 04, 2016, 04:07:29 PM

I heard that in Argentina, some people convert their money to bitcoin. It seems like the Venezuelans could do that to unless it is illegal. Even if illegal, the government may not be able to find out.

tyz

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Yes, this was the intention but it has proven that the current state is not really appropriate for mainstream adoption. The Bitcoin blockchain can not process thousand of thousands of transactions each second what is necessary being a world currency. There were / are improvments discussed which could remove this technical limitations and drawbacks of the current blockchain state.

Quote from: Chris4210x on June 04, 2016, 03:39:57 PM

Quote from: tyz on June 04, 2016, 02:39:13 PM

Agree! Bitcoin is not appropriate for being a main currency for a country.
Nevertheless, the Bitcoin blockchain tech could be by creating inflationary colored coins which are used a official currencies. Counterparty has created a layer on the Bitcoin blockchain which allows colored coins.

Quote from: expert4knowledge on June 04, 2016, 01:41:49 PM

Quote from: Dr.Osh on June 04, 2016, 12:32:58 PM

I think they also want to have their own money, but I am quite sure, very many of those who seek and use bitcoin to earn money so that they could build a better life and support their families. they only need a computer and internet connection to do that, and probably most people there is still confusion as to how to use bitcoin

Bitcoin will never be used in Venezuela or any other countries as a currency and no one can use it. But Venezuela can invest some of their assets in bitcoin.

Why not? Is it not the plan to develop Bitcoin in the new world currency where I can buy products all over the world? I would love to see more user adoption, especially in the undeveloped worlds.

Slark

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Quote from: outatime1 on June 04, 2016, 04:07:29 PM

I heard that in Argentina, some people convert their money to bitcoin. It seems like the Venezuelans could do that to unless it is illegal. Even if illegal, the government may not be able to find out.

I don't think that imposing some ridiculous laws on people will make such law any less idiotic, and people know that.
If law is stupid and agains commons sense then citizens are obligated to break the law.
Fortunately bitcoin is still grey area and most governments slept away crypto revolution; it is easy to buy and sell BTC even if it is legally banned (example: Iceland).

Divitiae miserae

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A subpar cognition and lack of proper education are showing.
You need the support of a, or, more likely, several high-ranking military officers to move the subordinate pawns.

zimmah

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Quote from: Divitiae miserae on May 28, 2016, 08:17:47 AM

Quote from: zimmah on May 27, 2016, 09:44:42 PM

In tyrannies, armed* people give it power, armed* people can take it away.

*To the extent of having military supremacy against all other forces.

FTFY

police and military are people too

brainwashed yes, but deep down they're still human.

if you can manage to talk some sense into them and can make them not just blindly follow orders that will ruin the lives of many millions of people, and administer act like humans, you won't need a large armed army of civilian rebels.

X7

legendary

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Let he who is without sin cast the first stone

The currency is so unstable and low to begin with, entering into the BTC pairing would give them next to nothing. Even the USD/BVF pairing is skewed there due to heavy inflation, to be expected when even the USD/BTC pairing is $1 / $575 currently (Also foreign exchange controls in Vzla are very stringent)

STT

legendary

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^^ The reason they would do this is bitcoin is a kind of proxy for the dollar which is highly useful resource to a country importing alot but with weak currency. Also many countries have undemocratic currency restrictions, even UK had this at one point; that as a citizen its your duty to only use your own countries money. Of course this is because its linked to tax and money printing, bitcoin famously controls its money supply hence its a useful balance to own

Quote

unless it is illegal

I dont know for sure but yes I believe so, they certainly restrict US dollar use to an official government allowed rate. Effectively the government double taxes use of money they dont print, bypassing that monopoly is not appreciated

Quote

Why not? Is it not the plan to develop Bitcoin in the new world currency where I can buy products all over the world? I would love to see more user adoption, especially in the undeveloped worlds.

To be a main currency would require all business transactions to be digital, I'd be amazed to see this in Japan nevermind any lesser technology country. We may get to see this experiment carried out if a major western ~~economy~~ fiscal balance sheet does start to slip, I doubt authorities would allow absolute free commerce though I personally believe its best

outatime1

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I heard that in Argentina, some people convert their money to bitcoin. It seems like the Venezuelans could do that to unless it is illegal. Even if illegal, the government may not be able to find out.

Chris4210x

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Quote from: tyz on June 04, 2016, 02:39:13 PM

Agree! Bitcoin is not appropriate for being a main currency for a country.
Nevertheless, the Bitcoin blockchain tech could be by creating inflationary colored coins which are used a official currencies. Counterparty has created a layer on the Bitcoin blockchain which allows colored coins.

Quote from: expert4knowledge on June 04, 2016, 01:41:49 PM

Quote from: Dr.Osh on June 04, 2016, 12:32:58 PM

I think they also want to have their own money, but I am quite sure, very many of those who seek and use bitcoin to earn money so that they could build a better life and support their families. they only need a computer and internet connection to do that, and probably most people there is still confusion as to how to use bitcoin

Bitcoin will never be used in Venezuela or any other countries as a currency and no one can use it. But Venezuela can invest some of their assets in bitcoin.

Why not? Is it not the plan to develop Bitcoin in the new world currency where I can buy products all over the world? I would love to see more user adoption, especially in the undeveloped worlds.

Topic: Why are Venezuelan not switching to Bitcoin? - page 8. (Read 13061 times)