Bitcoin Forum

Venezuelan citizens are beginning to use virtual currency, such as bitcoin, as the value of the bolivar currency becomes less valuable.
the poor and rich, convert the bolivar into bitcoin, and use bitcoin for anything, buy food, consult a doctor, even pay for beer using bitcoin.
this is because the country is in crisis, and bitcoin is a savior for them .. it's amazing
how do you think about this?

If they can able to afford the transaction fees this is great news. They are the real life usage laboratory for crypto currency.

bitcoin has proven, if bitcoin can be useful for everyone
and this is clear proof, the citizens of venezuela currently rely their lives on bitcoin. because the country is currently experiencing a financial crisis, and all citizens of Venezuela use bitcoin as a means of transactions. can be said bitcoin replaced the current currency venezuela currency position. and this is very good news

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I know Venezuelans (in the USA now) who send BTC to family in Venezuela.  They should mix their coins for security!  Especially if they go to visit, their Customs often checks cellphones and laptops...

you know, currently trasaction fees are equal to a fraction of a dollar. No doubt it is fuelling the Venezuelan adoption too.

It is no longer like it used to be in December, with transaction fees skyrocketing to 20 or 50 bucks.

The government had developed their own crypto and they called it petro. They said it was created to overcome financial sanctions imposed by US. They are positive that it will be a success and help for the welfare of venezuelas.

That's a quite interesting project that I'll have to follow. There will be a public sale soon I guess. The currency will be backed by the country's oil resources.

Read more: https://news.bitcoin.com/venezuela-pre-sale-oil-backed-petro-cryptocurrency-raised-million/

if bitcoin can save the life and economy of the country I strongly support it, I am very happy bitcoin can be useful in real life and I really hope in my country can be like that. ;)

I think it's a best way to help this country

In countries where inflation is very high, it is very useful to use bitcoin! Simultaneously invest and at the same time save your money! In any case, soon in all countries will be in free circulation bitcoin! A new era of money has come, changing paper money! So with great pleasure I will observe the development of crypto life!

Venezuela is the perfect example for why we need bitcoin and cryptocurrencies.

The government managed their local currency poorly, leaving their citizens with worthless currency, not only that most of the venzuelians people are now don't even have money to buy food because the currency they had is now worth 10x less, they totally lost their faith in the country and they probably won't trust it again, the whole economy state in the country is ruined and now they buy bitcoins because they believe that it's a currency they can hold to store value, and without being afraid that the local government will just take it from them because the economy state is so bad.

I think many country will ICO to get money
And BTC and Crypto will be Accepted

The thing that happened to Venezuela is really heart breaking. Lucky are those who really turned into cryptos while those who didn't are really in crisis. Their fiat are really close to worthless. Which is why people there are using the paper money to make bags just like what I saw in the fb video. I wish they get through this.

It solves the problem of inflation if they use cryptocurrencies as a store of value. I wonder if they use other coins besides Bitcoin as well. I am also curious as to whether it is easy to buy and cash out of Bitcoin for them. It seems as though this would only be beneficial if they have places in that country that make it easy to cash out and don’t charge big fees.

Yes!BTC is the best for Venezuela

Venezuela is bankrupt and the population is so poor that they are leaving the country and go to Surinam that is a country almost as poor as Venezuela. With the petro, dictator Maduro thinks he can make some money, but we better neglect this crypto. This petro is centralized and controlled by Maduro and will not bring any good to the population. This is just another attempt to make sure he stays in the saddle.

You're really saying in the directly way they'ure using Bitcoin to buying food and consulting doctor or even pay for a beer for real? How about the time confirmationa and fee transction?

the fee of bitcoin is still high but if there a crisis it will really good to use bitcoin instead of using curreny that will devalue overtime
as of now the fee is not more than $1 but if you will think about it for small transaction its still high

in most third world countries their is actually an industry that depends on speculation to devalue the currency so that they can exchange us currencies for a lot more than they were purchased, a lot of banks are guilty of this they exploit the system of exchange in a lot of third world countries, imagine if the currency were to be changed to bitcoins and manufacturers could actually pay for their raw materials wherever in the world and also receive their payments as well without having to worry about the conversation rates in that country where it buys its material . when fully introduced its clear that everyone who works hard it set to benefit from this. I'm not surprised at the effect bitcoins is having in Venezuela as it will do the same and even for for any economy that adapts it

The goverment loses position. People believe more in bitcoin than national money. Venezuela has bad situation. I think they need national cryptocurrency.

Now, venezuela have peso cryptocurrence!!!

Bitcoin grew by $ 400 per day Do not lose the opportunity to purchase Bitcoin in now you can earn good money on this.

Don't think they will use bitcoin for everyday purposes because the transaction fees are too high. However, the petro might be a more attractive alternative as it is backed by their government. Holding bitcoin will be good for their future though, who knows what kind of value the petro will have by the end of the year. I'm sure bitcoin will be high though!