Bitcoin Forum

we know that Venezuela has a political crisis and economic crisis, the Venezuela government is seriously adopting bitcoin well. regulate, process, and develop crypto. so that the crypto world became a protector of the hyperinflation that hit the national currency Venezuela.

devaluation of the national currency that rapidly, even a piece of bread for a week's life has an expensive value. the level of people's differentiation in Venezuela is still high.

and then the crypto world has an important role there, hyperinflation makes people protect the value of their currency by converting into foreign money, items, and crypto. while many countries see that bitcoin is only a speculative asset because of its commodities.

but in Venezuela bitcoin already has the main function of currency that is decentralized and not controlled by the government, so the belief of the people of Venezuela against bitcoin is higher than the national currency.

Yeah, I feel like the Bitcoin community should also do something like this:
https://bitcointalk.org/index.php?topic=4663099 (Nano community is donating food to Venezuelan citizens)

Or maybe there are already bitcoin related crowd-funding efforts to help the people in Venezuela? I have no idea, do share if you know some.

I think there's a lot of room for crypto-currencies in a country like venezuela where inflation is high.
Because people no longer believe in fiat money, then this time is the role of cryptocurrency.

There aren't any bitcoin-related crowd-funding efforts to help Venezuelan citizens but as far as I know, there is already one when we would take away bitcoin-related and replace it with crypto-related. This article talking about financing villas for the homeless with Petro (https://cryptodisrupt.com/financing-villas-homeless-venezuelan-cryptocurrency/) have been published recently, it is nice to see crypto serving a good use case for them but for now, I am hoping that someday we will see something similar which is related to bitcoin as well.

very interesting but I still can not believe that people would choose cryptocurrencies to protect themselves from hyperinflation. generally speaking in cases of hyperinflation and when your country's currency is being devalued you want to store your wealth in something that is more stable than a cryptocurrency which happens to be super volatile and can go up and down at any moment.

In a country like Venezuela with so much government corruption cryptocurrency shows a great promise for the people who have grown tired of government manipulation.

in venezuela a lot of crypto that developed well there but for now it is the price of crypto again decreased so that many people there pocket money in crypto so there kerisis all who hold crypto with over all limit ...

I think in venezuela people people no longer believe in paper money, then they believe in the role of cryptocurrency as currency for daily transactions. And there is plenty of room for crypto currencies in countries like Venezuela that are experiencing high inflation.

Due to these political and economical crises in venezuela,their flat currency is not stable and people's trust on flat currency is dwindling and people of venezuela doing bitcoin transactions and payments and that's why cryptocurrency is a great assest in venezuela.

That story is mentioned in the thread I've shared in my reply :P
Better to link to the original Reddit thread, than some news article that might have fluffed up the story a little bit.

After a bit of digging, I've found this:
https://medium.com/@jonathan.wheeler/leveraging-bitcoin-to-solve-venezuelas-hyperinflation-9f60c71d380b (original announcement)
https://www.coindesk.com/plan-send-millions-bitcoin-venezuela-taking-shape/ (shorter news article)

There were plans of sending millions of Bitcoins to Venezuelans, I have to idea what the progress on that is.
It's good to see that there are bitcoin related initiatives though.

Maybe decentralization is good for their situation now. Their crisis will somewhat be minimized by the system. The people of Venezuela really believed in bitcoin since their government cannot control crypto activities.

Venezuelan government support also cryptocurrency, because they really see this can help their economy survive on the current situation of their economy. Its true that there is too much corruption on that place and I see this move a great one because the people of Venezuela are making move adopting this technology so they can survive.

Gold and silver or not practical options either .It very hard to hide gold and silver form a the venezuela goverment .They more then likely seize it if they know u had it .It way easier to hide crptocurrency .

Yes, but people in Venezuela should consider well too, because here nobody is responsible for the use of bitcoin, so if people suffer huge losses due to bitcoin, then they can not hold the responsibility to the government.

i don't think this is quite correct to be honest.

what i know about Venezuelans and bitcoin is that it started as hyping up the government-created cryptocurrency called Petro. their government wanted it to become successful so they started hyping it up. in this process they also started teaching people about the technology and unintentionally they taught them about bitcoin and its decentralization.
obviously people became interested in bitcoin (maybe even more interested in bitcoin rather than Petro) so they started buying bitcoin.

i wouldn't say their life depends on it, and i seriously doubt they are using bitcoin to escape hyperinflation. but they certainly are very interested in bitcoin.

This is very helpful in the economic crisis that has been controlled by the government, can not get into Bitcoin access then they will be very safe to avoid government greed, it all the way they do to me already understand the development of cryptocurrency in Venezuela, many risks that occur in Bitcoin but hopefully can handle it.

It's actually nice to see that crypto can do something important to help the economy crisis in venezuela.
And i'm happy too that the government believe and use cryptocurrency to control the hyperinflation. It will be great for crypto world as well though, many people in venezuela will choose to convert their money into other assets like bitcoin, since their currency value is low now. We can gain more bitcoin user and may give a great and positive effect to the market.

Yes, I have heard about that. And I think this is completely ok because the other world can see their experience and follow the decisions that they have made, in order to change their minds.

thank you for your comments, so, I think. should we wait for the global crisis to make bitcoin and crypto become a very important currency like in Venezuela?

if the global crisis happens, I think warren buffets, bill gates, and everyone who hates crypto will take crypto as a solution to save their assets.

Venezuela is country example for bitcoin users that people at there has been attempts to solved their crisis with make crypto as their temporary currency because their main currency is not valuable anymore and called bitcoin as the saviour also deserve but people should be considering and change their mind about crypto but not against crypto and not have to wait to crisis happened to admit crypto is good for us

Sorry, I haven't read your last reply enough to not see that article is the same as the one in your reply. I'll just edit my last reply and remove that link. Anyways, it's nice to hear that there were plans at least to help Venezuelans using bitcoin, I have read the medium article that you have linked and noticed that it was made way back February 16, 2018 are there no updates regarding it?

Probably their government was still reviewing the possible impact of cryptocurrency to the people, because most of business platforms were used to crimes like fraud. In order to have a brief security over the current plans, I guess that's good to wait for the furthermore plans and updates from their government and yet this will provide their people profitable benefits when implementation takes place.

Definitely that serves as an answer to those who question about bitcoin to be used as a currency.Good luck to Venezuelan people.Even though,you suffer now from crisis,atleast you are able to get rid of the bloody fiat currency.

The Venezuelan economy is currently under the pressure of inflation.The Venezuelan money has no value for purchasing things.The oil rich Venezuelan economy has collapsed drastically down due the miss management of the ruling government and the common people of the country are suffering too much due to the inflation and now the people are depends on the bitcoin or the crypto currencies to purchase their food and necessary commodities since the the crypto currency or the bitcoin will not effect the inflation.

I guess you can easily hide cryptocurrencies compare to gold or other assets. gold also is just a storage medium while bitcoin can function as a currency and storage medium. while keeping gold can easily rob by criminals. with the current inflation rate of Venezuela and money depreciation, the obvious choice is to find new currency and bitcoin is actually design to combat hyperinflation. also, some other assets to store wealth is hard to buy for ordinary Venezuelan, cryptocurrency is easily available.

This is the advantage of the digital currency. Bitcoin as well as the market of crypto currency becomes popular due to such benefits over the fiat money. This is also great news for the bitcoin as well as the market of crypto that government of Venezuela is in favor of crypto.

Actualy this happen now into the country of venezuela,reminds us of what is the importance of cryptocurrency now as  being part of economic progress,actualy,venezuela is not much belong in the thirds world country,but they depends more in cryptocurrency investment,therefore its needed that the government there,is implemeting a legalization, to regulate  in order to control all crypto works especially to those who makes money laundering and illegal activities.

Its a great way for a economy like Venezuela, to keep money and earn something it times of high inflation and downturn.

If Venezuelan people cannot trust their own currency due to rapid inflation and government corruption then they will move to cryptocurrencies. Recently, they have started 'Petro' their own cryptocurrency backed by gas and oil.

I am not following what is going on in Venezuela, but I wonder how the economically depressed state can depend on Bitcoin, the price is high and the fluctuations are significant.
Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.

Why it wont be. The things is, most of the people in the world who has come in contact with the bitcoin's or any other projects related to it is in love with the crypto currency. Everyone knows how easy it is to work with the bitcoin as compared to the fiat. You can literally earn bitcoin online, invest it and gain profits from it and much more benefits to count on. May be this world ludes people a lot and they start believing the fact that crypto currency is something best and its adoption should be done all over the country or locally with their governments.

As far as i now in Venezuela inflation range is too much high because they can't believe fiat money. They love to connect with digital crypto money. Crypto currency is a popular site among them.

It's a good move to allow the interplay of bitcoin and local currencies in a distressed economy. The production rate of some countries and economic measures may be woefully inadequate to curtail depreciation of their local currencies. The adoption of bitcoin may be instrumental in helping these economies get on track since bitcoin does not depend on a single country's economy.

I've heard about the hyperinflation rate Venezuela has known this last years (I heard 90% I think?) I often give this as an example of how paper money is declining as per Voltaire quote's:"Paper money eventually returns to its intrinsic value -zero".I'm quite happy to see that there is a country that woke up and decided to adopt it in contrary of some countries who doesn't even know what is all about and decide to ban it

Bitcoin has been able to make many people financially independent for years, so it would be really helpful for a country like Venezuela where inflation is high. And it's actually going to be helpful if people start investing on Bitcoin, since the prices are recently rising. But it's still quite not so believable that people would actually invest on Bitcoin because the society is till not used to the digital currency system, nevertheless, let's see how they manage their situation.

Venezuela worst affected country in the world in terms of financial crises now crypto is helping the citizens to transit money due to hyperinflation they are suffering most

That is true, i just hope that the prevailance of crypto currency is successful in Venezuela so that other countries will see the benefits of it and not just a stop gap while their fiat is actively recovering. If it does happen, then more and more people will buy crypto currency and actually stabilize crypto currency itself

If these news are true, well,is another good news for  bitcoin despite bitcoin will banned to other nation will have also nation that truly accepted on bitcoin as subsidy to thier paper money like you said venezuela are depend too.

I believe this is a good move to allow the interaction between bitcoin and local currency in a weak economy.
Production rates of some countries and economic measures may not be enough to cut their local currency depreciation.
Adopting bitcoin can be a tool to keep these economies on the right track because bitcoin does not depend on the economy of a country.
Only then will the market adapt and will grow steadily.

Venezuela's inflation rate is high, and the country's legal currency has no value at all, so new currency circulation is needed. Although BTC is not the first choice, it is also a good choice.

I must say that the countries who are thinking of regulating these crypto currencies will then be able to have the maximum advantage and that they will then be able to lift up their economies to a significant figure. It is a very good move to depend on the crypto currencies for effective earning and that this will greatly help you in having a chance to live a better living.

Venezuela is in a tough situation right now. I hope that their crypto adoption will help them overcome their economic and financial problems and lead them to growth.
If this happens then nations will embrace positively any crypto or blockchain project as their benefits will be shown to the world.

that's right, I've read some articles on this, venezuela is a country that is in economic crisis and sanctioned by the US central bank so that this kills their national currency. Their way out to compete in the world economy is through crypto. Even the president of Venezuela has now legalized the crypto, but it has been prevented by opposition parliament, so that the impact of America does not legalize the digital money coming from Venezuela.

This here is a very delicate matter, i have been following the news for quite sometime now, the corruption of the govt there lead the citizens to give up on their own currency, for me i think it's a good thing, and if this becomes a success it might lead to a better revolution in other countries facing the same situation, also the stability of bitcoin price might come afterwards.

Off course in that case Venezuela is having bitcoin as the option. I guess such countries should step froward and get into the crypto currencies for sure. I am not saying that they should be adopting it but they should be bending the crypto assets in the economic circulation they are having and thus that way they can dilute the crisis or the currency devaluation. At least until the situation becomes easy to handle they should add up bitcoin as currencies and as you said they are already into it and trying to get most of the essence from the bitcoin. Thats the currency they should adopt because it has the higher value than their own local currencies.

It's gotten so bad that many Venezuelans have resorted to playing video games such as Runescape to farm gold and sell it on the black market.  Your economy is truly screwed if citizens can make more money farming gold on an online job than working in their own country.

If their own currency is already crashed, then they have very good opportunity to use bitcoin and make it as their first currency, I think that very soon they will be able to restore their economic status, because I am hopeful that bitcoin will really give the financial assistant.

Its hard to see peoples of venezuela facing this economic crisis. Government should take necessary step to lift that crisis and their solution should not only depending on cryptocurrency because not many peoples familiar with cryptocurrency. Hopely that crisis can be handle

I'm curious to know whether the government is doing anything like that.  I'm really not into politics or world events, but I've watched a few videos about Venezuela and have read some stuff here.  They're going through a hyperinflation situation, which is one of the events that the precious metals shills often use to hype metals.

What I'd like to know is whether Venezuelans are using gold or silver as stores of value at all.  I suspect that most aren't, because it sounds like most of them are dirt poor to begin with.  I have read some articles about Dash being used in lieu of their fiat currency, but I'm not sure how prevalent that is.  In any case, crypto is definitely easier to hide from the government if they were intent on seizing assets from citizens.

Does anyone know about asset seizing?  I haven't read anything about that.

Venezuela is deeply efforted with hyperinflation the country is working on bringing cryptocurrencies in mainstream so we can see mass adoption of crypto