Bitcoin Forum

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As we all know that bitcoin is really a safe haven for Venezuelans specially in the last couple of years and we can say that it did help them to survive the economic turmoil. But it's not done yet because Maduro doesn't want to step down does why bitcoin is setting new records in the country. Venezuela's crisis is one use case how bitcoin or crypto has really help people in times of financial trouble.

I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!

https://coin.dance/volume/localbitcoins/VES/BTC

Good to see that bitcoin is gaining mass adoption and acceptance globally.  In due time it will go mainstream

if I think it is great if they are a country or Venezuela, they want to adopt Bitcoin because they are likely to be able to help their countries whose economies are destroyed because the inflation is already severe

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

Although the bolivar really is not worth almost anything, people still use it for some other purposes. They make purses and bags (http://www.bbc.com/capital/gallery/20180918-the-people-making-bags-out-of-worthless-money), dresses and origami figures (https://www.independent.co.uk/news/world/americas/venezuela-crisis-migrants-origami-currency-colombia-cucuta-border-a8775166.html), and you can buy full plastic bag of bolivar for 1$ or less.

Regarding crypto trading in Venezuela, my opinion is that most of this trades originates from one small part of people who have money and want to save value of that money. Most people there can not afford to buy any coin, they are literally hungry with 5-6$ monthly salary.

In an economy that has no solution whatsoever and totally devastated, any solution through Bitcoin is the exit, it is a good move especially to try to minimize the huge and growing inflation that exists in the country, it must be handled with caution and that many people do not know how to operate well in trading.

People are just trying to get their money out somehow. When a country is this bad and the conditions are getting worse and there is a civil war going on you can just assume there are people who try to run away from that country to somewhere else. Doesn't really matter where because no matter where you go at least you will have food to eat. That is the level they are at the moment, if they can EAT they are happy hence they do get bitcoin from their country and than leave for another country to maybe have a chance to feed their baby.

There are mothers who lost their new born babies because they couldn't find food for them, if a countries conditions are that bad its not a wonder why they would prefer bitcoin over their own currency. Hopefully, it will get bigger and bigger and either the dictator falls or people leave that country for good. We talk about ISIS being a terrorist organization and kills people there and send people away to other countries but in reality Venezuela is in the same situation and the dictator should be considered a terrorist occupying a country as well.

Does this rise differ from what happened in Iran, when the price fluctuated because of the currency difference?
Also, political factors can influence as the transfer of money using Bitcoin to make remittances to other countries is much easier than the local currency.

I want to point out other aspects that push people to use the dollar instead of being a tool for speculating or store of value.
+ Price volatility makes it impossible to risk it as an investment.

I'm also impressed. but I think we will see up to 10 times higher volumes in Venezuela in next months. Crypto is just the only real way to use some money there and the situation is not going better at this point. The hyperinflation killed the whole local economy.

That's great news for bitcoin and Venezuela is a good example for all countries who started to become knowledgeable with bitcoin. It's a biggest factor for btc price to increase more demands in the future, so price could spike up towards pumping volume. Cashless is one way to make the life of the people in society more convenient. There's no reason people become hesitant to that kind of improvement, yet most individuals prefer to choose comfort rather than hassles.

This is a perfect example of crypto adoption and works in the whole country. It shows the benefits of how utilizing crypto will affect their everyday living. With this country as a model, some other countries might follow this kind of set-up.

That is really impressive. May this thing will help them out from their economic problem and so the government will realize by then just for the goodness of their community. Their escrow system is trusted one and it might be the reason that could they give their trust to invest with crypto.

These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....

I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.

In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.

That's funny though. We thought we are talking with large bitcoin numbers but 20BTCs. But anyway, not bad. At least this kind of media frenzy might help a lil bit of action in the crypto community.

Quite ironic that something like this is not understood correctly. Many people believe this is because people or Venezuela people will adopt crypto or something like that, while they're actually trying to desperately save their money or preserve their wealth in a broken country. As Lucius and others pointed out, there's more to this story and I hope people in Venezuela can live a better life in the near future.

Luckily they can use Localbitcoins, if not they might go to buy gold or something similar which can be stolen if there's someone who knows about it.

Good to know that but of course depend government policy about bitcoin, not regulation and safety law, bitcoin will become garbage or money laundry. Venezuela is beautiful country with their problems, using bitcoin as alternative income to support their daily activity is the right decisions. I hope the government can see bitcoin as solution to help their people, if they do that it will help people and us as bounty hunter.

They will become an example of a country that has help by bitcoin.
With the hyper inflation they are currently experiencing, they have found the answer which is bitcoin.

I believe countries with similar problem would also do the same and that's why it's important to protect bitcoin to maintain
its position to be a decentralized currency and out of control by the government, this is just one good example
but with further adoption in the future, we will become a bigger world that will be noticed by people.

Gazeta Oficial, the main media source in Venezuela, announced on February 7, 2019, that certain limitation will be implemented for the cryptocurrency remittance in the country.

According to the official documented presented, from now on the National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, will control the flow of all incoming and outcoming crypto transactions and tax those accordingly. That will influence not only individual traders but the commercial ones as well.

The maximum taxed fee per transaction might reach 15%, and the minimum fee was announced to be 0.25 euros (or $0.28 accordingly). Moreover, you can transfer a maximum of 10 Petro per month, or $600. In case if the value of the transaction exceeds that amount, the above-mentioned SUNACRIP organization shall check its validity. However, still, the transaction cannot exceed a total sum of 50 Petro, or $3,000.

However, it is still unclear how the government plans to control decentralized cryptocurrencies like Bitcoin (BTC). From Could it be even worse? Venezuela introducing limitations for the crypto community (https://cryptoave.com/could-it-be-even-worse-venezuela-introducing-limitations-for-the-crypto-community/)

Right, Crypto is the only way out and I don't think they have a choice but with crypto around, it's there number one option for now to fight hyperinflation which slowly sinking the country. Juan Guaido, the interim President is pro-crypto so this is a good sign for Venezuelans.

However, if Maduro doesn't want to step down and will fight till the last drop, it may sink Venezuelan's even more and I don't think that crypto will save them. But good thing is that crypto is still alive and Maduro's government can't do anything about it.

Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market  and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.

LOL, $1 million = 1 BTC.  ;D

As far as I can remember the government devaluing its bolivar by removing three zeroes. So it only make sense of Venezuelans to find ways to fight this hyperinflation. As the OP has said, this is a just use case, in countries where the monetary system have failed it's people miserably, and their financial structures like banks are going down hard, Bitcoin is really handy and provide them some sort of store of value or even currency itself. Here is another good article to pounder upon: Can Bitcoin Save Venezuela? (https://www.foreignpolicyjournal.com/2018/02/12/can-bitcoin-save-venezuela/)

Not sure if that's something to look forward to. It all comes down to the circumstances. Bitcoin being worth $1 million at one point in the future is shit if the US dollar only represents $100,000 (or even way less than that) in actual purchasing power.

I remember that people celebrated that Bitcoin against USDT made new local highs last year, while in reality it was nothinig more than the market pricing in the very weak USDT spot rate. In other words, you didn't gain or lose anything. It's just a market adjustment.

It's way cooler for Bitcoin to continue gaining value with a strong US dollar.

The one and only reason behind this Venezuelan rise in peer to peer transaction of Bitcoin is nothing but its political and financial crisis.  Due to inflation, the demand for fiat was reduced and ultimately replaced by the introduction of Bitcoin in the country.

This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.

That's what you like about bitcoin, just imagine if bitcoin hasn't been invented, Venezuela will suffer worst than today for sure. But with bitcoin, I think majority survived their political and financial crisis. Bitcoin gives Venezuelan's hope and now they are still into it to help them fight this hyperinflation.


Their national currency is worth nothing by today standards, so I hope if the Maduro step down, the new government show prioritized their monetary system or at least encourage more crypto.

This is good news from Venezuela and this is what expect to happen in all other countries of the world. And if this eventually happen, the market value of Bitcoin and other crypto currency will definitely skyrocket and long time holders will make more than enough profit from their investment.

I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.

In this price level of Bitcoin which already in the bottomed is good way to buy it to avoid inflation,  Bitcoin is no inflation because in the long term the price of Bitcoin  will keep going up because the supply is limited and more adoption around the world that make more demand,  and with low capitalization the price has potential to going up to more than 50 times in the long term.

the right choice if Venezuela wants to use crypto to replace their destroyed currency because of inflation, if they want to save the country's economy then there must be a right step. the best step is to use alternative currencies. Currency wars are always a frightening threat, so all countries must take precautionary measures, one of which is to use a currency that cannot be managed by any country, and that currency is bitcoin.

Yes, very true but it is not going to happen in an instant, it is gradual process and I think that it will take decades, we need to remain calm and wait for the good time.

In fact still majority of population of the world is ignorant about crypto currencies, it will really take a lot of time when majority of people of the world will get knowledge about crypto currencies and will replace it with fiat currencies. No doubt that at that time the demand of bitcoin will continue to increase and the price will surely reach to the sky.

What is happening currently in Venezuela is just a warning to all government that they should begin encouraging their citizens to buy Bitcoin or they can start up crypto projects themselves.

I guess there will still be more intensive crypto related trends in Venezuela since they are now only starting with cryptos but the beginning itself they are seeming too massive :D.

Well, there are reasons behind why this is happening in Venezuela. The crisis in the country has really exploited the economy and the deficit and inflation in the system is so high that using monetary instruments to reduce it creates more inflation so the shift took place and the use of Bitcoin in the country is on the rise because of these factors. The same might not be the case in every other country.

Bitcoin popularity is not only increasing in Africa and South America, but I can see it is even more popular in South and Central Asia. The young generation is taking keen interest in bitcoin and I think that it is a very good sign for the cryupto currencies future. I hope that in next few years crypto currencies and specially bitcoin will become more and more popular and we will even see people in backward countries to use bitcoin in their in their daily life.

Well what happened in Venezuela is different though, they have been plague and under extreme pressures as a result of hyperinflation that's why majority went on a full bitcoin in order to survived in crisis. So there's no need to encourage them, as they very well know the full power of bitcoin.


As long as the Maduro is still in power, Venezuela will used bitcoin because their Bolivars have no value. But the good thing is that the incoming President its a supporter of crypto, so regardless, we will see a massive adoption if Maduro decided to quit.

It is good news and that means bitcoin can replace our country's currencies during financial crisis.  The increase in trading volume is a welcome development and if we can analyze what is happening over there we can actually invest along and take profit from they investments.  The economic and political crises in Venezuela may last for long and that means most of the Venezuelas might like to hedge the funds for bitcoin.  Cryptocurrencies is actually a safe heaven for most of the financial problems if it is well developed.

It's a very good news that Bitcoin is increasing trading volume. That also means that the number of users increases too. I think that is strongly onnected with current political situation in Venezuela and if things were differen t Bitcoin maybe wouldn't be given such a big chance. People feel a bit unsecure not knownig how the political crisis will end and what will happen with their national currency. So they see Bitcoin as a kind of alternative that might help them if economic situation becomes even worse.

For someone who has big business in the country, they'd be saving their wealth to where they can easily access as well without the government's eye. The volume from Venezuela isn't due to the BTC demand but people wanting to store their money in a safer place.

The country is experiencing political crisis, are outside forces wanting to oust their president?  I have no idea but its the usual issue.

They are looking for best diversions as they are all aware about the possible threat, with this move more people will be encourage to use
the system and expect to have more transactions using bitcoin and some good lift from this ongoing progress, it will be felt around the
market making more positive rise even in a small form.

It depends on your policies, if you have monetary and fiscal policies based on fiat, the induction of Bitcoin and other coins in the economy will not reduce the inflation and inflation cause will not be controllable by the government as well because the government does have instrument of the monetary and the fiscal policy to take care of inflation but in case of inflation caused in the presence of Bitcoin, there is nothing the government can do about.

I am from Venezuela and I can tell you that inflation is growing every day, some have data of 1,000,000%, I would say that we go for more than 2,000,000%, the situation that the Country in my case has led me to educate myself. Much more in the financial field, I have read many books by important authors, it is not just a matter of looking for Bitcoin, now it is to understand the Bitcoin market and how to operate it, each crisis must have its exit, and this most of us is a of the options. We are very positive and we look for solutions for ourselves and for our country that is governed by a tyrant dictator. I am sure that this nightmare will end soon, we will achieve: Cessation of the usurpation, transitional government and free elections, and when we return to be a free country, we invite all people from all countries of the world to invest in Venezuela, because There is a great potential, not only in cryptocurrency or bitcoin, in Commerce, we are all Venezuelans who are willing to work.

This is a pretty good news. Bitcoin really helps Venezuelans to stabilize their assets, even increase their value.
There are several types of assets that people want to buy when the inflation rate rises too high: gold, real estate, Bitcoin.
But they often choose Bitcoin because the BTC is a new trend and it can make their money greatly increase.
This is a great thing and I hope many countries have high inflation rates and the price of BTC will increase even more. ;D

I think that the investors have already waited a lot, and now they are expecting bitcoin price to get accelerator, I hope that they are not going to wait for a long time anymore, but very soon the price is expected to increase, therefore I also suggest that the current time can be consider the best time for investment.

It is expected that in next 2 to 3 months the bitcoin price will easily cross 10k.

It's because bitcoin is a movable asset to me to let's say compare to gold or real state. Are they willing to buy gold bullions and stash it somewhere in there house? I don't think so, and real state is not that good in terms of hyper inflation right now in the country. So the best option is to buy your money with bitcoin and then you can either used it to buy items around or just used it as store of value.

Many have found Bitcoin as a useful asset and yet it is very often to be accepted globally than of altcoins even ETH. Now Venezuela have taking an account to move towards crypto adoption, this could be an indication that Bitcoin have a place for everyone's life and making a way to improve individuals financial stability. We look forward for its great improvement and so the other countries will find also of Bitcoin's potentiality.

This is good to hear.
I thought the bear would  discouraged them from using Bitcoin. It is a bit surprising to hear that they are still succeeding with Bitcoin despite the long bear market.
I wonder how strong is the use of Bitcoin for buying and selling over there. Does the government allows it?

Supply and demand will always happen in trading, no matter it is on bull or bear run. Because who keep buy bitcoin higher must already expected if bitcoin that they bought can reach higher price than they buy.

Usually in a county with very high hyper-inflation like Venezuela it shouldn't be a surprise that people are buying Bitcoins and its getting massive volume. However keep in mind that people will pretty much buy anything there. Gold, US Currency, etc.

So I think the volume is good but it doesn't really help Bitcoin in the Macro-term because the volumes are tiny in proportion. However at least Bitcoin is doing what it should and basically providing freedom even in a country with such bad governments.

I hope other country what Venezuela do.  Because it can help to our community which is to promote and to have more investors again the bitcoin not like the other who against to the bitcoin and they banning bitcoun without doinh some research about it they  decide to their own not in the majority who wants to earn. Keep up the good work Venezuela more blessings and more investor comes from the citizens there.

There is a big crisis going on in Venezuela these days. Before this crisis, there was the money crisis so the country is being grasped by and trapped in the crises a lot. The reason they started using the crypto technology was purely their inflation that was actually eating away at the value of their money. The introduction of the technology has been a sign of relief for them for now and the graph of Bitcoin trading has gone up due to high demand.

And this is the thing.It might not mainly affect on big percentage but atleast Venezuelans do experience and taste up the freedom somehow with Bitcoin and its really good to see.
Regarding on the price it would always matter with supply and demand.So its not a surprising thing if prices would be somehow higher compared on the current market price as of this moment.
someone do thinks arbitrage?  8)

I often come one or the other saying Bitcoin market volume increases in Venezuela. Investa is an another recent successful ICO opening their own ATM and etc. Investa is much welcomed which is sign that Venezuela is another huge market for crypto currencies. Heard, people do even give cash in hand and get the concern crypto currencies.

And now Bitcoin trade activity in Venezuela will continue to increase, since it is the only emerging economy that can face the serious problem without solution of the economy. It is necessary to emphasize that in spite of ... there are many people with a lot of money, who like to trade, and they do trading by operating the market, be they investors or speculators of the market.

We all know that price of their own national fiat was going down like crazy and inflation was horrible and the country was in the ruins. Whats going on now ?

I mean last I checked (and I am in no means expert in foreign politics) there was this civil war going on and the public was against the maduro regime so they were trying to overthrow him and get another person as the president of the country. If that case is happening right now there are two questions to be asked on the bitcoin aspects of it.

If the civil war is a success and people overthrow the dictator what would that mean for bitcoin in Venezuela ? Also same logic, if the civil war is a failure and they fail to overthrow maduro what would that mean for bitcoin there? It is really important to know these for future references.