Bitcoin Forum

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

Soooo what is actually the idea of your post? Inflation? Cool crypto? Baths of money?

Good for you. Almost everyone knows that your country is having a crisis and i am glad that crypto currency have helped you beat the economic situation of your country.

I visited Venezuela once and it is a beautiful country, their people do not deserve this type of situation.

Anyway good luck to you and i know one day your great country van recover from this crisis.

Crypto currencies are the best invention that can stop the inflation which can result an even rich man get into poorer if the country don't have enough economical stability.But the cryoto currencies are largely volatile which stops the people to get into crypto currencies due to the fear of losing their money over night.But crypto currencies are lot better than fiat which can save us like in these kind of situation.

I know crypto has become a financial escape solution for it's citizens, but I've also heard that there is a lot of persecution for those who do it. Like raids from corrupt police officers etc? How do you deal with that. Have you had any problems of that kind? Also, you didn't really mentioned what you do there. From what I've hear, Venezuela is probably the cheapest place on earth to mini bitcoin. 1 BTC cost less than $1000 to mine, so miners would have a great margin for profit there. Of course that since it's also quite hostile for them, I guess that makes it less appealing for real investors to go there and set up mining business.
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Since you live there, you can probably provide better info that what we read on the news, so what is your perspective on those things?

LOL no, with venezuelan people many of them living in extreme poverty, I can say it to you, they have no tools to use cryptocurrency and also maybe they got no education on how to operate basic internet how are
they supposed to know how to use cryptocurreny or capable of using it? You're one people among thousands maybe, who can access internet as you like.

You can't overcome inflation with crypto but crypto can prevent more poverty in the country, when the situation in the country is not that good the economic must also not in a good situation, crypto can help the people to survive from inflation,but it's just a temporary solution, crypto is not the answer for poverty or inflation, infact crypto can create an inflation

This is a popular approach not only in Venezuela. This is a common solution for every county in crisis.

Yesterday, the Argentinian Central Bank raised the interest for 4th time in a 30 days to over 40%. Now Bitcoin is more popular than ever there. After the money law changes, a company is installing 4000 Crypto ATMs (supporting not only BTC, but also ETH and LTC).

Bitcoin and crypto-currencies at all are getting stronger every day while fiat money are struggling more.

It could have served as a double edged sword too..the possibilities are endless and it's extremely nice that it served good for you , I think you should encash and invest in somewhere else and if you have time to spare wait for the big wave.

It's volatility is great if used right with extreme patience.

Also the big thing on your end is the government support , they really helped by not making it illegalor stuff since then the value would have declined .

You are the world of cryptocurrency for 2 years, and the forum is no more than "Newbie".. Theme created for your nobility cryptocurrency? Well, very informative topic  ;D
Thank you, cryptocurrency, Amen.

Bitcoin will not solve the problem of poverty in the world but may help improve the income of those who use it.
I read a lot of articles and stories about the effect of the Bitcoin in Venezuela and how it helped many families but needs patience, as well as capital which I do not think, is available in those countries.
Bitcoin may help to reduce the frustration in your country, but you need more to end the poverty

I guess you invested and kept the value of your assets that way (since the value of your currency is always diminishing relative to Bitcoin value)?

Yesterday I was precisely having this kind of conversation with a friend. We were talking about how the crypto may be able of being of help to those people in countries with a great inflation, as Venezuela or Argentina.
The conversation began when he asked me about the fluctuation on the crypto market, and I told him to look at the Peso Argentino the last week, for it has lost more than the 9% of its value, a dramatic fall.
Your situation is a great example. But are you able to cash out your crypto in Venezuela? How do you manage it? Have you had any problem regarding the matter?

We have good friends in Argentina, and they live under the menace of another "Corralito" (If you remember, it was almost 20 years ago, when the banks in Argentina closed up and keep the users' money, leaving entire families with zero capital and many debts). I am strongly recommending my Argentinian folks to change their saves into crypto, for we don't know how Argentina is going to face this new crisis.
You were wise, I'm glad crypto can be such an example of stabilization, despite the attacks it is receiving precisely for its fluctuation. That's prove fluctuation can happen to any currency, and why the crypto can be so useful in a situations as the one you're living.

Good on you OP. I have a couple of questions, if you have the time to spare.

How is Bitcoin adoption in Venezuela? Crypto users on the internet seem to be under the impression that it's what everyone uses despite having a very prolific underground market for USD and other foreign currencies. Do people actually use Bitcoin for goods, or is it used more as a storage of wealth?

Also, do Venezuelans actually use the Petro? What is the common people's opinion of it?

yes I think the world of cryptocurrency produces a luxury that makes the country experiencing a very diverse inflation. There are several factors affecting inflation: printing too much money and the price of a good is meaningless

Great story of success with crypto. That is exactly what it was built for.
Helping entire nation to get by, when there is no help from the regime, crypto is here to help!

Having the knowledge to access internet is not a big task and you no need to be degree holder to do this,if you have the reading ability then you can access to internet because google is available in all languages so they can surf in their native language too.But many people are not aware of crypto currencies yet that is the problem here,even the educated one too.

Yes, you are right, cryptocurrency mining is very cheap compared to other countries. However, as you say, at the same time it is dangerous. If I say to you that recently the customs confiscated mining equipment with an approximate value of 150,000 dollars and it is very probable that the government, upon request, intercepts your house simply because it is producing money.

I do not mine any type of cryptocurrency, I only buy them and sell them to make a profit. Thank God I have not had any problem with the government or the police about what I have done. I regret people who did have problems


Yes, many live in extreme poverty but some can access the internet. People have little interest in learning to invest or undertake and most do not know about the world of cryptocurrencies or have not even heard about Bitcoin. In the country there is very little investment in education and much less in technology, that is why we are a country extremely ignorant in terms of technology. Smart people who use the internet for good have learned them alone without help from anyone, only with the help of the internet to get into the world of cryptocurrencies.


I've never been interested in write in forums or any other platform. I have other things to do than been writing in a forum for too many time. Now, i have a little free time to expend and that's why i am here. Regards.


You right, i used some savings that i had in dollars to start to invest in the cryptocurrencies' world and that was my start


When i sell my cryptocurrencies, i keep them as dollars and when i need to buy something in Bolivares (Venezuela's currency) i change those dollars to Bolivares quickly to avoid the devaluation of my money.


There are few but functional pages where you can sell your BTC in Bsd (Bolivares). For example LocalBTC


Poor investments in technology and education. Most people think that bitcoin is the only cryptocurrency that exists, while the few people use it for goods. It depends on who you talk to, many people use it for goods while others use it to store their wealth.

No, we do not use Petro, for the same reasons that you would not use it. However, the government wants to force the use of Petro in stores and franchises as a method of payment. But tell me, does it make sense that in a country where poverty is high and the levels of investment in technology are low, a cryptocurrency is used as a payment method?

This is the main reason why I like bitcoin the most because it has volatile nature it helps poor people to buy bitcoin even if they have small amount of money, price use to rise and fall so they can easily buy if they grab the chance to buy at cheap price, in my state a lot of people are now rich because of bitcoin and it is helping a lot of people to get profit, fiat money is disappearing now because people have fond something better than fiat which is one and only bitcoin easy to use and best to invest.

I'm glad to hear LocalBitcoin actually works in there, for I've heard from some Venezuelan friends that it was somehow pursued by the government.
Regarding Petro, no one should use this scam, for the only goal in the creation of Petro seems to extortionate their own population, as well as earning more dirty money.

Anyway, I'm glad you made it, man. You're making such an example.

Crypto currency helps us a lot financially. I know there are lots of people whom were saved by crypto currency most especially when inflation of the coin's values occur.  Big profit will be achieved.

In its pure meaning inflation is nothing else than increase of money supply. The growth of prices is not the cause but a consequence. As far as every nation nowadays has central bank with a monopoly on printing money, the only possible cause of inflation is government. It is especially well observable in Venezuela. Therefore, if you replace that foul system with bitcoin which is decentralized and has fixed supply, you will make it impossible for governments to break the economy. No doubt, the national cryptocurrency is complete bullshit.

It is possible to avoid inflation but there are many other risks because the BTC is anonymous, so many people have used BTC to carry out the purpose of money laundering, they have bought BTC to store their assets, or some people has sponsored terrorists funded by BTC. These are the negative aspects that BTC has created for the world economy.

It is not possible to avoid inflation , although you can avoid inflation in some product  but if you are pertaining to the whole country , it is impossible to avoid inflation , there so much factor that affects inflation and some of them are not controlled by government. Bitcoin can fight inflation , yes indeed, but regarding to your worries , here in our country , bitcoin is supervised by government , it cannot be used in malicious act or anything bad.

Good for you it is nice to hear about real stories from members that are actually improving their life with cryptocurrencies, many think they need to become rich to change their lives but as long as the changes that cryptocurrencies bring to your life are positive and significant then cryptocurrencies can be said to have brought a positive change to your life and that is a good thing.

In reality inflation will still keep on growing because of the limited resources that many people are seeking to get. Lets face it every year more and more people will be born and seek what limited resources that we have and the cause is their are more people that goes into poverty. All that we can do is adapt to it and one of which is getting into crypto currency and making it as a source of income. All you just have to do is learn it.

due to decentralised nature and limited supply we can overcome inflation and keep prices stable in crypto currencies

Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old

I would say that you are correct because of this crypto currency, more people are chasing it to invest their money in order to gain some nice profit but it will take some time to hold a crypto to gain some good profit from it. But thanks to that inflation of Bitcoin some of the investors are gaining a high profit from it and some of them would be called as whales. But those times are gone and many of us wonder if it were going to happen again because when you look at the chart from the past few months it won't even touch the $10k resistance.

With such a great level of fluctuation, cryptos can hardly be anyhow applied for curing inflations.

I think that this is a demonstration of what bitcoin can bring to the table practically.

Bitcoin is a decentralized currency, unlike all of the fiat currencies that are issued by governments. Obviously in the case of Venezuela, hyperinflation is ensuing and a lot of people are left without a way to store their wealth even for the very short term, in order to retain value from their wealth to be able to afford groceries. Bitcoin can serve as a store of value, and perhaps even a medium of exchange, when the fiat system becomes dysfunctional.

That's why bitcoin is a hedge and a store of value for the long term. Thanks for sharing your experiences OP, and hopefully more of the unbanked population in Venezuela are able to integrate bitcoin in their daily lives for their benefit.

I would consider myself free from all that silly things, if I earn enough money I dont care at all about those... inflation prices..

In otherwords, you are saying that it is nice to invest in bitcoin and cryptocurrency and its benefit because that is what your post is showing. Obviously we know that Venezuela has a high rate of inflation. Good luck to your investments.

I agree that the cryptocurrency gives us new opportunities. A real opportunity to earn extra money, or in a good situation a significant amount. In the current state system, you can only earn a meager pension for poverty-stricken old age... Alas..

it can be not that bad...crypto must show theirselves to the world in a  strong way, because of our old sustem of payments

You're one of the lucky ones out there. As far as I know, a lot of people in Venezuela don't even know that bitcoin can benefit them drastically, let alone actually using bitcoin to hedge against hyperinflation, as you said.

BTC is very accessible globally, which imo makes it extremely suitable for the purpose of storing wealth for those in countries that are currently experiencing an economic slump, and rapid inflation on the fiat currency.

Honestly, you don't even need to be an early adopter. I'm fairly sure that bitcoin is guaranteed to hold its value much better than the Bolivar, even in a huge BTC crash. That's the benefit of holding bitcoin for me in the long run. There is a limited supply, that is hard coded into the system. Which means that it won't be depreciating all the time, like fiat.

That is only true for a coin like bitcoin and other similar coins, but for coins that do not really have a limited supply this is not true but at least if they have some sort of formula to produce the tokens then at least you know the inflation in advance, something that is not true for fiat anymore since many governments are now hiding how much money they are printing.

I think that the new app that was launched a few months ago by the name of the wallet is one of the best I've ever seen not because of the user interface or any other feature as that you can find in any other app in the market but the encryption in the app provides maximum security

How do you cope with inflation with cryptocurrency? Can it ?
I only know 1 thing, the best thing to deal with inflation is Gold

Currently, I think it is advisable to set the ceiling and floor prices when dealing specifically for each coin. That would make many people dumped the coins they were holding

I think this inflation is due to many factors. The electronic market is just one piece in the whole piece of the economy
It only contributes to boosting the economy and making the community more advanced.
Inflation caused by objective factors. And surely electronic money will contribute to the economy and overcome this inflation.

Me too. I have got out from poverty because of crypto. I have quit my job and start on focusing on this and it went all good and now I can provide for my self and needs and also for my family.

What every economy that is  undergoing inflation need is capital injection and introduction of cryptocurrency is a deliberate way of injecting cash into such a crashing inflationary economy thereby resuscitating the economy, thank God for your wise move

In my opinion, the price drop is not called inflation, e-money does not have inflation since there is inflation in the sense that they are different, not just as simple as you think.

Every time I read something like this, I get a smile on my face. This is how Bitcoin is changing people's life in many small ways.  ;D Bitcoin  helped people in Greece when they struggled with Banks and Bitcoin helped people in Zimbabwe, when they struggled with hyperinflation too.

Bitcoin is working at it's best, when governments fail. <Cyprus/Zimbabwe/Greece and now Venezuela.  ;D >

Also, when centralized authorities misuse their power and control over people, then Bitcoin is used as a alternative solution. <Example : When Credit card companies stopped supporting Backpage.com>  :D