Brazilian exchanges hit all-time volume high in October

[dive]

According to the website http://bitvalor.com the exchanges in Brazil hit a new monthly volume record at R$ 12.7 M (US $3.3M), a 34% increase of the prior record achieved in July.

Monthly volume record highs were achieved in 4 of the 7 exchanges that work with Brazilian Reais.

There is a full report in English available: http://bitvalor.com/relatorios



Direct PDF link: http://bitvalor.com/files/Report_bitValor_Bitcoin_Market_in_Brazil_October2015.pdf

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[unamis76]

These exchanges from Brazil are getting more and more volume and they're starting to be noticed pretty much everywhere... I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

Good for us and good for them

[Mickeyb]

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.

[maokoto]

I would love to see brazilian exchanges rise a lot. This would be a good precedent for other exchanges in other countries. Plus, I really like the layout and functionality of a brazilian exchange I use, so would love to see it with a higher volume.

[DoubleMyBitcoins]

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

[jt byte]

Well brazil has a large number of population but it's interesting how many people are buying bitcoins.
Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?
Everyone likes when the volumes gets increased in exchanges because we believe that the price will increase.

[VirosaGITS]

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

[HI-TEC99]

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

Do the lucky ones who live near a border with another more Bitcoin friendly country make trips there to buy Bitcoins, then smuggle them back to Brazil and sell them for VAT free fiat profit? Is bringing Bitcoins without declaring them classed as smuggling in Brazil, and are you supposed to pay tax on face to face sales?

[visual111]

Very interesting. Hard to anticipate that this volume will dissipate. Seems like this ball is rolling....onward!

[VirosaGITS]

Congrats to them! I hope every bitcoin exchange around the world doubles their previous all time highs soon! It should happen fairly soon with the way bitcoin has been moving lately.

Its not that good. BTC exchange is taxed like 30%, so its not even worth for my Brazilian friend to sell the BTC to FIAT. He has to spend it. But he still get raped on import tax which is completely ludicrous.

So cool we all got a price increase, but the Brazilians are still boned...

Do the lucky ones who live near a border with another more Bitcoin friendly country make trips there to buy Bitcoins, then smuggle them back to Brazil and sell them for VAT free fiat profit? Is bringing Bitcoins without declaring them classed as smuggling in Brazil, and are you supposed to pay tax on face to face sales?

Well you don,t really "move Bitcoin into Brazil" so its all nonsense anyways. The problem is its very hard to buy bitcoin this way since its not something you physically buy.

You still need to use your Brazilian credit card, unless you move to another country, open a bank account etc, which you typically can't do without being long into the emigration process.

[dive]

I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

I agree. The Brazilian Real lost between 30% and 40% of its value in 2015 compared to the US Dollar.

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins?

As far as I know, VAT-type tax is not applied to any bitcoins sales in Brazil. Prices have been around 4-8% above US prices during the first half of the month and equivalent to US prices over the second half.
I believe exchanges pay taxes only on top of the trading/deposit/withdraw fees they collect.

Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?

No VAT.

[VirosaGITS]

I think their problems with the Brazilian Real is making them see cryptocurrencies in a different way, much like what happened (and is still happening) in Venezuela.

I agree. The Brazilian Real lost between 30% and 40% of its value in 2015 compared to the US Dollar.

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins?

As far as I know, VAT-type tax is not applied to any bitcoins sales in Brazil. Prices have been around 4-8% above US prices during the first half of the month and equivalent to US prices over the second half.
I believe exchanges pay taxes only on top of the trading/deposit/withdraw fees they collect.

Buying someone who does not live in Brazil, do they still have to pay VAT or are free of charge?

No VAT.

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

[Omikifuse]

but still their volume is low. At best some hundreads of BTC by day, while the biggest exchanges have at least some 1000's of volume even in the most boring days

[Snorek]

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.

VAT is general is scam tax to be honest. How can you tax something which was already taxed before - I am talking about real goods here: like groceries or electronics.
With bitcoin - which is digital currency taxing it with VAT is is PURE scam, and I am wondering why there are no black market exchanges in Brazil yet.
 

[christycalhoun]

The currency and economy is going to heck so this is no surprise to me. Everybody is focusing on greece but I see a bigger currency crash in Brazil in the future.

[SerenaL]

I bet bitcoin will grow a lot more in the rest of South America as well, espeicially argentina. The exchange rates of these coutries are horrible.

[VirosaGITS]

I bet bitcoin will grow a lot more in the rest of South America as well, espeicially argentina. The exchange rates of these coutries are horrible.

It can't, really. Most of south America is under the huge Tax, which prohibit any sensible amount of volume that would let BTC grow in that region. Until the status of Bitcoin is changed there, they are pretty doomed there.

And the cost of ASIC there is also prohibitive with their 100-200% markup from importing it.

[dive]

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

[VirosaGITS]

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

Check the exchange rate on their exchange website. My friend was unable to get Bitcoin because the price was +30%. If you know a way to get bitcoin in Brazil at normal price, please let me know. We been looking for a while for a way.

[dive]

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

Check the exchange rate on their exchange website. My friend was unable to get Bitcoin because the price was +30%. If you know a way to get bitcoin in Brazil at normal price, please let me know. We been looking for a while for a way.

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.

[jaberwock]

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.

Not, at least from consumer side.

There is no finantial regulation about Bitcoin in Brazil, so Bitcoin transaction and buys/sell won't pay special taxes, like happens in Eurozone and other places where Bitcoin is regulated

[VirosaGITS]

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

So the BTC price in Brazil is 30% higher. So its really not nice... and that does not mean sellers get 30% more, sellers get about the same as selling here and the tax take the 30%.

I didn't say that. I said that local currency purchasing power was reduced by that much.
BTC USD .vs. BTC BRL (at the USD BRL Rate) has been stable around -1% to 5% difference.

So seller gets something around this much. The spread used to be much higher 6 months ago and 12 months ago.
Now it responds quite fast to whatever the rates are in USD.

Check the exchange rate on their exchange website. My friend was unable to get Bitcoin because the price was +30%. If you know a way to get bitcoin in Brazil at normal price, please let me know. We been looking for a while for a way.

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.

If you sell BTC for 320, they need to pay huge tax since its considered an income. So he was not able to do it, since 30% was too much. If there are exchanges that just let you do it anonymously so you don,t need to declare it as taxable income, then sure. I gave him the link he'll check it out.

It would be legal from his side since he would be purchasing, not selling. On the other exchange, there was a tax added to the BTC price of 30%.

[Amph]

this should be true for every exchange that is operating with bitcoin, because if the price increase the volume also must follow, so nothing extraordinary, people see the bubble and jump-in

new fresh money are always welcome, unless this can prove that this isn't only manipulation

[EternalWingsofGod]

Thanks for the share, Brazil is not an exchange that I focus my attention on it is an important exchange.
That said it's good to hear trading volume is rising as it is a large market for money in Latin America and assuming all is going well higher volumes means increased incentive to improve and develop more bitcoin services as more users are attracted to the ecosystem so it's good to see a positive feedback loop .

[Blue_Tiger73]

It is nice too see that more and more countries are getting involved in Bitcoin. Those figures are also amazing, a 34% increase is quite a lot. Hopefully these figures will continue to rise. This is great for us, Bitcoin owners, Bitcoin and Brazil. Also, do you think that the US will get these kind of figures in the near future?

[n2004al]

According to the website http://bitvalor.com the exchanges in Brazil hit a new monthly volume record at R$ 12.7 M (US $3.3M), a 34% increase of the prior record achieved in July.

Monthly volume record highs were achieved in 4 of the 7 exchanges that work with Brazilian Reais.

There is a full report in English available: http://bitvalor.com/relatorios



Direct PDF link: http://bitvalor.com/files/Report_bitValor_Bitcoin_Market_in_Brazil_October2015.pdf

These data and values are the most significant facts that show the importance or regulation of bitcoin within a country and the power that this regulation have in the spread and the use of bitcoin in that country where is regulated. The above data must make to think every lawmaker in every country which hesitates in making the needed actions to regulate bitcoin in him's country and every bitcoiner here in bitcointalk which is against the regulation giving as reason of him's behavior the most various fears about its privacy or other kind of fears.

[justbitcoins]

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.

So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that?

[neurotypical]

I have been doing some research since I was trying to learn portuguese, it seems there is a Youtuber in brasil doing some videos on Bitcoin, this may have helped Bitcoin to be spread among the common folk who isn't familiar with it. He's got 50K followers:

https://www.youtube.com/watch?v=1n_9gzwlpZU

Unfortunately I can't understand most of what's being said on there but it's definitely good news and he's pro Bitcoin.

[dive]

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.

So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that?

No - you do not have to pay tax to get bitcoin out of the exchange.

[VirosaGITS]

Here you can check the price on all Brazilian exchanges: http://bitvalor.com

Right now available for sale at: R$ 1,240.00
Exchange rate now: = R$ 3.86
So, available for sale right now at USD 321.24
Bitstamp right now = USD 324.3
Bitfinex = USD 329.6

So... it's even cheaper.

So maybe the exchange is cheaper, but if you want to take bitcoin out of the exchange, you have to pay tax? Can anybody confirm that?

You must be talking about the tax i mentioned? The tax is on receiving fiat from selling Bitcoin, which is improperly tagged in Brazil, as a good of sort. So if they sell 1k worth of Bitcoin they need to pay 300$ which completely kill the deal. Hence why some exchanges had the price at a huge markup.

[Timeline]

Great to know there are active BTC exchanges in Brazil I didn't know that.

[n2004al]

Great to know there are active BTC exchanges in Brazil I didn't know that.

Bitcoin is booming there. Over the last few months, the volume of all bitcoin trades have risen from 1.65 million us dollar to 2.6 million us dollar, showing a 158 percent monthly increase in trading volumes across all exchanges. This was happen although the reputation of bitcoin there is not good. But even with this reputation bitcoin is regulated by the brazilian Authorities since 2013. Anyone can understand easy with this case the power which have the process of regulation for bitcoin. Everything which happen there related with bitcoin (including the above facts) is a direct consequence of its regulation in this country.

See for more here: http://www.newsbtc.com/2015/09/04/bitcoin-trades-undergo-surging-volumes-in-brazil/ and here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

[tom555]

its an immpressive volume,and really corious what make this happen. is this have any connection with bitcoin raises?or they realize that bitcoin or cryptocurrency have a good potential,so they decied to trade as many as they can,i know that brazil one of the most many people using bitcoin there. but why it happen just this month?lets see what gonna happen next month.

[n2004al]

its an immpressive volume,and really corious what make this happen. is this have any connection with bitcoin raises?or they realize that bitcoin or cryptocurrency have a good potential,so they decied to trade as many as they can,i know that brazil one of the most many people using bitcoin there. but why it happen just this month?lets see what gonna happen next month.

I don't think so. Maybe I can tell even no. This increase of volume, as it was reported and told in the article (or in my post) was reached during several months and not immediately. I think that the last increase has to do with the big demand came from China. This enormous market can have the power to make those kind of changes in so few time.

[okae]

that's a pretty good news, but in general don't forget that in last month's ( i mean this have been doing slowly ) almost all of them have been increasing their volumen, not only brazilians, with brazilians have been increased not only on his exchange volumen, they open lot of new bitcoins stores too.

seems like things are going pretty good on brazil for bitcoin users;)

[Luqman]

It's mean that more people more known about Bitcoin, such a great news.

[GetClams.com]

As they say in Brazil Tudo bem! Its all good.

[AltcoinInvestor]

Don't they in Brazil have to pay a VAT as well when they are buying bitcoins? This sucks since this makes Bitcoin about 20% more expensive for the Brazilians.

Nevertheless, I am not surprised that Bitcoin purchases are exploding in Brazil if we take into consideration crazy volatility of their national currency.

Not, at least from consumer side.

There is no finantial regulation about Bitcoin in Brazil, so Bitcoin transaction and buys/sell won't pay special taxes, like happens in Eurozone and other places where Bitcoin is regulated

Brazil is also not sophisticated about enforcing any sort of taxes regarding online purchases anyway. That could change soon though.

[christycalhoun]

It is nice too see that more and more countries are getting involved in Bitcoin. Those figures are also amazing, a 34% increase is quite a lot. Hopefully these figures will continue to rise. This is great for us, Bitcoin owners, Bitcoin and Brazil. Also, do you think that the US will get these kind of figures in the near future?

I think the US will increase sharply if the nation faces a currency crisis much like Brazil is facing.

[justbitcoins]

The higher volume is an indication of people's interest in bitcoin. The inflation is quite high in South America, bitcoin can protect people from high inflation.

[Possum577]

Great for Brazil!

I wonder if there will be a boom in activity and "bitcoin accepted here" signs leading up to the Olympics next summer. Anyone know?

[knowhow]

Im from Brazil i dont use exchanges there is some members here buying our coin,can be a small or a high ammount just need to let know before and trust on the person.I had sold my bitcoins for a 30 dollars fee everytime i buy or sell it to him,soo its a 10% im sure he trades bitcoin and buy and sell at some exchange but he can have his clients or well he can be collecting bitcoins.

[justbitcoins]

Great for Brazil!

I wonder if there will be a boom in activity and "bitcoin accepted here" signs leading up to the Olympics next summer. Anyone know?

I would like to see the "bitcoin accepted here" sign in Brazil. That will give enormous publicity to bitcoin and help its adoption.

[DarkHyudrA]

Great for Brazil!

I wonder if there will be a boom in activity and "bitcoin accepted here" signs leading up to the Olympics next summer. Anyone know?

I would like to see the "bitcoin accepted here" sign in Brazil. That will give enormous publicity to bitcoin and help its adoption.

Some rare places accept it. And of course, the tickets for entering Olympics games won't accept Bitcoin.
Although it got a new all-time high here on Brazil, remember 2 things:
-There's a crisis going on here. Last year 1 USD = 2.50BRL, now its over 1 USD = 3.80 BRL
-Rise in the value of BTC

So it's not that all good news.

[knowhow]

Well the financial problems are affecting most of the countries ,politicians is rich and we are paying for the bad management made by them.And yes dollar as other currencies as eur and pound are growing too much,soo we are loosing in the long road and i think this is what goverment wanna to panic the people,because Brazil has plenty of resorces.

[mirana12345]

Great for Brazil!

I wonder if there will be a boom in activity and "bitcoin accepted here" signs leading up to the Olympics next summer. Anyone know?

Well, if the interest is growing and exchanges are at ath volume, it wouldn't surprise me if the coverage also spreads to some more merchants and services there,
but however, i doubt there will be bitcoin logos related to Olympics.
In regards to op, maybe it isn't a local thing after all, because all exchanges are showing insane rise in volume, which is spreading from china to other exchanges..

[justbitcoins]

Well, if the interest is growing and exchanges are at ath volume, it wouldn't surprise me if the coverage also spreads to some more merchants and services there,
but however, i doubt there will be bitcoin logos related to Olympics.
In regards to op, maybe it isn't a local thing after all, because all exchanges are showing insane rise in volume, which is spreading from china to other exchanges..

The volume rises in exchanges outside China is very large. It indicates a higher general interest in bitcoin. The blockchian transaction also rose recently.

[TheIrishman]

No its not VAT. Vat is a Europe thing. That doesn't mean that rip off tax doesnt exist outside the Eurozone, what they call it does not matter. Brasil has a huge tax on sale of Bitcoin and it really kill the deal.

I'm not sure what you are referring to or what are your sources. Today there is no tax on sale of Bitcoin in Brazil.
There is capital gain taxes as part of regular income, but the purchase/sale of bitcoin is not taxed.

I live in Brazil and, like dive said, there is no "tax" on each purchase or sale of bitcoin. Bitcoin is NOT regulated in Brazil. The exchanges each have their own transaction fees but THERE IS NO BITCOIN-SPECIFIC GOVERNMENT TAX.