Why are Venezuelan not switching to Bitcoin?

[tyz]

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me 

[Pab]

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me 

Becouse bitcoin is p2p any gov will not switch to any p2p currency,thay will loose power over people that way

[Slowturtleinc]

The system is rigged in a way that money is king. So you control the money you control the people and bitcoin can change that right?
I believe so but in this situation we are dealing with people that need to provide for their people and a government that wants to stifle any alternate currency.
You factor in that people needing to get bitcoin are going to be overly exposed to being robbed till atms are setup and its more understandable why these poor countries are not adopting bitcoin.

When you are surviving in life things are totally different for you in priorities.

[7788bitcoin]

Are there many shops accepting bitcoin? and is mobile internet or free wifi popular in the country? Without the infrastructure, you can't even buy bread with bitcoins... besides, they can easily use another currency like USD or GBP or RMB... why bitcoin?

[alani123]

Bitcoin can't serve an entire country in the way that fiat does, currently it can't even take the volume of transactions.

[Amph]

why should they? they even arrested two guy that were mining there, i see no reason for them to embrace bitcoin, after that thing happened

like i've said it is more probable that advanced countey will embrace bitcoin more easily, like japan, europe etc, in fact they did embrace it already with a great form of regulation

[NUFCrichard]

if you were middle class in Venezuela, would you really not think about trying to procure a few (10-20) bitcoins?
Mining must be easier to track than just buying a few bitcoin.  They are getting destroyed by inflation at the moment, I would like to think that I would be getting my savings into PMs and bitcoin.

I think many of us in the west expect hyper-inflation at some point, if we generally accept that in the case of hyper-inflation our PMs and Bitcoin will be useless, then what is the point!

[randy8777]

people in charge there don't care about what is happening as long as their pockets are getting filled each month. beside that, it's also the fact they will never allow a currency to be used as main currency that they can't control.

[pedrog]

Bitcoin cannot be used as an 'everyday day' normal currency, plus there may be some legal restriction there to prevent its adoption.

[Supercrypt]

Their government is probably restricting them from using bitcoins. Because if people are able to do transactions with bitcoins, the government wouldn't get a hold of their money. They would lose their power. That's why it's probable that their government is manipulating them.

[Boosterious]

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me 

i dont think inflation can solved with bitcoin,not an easy as you think,venezuela's inflation have so bad,and i'm sure bitcoin can't help for it,if bitcoin must help venezuela from inflation,people need to know and begin from the first,just like they knowing moeny from the first time.

[yayayo]

Bitcoin cannot be used as an 'everyday day' normal currency, plus there may be some legal restriction there to prevent its adoption.

Exactly. I think most Venezuelans are not even aware that Bitcoin exists. These people are in a daily struggle to buy their necessities - not because of the inflation alone, but also because of supply shortages. There are large queues in front of the supermarkets. In this economic environment it is not advisable to experiment with new currencies for a potential future gain. What people need is a working currency to buy what they need right now.

However Bitcoin is not accepted at any local supermarket. Also there are very few people in Venezuela, who are willing to sell Bitcoin for pesos.

ya.ya.yo!

[deuce22]

Venezuelan people are suffering under high inflation but govt wont let them switch to bitcoins

[panju1]

The Venezuelan people are suffering under high inflation (official inflation rate is 124%, inofficial rate is 720%). Why do they not switch to Bitcoin or alternative coins? Do they not know about Bitcoin or do they do not have access to Bitcoin buying options? This is really a mystery for me 

Because it is illegal? People have been arrested...
https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/

[Cereberus]

But I heard so is Puerto Rico as well. They are in so much debt it is not even funny. 
All these South/Cental American nations are falling like in domino effect and within time they will be just like other failed nations around the world ie. Iceland.

[botany]

But I heard so is Puerto Rico as well. They are in so much debt it is not even funny. 
All these South/Cental American nations are falling like in domino effect and within time they will be just like other failed nations around the world ie. Iceland.

I would not categorize Iceland with these nations. Sure, they have had their share of problems, but they have taken tough measures and are pretty much normal now.
True example of a country in trouble is Zimbabwe

[Cereberus]

But I heard so is Puerto Rico as well. They are in so much debt it is not even funny.  
All these South/Cental American nations are falling like in domino effect and within time they will be just like other failed nations around the world ie. Iceland.

I would not categorize Iceland with these nations. Sure, they have had their share of problems, but they have taken tough measures and are pretty much normal now.
True example of a country in trouble is Zimbabwe

African nations are always in trouble. But they have an abundance of natural resources to garner from.
These Central/South American nations do not except tourism and coffee. That can only go so far (money wise) compared to the mega tonnes of oil and gold on the market from Africa.

[martha5dool]

Venezuelan people are suffering under high inflation but govt wont let them switch to bitcoins

Thats bad for the people itself

[tyz]

My question was about the Venezuelan people not about the Venezuelan government. I would be surprised when the Venezuelan government would freely switch to Bitcoin as national currency. But as far as I know, Venezuela has an open access to the internet. So everyone is able to get information about alternatives like Bitcoin. And everyone would be able to exchange their inflationary currency for relatively stable Bitcoin.

Becouse bitcoin is p2p any gov will not switch to any p2p currency,thay will loose power over people that way

[Junko]

One reason why Venezuelans aren't switching to Bitcoin might be because they have no money to begin with. Have you ever been to Venezuela? It's not a very safe place because of high crime and poverty. I had an overnight stopover there and was told not to leave my hotel until my flight the next day. From the looks of things the brief time I was there, they weren't kidding.

The US Department of State has recently issued this travel warning for US citizens traveling to Venezuela: https://travel.state.gov/content/passports/en/alertswarnings/venezuela-travel-warning.html