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Author Topic: Why are Venezuelan not switching to Bitcoin?  (Read 12347 times)
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December 10, 2016, 02:17:18 PM
 #221

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  Undecided

bitcoin altcoin or another digital curency
can't replace and take over fiat money real money
in real life must use fiat money can transaction, without fiat money is very dificult
bitcoin until now noth physic only digital curency, and not regulate, so if use real life is very dificult and imposible can replace fiat money

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December 10, 2016, 02:35:56 PM
 #222

Venezuelan is not switching to bitcoin in my opinion because of some reasons. First of all, bitcoin is not really accepted as a real currency yet by them. They don't want to use a cryptocurrency that has only been there for years as their national currency and government also don't want it since they can't control or impose tax on it easily. Finally, They want fiat to be their national currency, not a crypto currency.

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December 18, 2016, 12:51:20 PM
 #223

As I stated in a post before, I do not mean that the entire economy and all payments should be shifted to Bitcoin in Venezuela. Bitcoin is not (yet) a payment system which could deal with thousands and thousands of transaction per second. What I mean is, why don't they use Bitcoin to save their wealth. They could also transfer their fiat money into gold but it is just harder to get in a political environment as in Venezuela, and you can forbid it.

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  Undecided

bitcoin altcoin or another digital curency
can't replace and take over fiat money real money
in real life must use fiat money can transaction, without fiat money is very dificult
bitcoin until now noth physic only digital curency, and not regulate, so if use real life is very dificult and imposible can replace fiat money

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December 18, 2016, 05:58:47 PM
 #224

Venezuelan is not switching to bitcoin in my opinion because of some reasons. First of all, bitcoin is not really accepted as a real currency yet by them. They don't want to use a cryptocurrency that has only been there for years as their national currency and government also don't want it since they can't control or impose tax on it easily. Finally, They want fiat to be their national currency, not a crypto currency.

Bitcoin is illegal in almost all of the Latin American nations. The governments are afraid of Bitcoin. The Latin American currencies always have the devaluation problem, and if alternatives such as the US Dollar and Bitcoin are available, then people will dump the local currency without a second thought.

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December 18, 2016, 09:17:51 PM
 #225

The countrys in south america are still not yet ready to switch to cryptocurencys in fact many countrys are afraid of bitcoin and they making it an illegal thing because in most of these countrys there is a high activity of drugs and weapons trade because many dealers uses bitcoin as a payment method to provide his services without being traced down because using bitcoin hides your identity

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December 18, 2016, 09:26:15 PM
 #226

I thought many of these south american currencies have a fixed linked to dollar so bitcoin is not much of a further stretch.   The main problem is telecommunications in most cases, they dont have the readily available dsl network that is needed for a wallet to stay online and upto date

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December 19, 2016, 11:13:50 AM
 #227

I thought many of these south american currencies have a fixed linked to dollar so bitcoin is not much of a further stretch.   The main problem is telecommunications in most cases, they dont have the readily available dsl network that is needed for a wallet to stay online and upto date

What's the problem of using an online wallet then? It seems that it will be a safer option when we take into account the hostility of the authorities toward Bitcoin in these countries, especially in Venezuela, though I don't know much about the attitude of other South-American governments in this regard. Online wallets are safer for the simple fact you could expect your home being raided by the local police and your computer taken away.
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December 19, 2016, 05:25:26 PM
 #228

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  Undecided

Same reasons why people don't switch in other countries:

- majority of population don't even know what bitcoin is

- high percentage of population not tech-savvy enough

- every government will oppose unregulated money

- in poor countries many people don't even have internet connection

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December 19, 2016, 05:49:14 PM
 #229

- in poor countries many people don't even have internet connection

This statement might have been true a few years ago. But the situation has changed drastically. Cheaper smartphones and inexpensive data packages have made internet affordable to 99% of the world population.

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December 19, 2016, 10:28:24 PM
 #230

Is so difficult for a country to change its currency. It's almost impossible for a government to admit that its policy failed and must change the fiat currency. And is laborious for people especially older one have to learn how to use in a very short time a currency without centralized control(banks). Is there any time for education and information?
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December 20, 2016, 02:24:57 AM
 #231

Quote
Cheaper smartphones and inexpensive data packages have made internet affordable to 99% of the world population.

World population ?  seriously, you dont mean that because the world geography is so varied.   They dont have cell towers all over afghanistan, they should I think have put in better communication as part of the war liberation efforts.  I think better comms would help spread democracy and stop isolating factors and domination by armed factions but unfortunately alot of the world does not have access to cheap communication especially access to global links like alot of the west does.    
Some countries have made efforts, obviously south Korea is a world leader pretty much coming out of a war with strong investment.   My guess is Venezuela is not one of those places to lead strongly with investment in telecoms infrastructure, since its not a flat country I doubt all sections of the population is easily able to connect.   Sure of course theres a wealthy middle class but the majority Im not sure about.     Even if you think online wallets make it ok then I think we have to consider the spending ability also because the country is not rich and so the capital under discussion is not savings but transactional.   Its all cash notes most likely, they may not have even a good development in digital fiat currency like Dollar does have and alot of countries with Euro or other fiat do have good digital use and that staging point allows for an easier switch to bitcoin or similar from business already facing a virtual economy

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December 29, 2016, 01:54:15 PM
 #232

Had an interesting read.

‘Sorry, Bitcoin Only’: Venezuelan Travel Agency Responds to Hyperinflation: Venezuelan online travel agency Destinia will now only accept Bitcoin for payment citing “increasing restrictions” and economic woes in the country.

Travelers who use Destinia to make their travel reservations can now only pay in bitcoin. The company has made the decision after witnessing the impact of the free-falling Venezuelan economy. “The economic situation in Venezuela is ever more complicated,” the company explains. “Given the increasing restrictions faced by Venezuelans, Destinia has decided to operate exclusively in Bitcoins in order to further facilitate reservations by local travelers.” more

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December 29, 2016, 02:41:45 PM
 #233

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  Undecided

As many here said it is the decentralization and being difficult to control and regulate as one of the factor why Venezuelan government do not switch to bitcoin.  As for people, many of them are ignorant of Bitcoin.


This statement might have been true a few years ago. But the situation has changed drastically. Cheaper smartphones and inexpensive data packages have made internet affordable to 99% of the world population.

Lol affordable? Internet service in my country sucks big time.  Aside from high rate, they even put a capped on data to use per day if we subscribe to their services.  How cheap is 800mb (cap) of data at a rate of $1 per day?  Not saying a 15 min. of data usage will cost us 10 cents if we don't subscribe to their promotional services.  And they advertised falsely by saying 52mbps and yet we will be lucky if we get 2mbps of internet speed. Internet  is unaccessible to remote areas and majority of the province especially in rural areas.  Now tell me where do you get that 99% statistics?




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tee-rex
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December 30, 2016, 03:49:51 PM
 #234

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  Undecided

As many here said it is the decentralization and being difficult to control and regulate as one of the factor why Venezuelan government do not switch to bitcoin.  As for people, many of them are ignorant of Bitcoin.


This statement might have been true a few years ago. But the situation has changed drastically. Cheaper smartphones and inexpensive data packages have made internet affordable to 99% of the world population.

Lol affordable? Internet service in my country sucks big time.  Aside from high rate, they even put a capped on data to use per day if we subscribe to their services.  How cheap is 800mb (cap) of data at a rate of $1 per day?  Not saying a 15 min. of data usage will cost us 10 cents if we don't subscribe to their promotional services.  And they advertised falsely by saying 52mbps and yet we will be lucky if we get 2mbps of internet speed. Internet  is unaccessible to remote areas and majority of the province especially in rural areas.  Now tell me where do you get that 99% statistics?

I eagerly confirm that. Unless you have a broadband connection (optic cable or DSL), you are rather stuck if you want anything apart from simple messaging and reading news. Wireless Internet through GSM networks sucks heavily, and it seems to be so in any quarter of the world. GSM operators are sheer vultures when it comes to their rates, data plans and the quality of Internet they provide.
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January 10, 2017, 07:24:15 PM
 #235

Newbtc has published an article with title 'Venezuela Hikes Minimum Wage Again Which is Good News For Bitcoin' yesterday.

Excerpt
Quote
Hyperinflation has been plaguing the Venezuelan economy for quite some time now. It is also one of the reasons why the government decided to mint new coins and banknotes. The next step in the long recovery process is hiking the minimum wage by 50%. An intriguing decision that can affect Bitcoin adoption in the country.


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January 10, 2017, 11:09:38 PM
 #236

Unfortunately in most Latin American countries the word "bitcoin" is not even known, as there is very little access to real financial and digital education. But I also believe that at this time it would be impossible for any country to supply its local currency for bitcoins, although i have no doubt that there are some smart Venezuelans taking advantage of bitcoin to protect their money.
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January 11, 2017, 04:23:17 AM
 #237

Hyperinflation has been raging for decades now, like the plague. But at this time, the increase in the minimum wage in Venezuela to promote local people to accept bitcoin is a good news. Increased inflation will allow more people to buy a certain amount of bitcoins. Although the increase in the minimum wage is able to affect the Venezuelan accept bitcoin remains to be seen, but it shows that the encryption currency is the only viable option in venezuela.
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January 27, 2017, 12:20:41 PM
 #238

Just forget about Venezuela using bitcoin. It is just for few as digital gold.
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January 27, 2017, 12:46:42 PM
 #239

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  Undecided

Using bitcoin as a means of currency does not automatically serves as a means of controlling inflation. Even in elementary economics, I didnt read anywhere where an adoption of a form of currency is a way of controlling inflation. Inflation is caused by several factors and when those factors are not resolved there is nothing that can be done. A cost push inflation cannot be controlled unless something is being done to reduce the cost of production with having no relationship with the currency in the economy.
Xester
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January 27, 2017, 12:51:57 PM
 #240

Venezuelan is not switching to bitcoin in my opinion because of some reasons. First of all, bitcoin is not really accepted as a real currency yet by them. They don't want to use a cryptocurrency that has only been there for years as their national currency and government also don't want it since they can't control or impose tax on it easily. Finally, They want fiat to be their national currency, not a crypto currency.

Bitcoin is illegal in almost all of the Latin American nations. The governments are afraid of Bitcoin. The Latin American currencies always have the devaluation problem, and if alternatives such as the US Dollar and Bitcoin are available, then people will dump the local currency without a second thought.

Bitcoin is not illegal in Venezuela, in fact they are beginning to use bitcoins online. The problem with Venezuela is that bitcoin is only starting to grow in that country and so the number of users are very limited in numbers. Possibly the users in that country only runs up to a hundred people and needs more push so that bitcoin will be widely used by the masses in Venezuela.
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