Why are Venezuelan not switching to Bitcoin?

[alyssa85]

Bitcoin still won't be any use to them if they can't buy toilet paper no matter what type of money they have. We're a few decades away from it ever being considered any type of safe haven by a decent number of people, if ever. 

Some rich people will have got their money out into either dollars or bitcoin. The poor are stuffed as usual.

[gentlemand]

Well, if I had access to dollars or Bitcoin in that situation then I'm going for dollars. It's no time for techno idealism.

[alani123]

Well, if I had access to dollars or Bitcoin in that situation then I'm going for dollars. It's no time for techno idealism.

Yup. Bitcoin is convenient for its value when easily liquidable. In Venezuela's case, USD would act as a better alternative as its value is more easily accepted for everyday services and people could benefit from using it with existing financial infrastructures.

[expert4knowledge]

Well, if I had access to dollars or Bitcoin in that situation then I'm going for dollars. It's no time for techno idealism.

Maybe for a collaping economy that many of people do not have internet or computer dollar is a better option compared to bitcoin.

[panju1]

Well, if I had access to dollars or Bitcoin in that situation then I'm going for dollars. It's no time for techno idealism.

I agree. A dollar will be readily accepted on the street.
I am not sure what percentage of the Venezuelan population has heard about Bitcoin, but definitely a lot more people are ready to accept US dollars.

[zimmah]

the government only has power as long as enough people give it power.

Don't be naive: it might be the case in seemingly democratic nations of the industrialized world, however under authoritarian regimes power is given by the loyalty of the best armed group which, usually, is the army.
Maduro controls both the army and the Supreme Tribunal of Justice.

it's true for any government, no matter what type.

people give it power, people can take it away.

why else would king yong il be so afraid for north korean people to learn the truth about north korea?

if enough north koreans knew how bad their country treats them, and enough people would revolt, there would be no north korea anymore.

[Matlock]

i think the points about the tech requirements and USD comparisons make the most sense.. even tho if they are transferring out... BTC does become a real viable option for them.

[Monnt]

Uh... corrupted politicians wanting to have control over their country? If bitcoin was their national currency, they would have no control over supply. Even if they had their own national altcoin, they wouldn't be able to control it.

[arcanaaerobics]

Uh... corrupted politicians wanting to have control over their country? If bitcoin was their national currency, they would have no control over supply. Even if they had their own national altcoin, they wouldn't be able to control it.

Even if they're not corrupted, governments will not let the supply of a currency out of their control.

[Divitiae miserae]

In tyrannies, armed* people give it power, armed* people can take it away.

*To the extent of having military supremacy against all other forces.

FTFY

[pereira4]

Most people don't know that Bitcoin exists, how can you expect that people in Venezuela, which are probably very unintelligent due years of getting brainwashed by their dictator, are going to suddendly understand Bitcoin and start using it as a way out for their communist nightmare? Unfortunately, that is a pipedream. Only the highest IQ venezuelans will get saved, since they will understand Bitcoin and use it to scape financial control.

[expert4knowledge]

i think the points about the tech requirements and USD comparisons make the most sense.. even tho if they are transferring out... BTC does become a real viable option for them.

If bitcoin was a physical currency at least it had much more capabilities for becoming a national money and i think now the biggest problem is what you  mentioned.

[mrhelpful]

Most people don't know that Bitcoin exists, how can you expect that people in Venezuela, which are probably very unintelligent due years of getting brainwashed by their dictator, are going to suddendly understand Bitcoin and start using it as a way out for their communist nightmare? Unfortunately, that is a pipedream. Only the highest IQ venezuelans will get saved, since they will understand Bitcoin and use it to scape financial control.

I`m pretty sure, even the average joe would get involved, if they saw a 1min clip on youtube on their smartphone or the introduction of it.

The awareness of it though is if they run into bitcoin is if they read cnn blogs or anything related that can be back linked to this forum.

If not, then I hope they run into something related to bitcoin as some exposure.

[expert4knowledge]

Most people don't know that Bitcoin exists, how can you expect that people in Venezuela, which are probably very unintelligent due years of getting brainwashed by their dictator, are going to suddendly understand Bitcoin and start using it as a way out for their communist nightmare? Unfortunately, that is a pipedream. Only the highest IQ venezuelans will get saved, since they will understand Bitcoin and use it to scape financial control.

I`m pretty sure, even the average joe would get involved, if they saw a 1min clip on youtube on their smartphone or the introduction of it.

The awareness of it though is if they run into bitcoin is if they read cnn blogs or anything related that can be back linked to this forum.

If not, then I hope they run into something related to bitcoin as some exposure.

But bitcoin does not have minimum requirements to become their currency. How do you want old people use bitcoin?

[tyz]

Most people don't know that Bitcoin exists, how can you expect that people in Venezuela, which are probably very unintelligent due years of getting brainwashed by their dictator, are going to suddendly understand Bitcoin and start using it as a way out for their communist nightmare? Unfortunately, that is a pipedream. Only the highest IQ venezuelans will get saved, since they will understand Bitcoin and use it to scape financial control.

I`m pretty sure, even the average joe would get involved, if they saw a 1min clip on youtube on their smartphone or the introduction of it.

Average joe can only get into it when the hurdles are low. If there are no ways to easily exchange their fiat money into Bitcoin then average joe will stay away from this. Only the tech-savvy people will find ways to get Bitcoins.

[Chris4210x]

Correct me if I am wrong but is Bitcoin not forbidden and punished with jail in Venezuelan? It's quite similar with Russia :/ 

[Divitiae miserae]

It isn't—for now.

[alyssa85]

Venezuela has a bitcoin exchange, which is manfully carrying on in the face of obstacles:

http://www.newsbtc.com/2016/03/24/bitcoin-uncertainty-venezuela-beneficial-surbitcoin/

As is the case with any turmoil, there are select few who can benefit from all of this negative attention on Bitcoin. SurBitcoin, the largest digital currency exchange in Venezuela, is seeing a strong influx of new users registering on the platform and converting between local currency and Bitcoin.

However, a customer base growing to twice its original size brings some logistics problems for SurBitcoin. First of all, the company’s bank had closed their account due to a suspiciously high volume of transactions going in and out every day. This created an order backlog, although things seem to be going back to normal as we speak.

Secondly, one of the SurBitcoin employees has been reprimanded by government officials. As this person was so spooked by this move, he asked to be released from the company, and that request was granted by Surbitcoin. Moreover, the statements by VTV have put the Bitcoin exchange platform into a negative spotlight as of late, even though there is no official law to prohibit them from offering their service.

[sempak]

I think they do not deserve venezuela adopt the bitcoin system. development of computer technology in venezuela somewhat uneven. when bitcoin want to get into Venezuela, then the technology infrastructure in venezuela should have been really ready.

[Dr.Osh]

I think they also want to have their own money, but I am quite sure, very many of those who seek and use bitcoin to earn money so that they could build a better life and support their families. they only need a computer and internet connection to do that, and probably most people there is still confusion as to how to use bitcoin