Why are Venezuelan not switching to Bitcoin?

[tyz]

Venezuela Citizens Turn To Bitcoins In Record Numbers

Bitcoins are becoming an increasingly popular form of digital currency, especially in areas that are suffering from currency devaluation. Unlike other forms of currency, the bitcoin remains relatively stable and isn’t likely to suddenly drop in value at the drop of a hat.

This explains why Venezuela, a country that has been suffering from severe economic problems, is increasingly turning to bitcoins over there own currency.

http://bitcoinbulk.com/venezuela-citizens-turn-bitcoins-record-numbers/

[th3nolo]

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.

I'm Venezuelan, And this argument is almost everything. My government want to keep people eating his shit and his arguments, the principal problem of BsF is the inlation, you only can buy the goods in the local markets these marketsdon't have so much variety if you want something from foreign country is kinda hard.

however, more Venezuelans are learning about bitcoin, maybe in one or two years will be very popular, and we will have huge ammount of sellers that will accept bitcoin as payment method.

So, maybe will be the first country in adopt widely the bitcoin, who knows..

[kryptqnick]

That would be strange if they didn't but actually they are. At least, there are many people who use it. As said here https://www.cryptocoinsnews.com/venezuelas-hyperinflation-sees-record-highs-bitcoin-use/: 'The month of July saw a high number of bitcoin transactions in Venezuela with August achieving a new record high as more people turn to the digital currency as the country continues to tackle the inflation of Bolivar.'
Oh, and it is interesting that under Venezuelan law, Bitcoin is regarded as property and not currency.

[Doamader]

I didnt know about the bitcoin being regarded as property and not currency, this change a bit the vision that some people does have and the limits, its important for Venezuela citizens to be able to save their currencie into bitcoin.

[pereira4]

Bitcoin is still to complex and small for the average person to be used. It is still very annoying and convoluted when you are trying to buy Bitcoins from outside the US and EUR, and even in those countries people are at the begining confused with the whole thing. Only 0.01% of people in Venezuela use BTC (statistic out of my ass but I would guess it's about that)

We are pioneers, thats the good news.

[doomloop]

Things are going more and more crazy in Venezuela. This year's inflation is 45%. All hopes are for the OPEC meeting on 30th November when the consortium decides about cutting the oil production. If it will not find an consensus then it is expected that oil price goes back down to $30-35 per barrel. If so this will end horrible for the country and its people.

[tee-rex]

Things are going more and more crazy in Venezuela. This year's inflation is 45%. All hopes are for the OPEC meeting on 30th November when the consortium decides about cutting the oil production. If it will not find an consensus then it is expected that oil price goes back down to $30-35 per barrel. If so this will end horrible for the country and its people.

Bitcoin may not help the Venezuelans much at all. If they barely manage to survive on their pay, of what real use would Bitcoin be for them then? Inflation may be hitting astronomical figures, and that would most likely lead to the widespread use of the American dollar in Venezuela with further removal of the Bolivar from currency circulation.

It may all end along the same lines as it ended in Zimbabwe.

[davis196]

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 

They don`t know about bitcoin or they don`t have personal computers.Maybe both...

Buying bitcoins is expensive and risky.

Is there a way to buy btc with the venezuelan currency?

[Gahs]

Things are going more and more crazy in Venezuela. This year's inflation is 45%. All hopes are for the OPEC meeting on 30th November when the consortium decides about cutting the oil production. If it will not find an consensus then it is expected that oil price goes back down to $30-35 per barrel. If so this will end horrible for the country and its people.

Why would oil go back to $30-35 per barrel when OPEC has already managed to stabilize it at around $50 per barrel?

[luthermanhole]

Well theres probably a lot of countries that dont use them to the same level of venezuelan

[freedomgo]

Well theres probably a lot of countries that dont use them to the same level of venezuelan

Time will just come they will follow. If bitcoin is increasing its adopters, there's no way they will resist the opportunity. They can integrate business in bitcoin.

[Xester]

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.

I'm Venezuelan, And this argument is almost everything. My government want to keep people eating his shit and his arguments, the principal problem of BsF is the inlation, you only can buy the goods in the local markets these marketsdon't have so much variety if you want something from foreign country is kinda hard.

however, more Venezuelans are learning about bitcoin, maybe in one or two years will be very popular, and we will have huge ammount of sellers that will accept bitcoin as payment method.

So, maybe will be the first country in adopt widely the bitcoin, who knows..

Wow that's a nice futuristic view, seeing your country to use bitcoin in a large scale adoption. I am happy for your country if you can achit it, whilst in our country it will be impossible to conduct a mass adoption since many areas are not reached by electricity so how much more computers and internet.

[X-ray]

Well theres probably a lot of countries that dont use them to the same level of venezuelan

Time will just come they will follow. If bitcoin is increasing its adopters, there's no way they will resist the opportunity. They can integrate business in bitcoin.

there's still a way to resist to use bitcoin. if government see bitcoin as a threat to their economic circumstance then they will trying to prevent from the use of bitcoin. that's the actual struggle when a currency is not created by big organization or a country and trying to take over the whole economic

[DebitMe]

If any Venezuelan's are here and want to sell thousands of dollars of their currency, I am interested.  Would need it shipped to the United States.  Please let me know if your interested, there is a hefty profit margin for your participation.

[agamasrori]

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 

The reason is venezuelan fiat price called bolivar is drop so much againts dollar, so they looking for the alternative to safe their wealth. They make demand to cjange their 141 million bolivar to bitcoin and 117 million bolivar to usd.

[tyz]

Interesting article about Bitcoin miners and their profits, fears and struggles in Venezuela. Fits to the topic.

Bitcoin Miners Make Big Profits but Fear for Safety in Venezuela
In economically-ravaged Venezuela, bitcoin has proven to be an important alternative currency, according to an article in Reason Magazine. And because the government supports cheap electricity, bitcoin mining is highly profitable.
Full article

[tee-rex]

Things are going more and more crazy in Venezuela. This year's inflation is 45%. All hopes are for the OPEC meeting on 30th November when the consortium decides about cutting the oil production. If it will not find an consensus then it is expected that oil price goes back down to $30-35 per barrel. If so this will end horrible for the country and its people.

Why would oil go back to $30-35 per barrel when OPEC has already managed to stabilize it at around $50 per barrel?

OPEC can do nothing against the shale oil producers. This "stabilization" has been lasting only for two days so far, and it is not certain that it will last any longer. The shale oil producers are becoming more efficient over time, therefore they may drag the price down as they did before. Besides, $50 per barrel doesn't seem to help Venezuela much, though it is still a lot better than 30 dollars per barrel.

[dihari]

Not everyone knew or understand about crypto currency.
Especially in the third world countries, not everyone understands how to use computer or smartphone.

[STT]

I'm Venezuelan, And this argument is almost everything. My government want to keep people eating his shit and his arguments, the principal problem of BsF is the inlation, you only can buy the goods in the local markets these marketsdon't have so much variety if you want something from foreign country is kinda hard.

however, more Venezuelans are learning about bitcoin, maybe in one or two years will be very popular, and we will have huge ammount of sellers that will accept bitcoin as payment method.

So, maybe will be the first country in adopt widely the bitcoin, who knows..

Good to hear from someone live at the scene as it is.    Is technology the limitation for Venezuela or more like education about some entirely 'virtual' product being able to help them maybe.   I assumed it was due to a government ban that bitcoin is not being used more or maybe bad internet

Hopefully some of the decline will be arrested with this OPEC agreement but it seems to me it might be too little too late and measures to stop inflation have to occur now or the whole currency might be lost

ripping people off in every 7 years is quite profitable.

Nothing is more profitable then good business, sellers and buyers perfectly matched is incredibly profitable for both nations.   All the other tricks are just short term gains that lead to losses in the end

[tyz]

I partly agree. There were a lot of positive developments to facilitate the use of Bitcoin. Everyone is able now to create at least a relatively secure Bitcoin wallet on service providers like Blockchain.info or Coinbase for instance. Of course, buying Bitcoin from outside of European or North American countries is sill often a hurdle, but I see increasing improvements. A lot of such poorer countries do even have Bitcoin exchange what is a big jump ahead compared to one or two years ago.

Bitcoin is still to complex and small for the average person to be used. It is still very annoying and convoluted when you are trying to buy Bitcoins from outside the US and EUR, and even in those countries people are at the begining confused with the whole thing. Only 0.01% of people in Venezuela use BTC (statistic out of my ass but I would guess it's about that)

We are pioneers, thats the good news.