Venezuela Citizens Turn To Bitcoins In Record Numbers

[pooya87]

this sounds like one of those click-bait articles to me. no country will ever turn to bitcoin instead of their own currency and it doesn't matter if the value of their currency is dropping, people inside the country are using their local currency to buy shit not USD to buy it! so what does it matter to people that want to use currency if their currency is worth 1:1 or 1:1000

People in countries that experience hyperinflation may have a different view...

In Peru's hyperinflations in the 1980s and 1990s, the people wanted to SPEND that local currency on goods ASAP before it lost value (a noticeable amount every day or two).  People who wanted to save saved in US$.  Typically, wages increased more slowly than the inflation, so the people could buy less and less.

Hyperinflations really suck for those people living through them.

you don't have to tell me
i live in a country with a pretty high rate of inflation (it was half the current Venezuela inflation rate recently) and i know how it feels like.
but nobody is running around looking to buy bitcoin when they have wages are lower than expenses.

also the more underdeveloped the countries are the less they know about bitcoin.

[Kakmakr]

So the entire country can run solely on bitcoin? Now that would be a real boost for bitcoin awareness across the globe if that indeed does happen.

No, I think the rich people would look for safe havens to protect the value of their wealth. If bitcoin or gold or silver offer them that potential, they would temporarily use that commodity or currency. The value of their money is not in their hands, so they need to protect it in a way that they will have control over it.

Bitcoin offer them a quick method to shift between commodities and to protect their wealth. ^smile^

[Herbert2020]

i have been hearing this type of news every now and then and each time there is a new country.
they always say country ... is turning to bitcoin and people are enthusiastically waiting in lines to buy bitcoin but in reality you see people of these countries always are concerned with other things.

According to recent date released by LocalBitcoins (an online page that helps bitcoin buyers and sellers communicate), trading volume in Venezuela is at an all-time high. Some in the country have purchased as many as 370 bitcoins in a single week, which translates to about $224,000 USD.

what did you expect?
price of bitcoin went up from $600ish to $740 everywhere in the world is seeing an increased trade volume. your conclusion would have been true if everything was stable and this volume had gone up!

[Juggy777]

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/

If this article estimates are correct it will indeed be good for Bitcoin industry. This will create more awareness of it. Though I have a doubt, Bitcoin is stable but can it remain stable for long, I mean what if it crashes, things happen so wouldnt it be risky for a entire country to bet solely on Bitcoins?

[~Bitcoin~]

So the entire country can run solely on bitcoin? Now that would be a real boost for bitcoin awareness across the globe if that indeed does happen.

No in reality i don't think any country can solely run on bitcoin only. However bitcoin  may take major part of daily transactions as it is slowly being adopted by countries where currency devaluation and economic crisis are normal things. Majority of african and asian countries are going through economic disasters so in these countries bitcoin will be really a blessing.

[Pursuer]

the usage of bitcoin is increasing everywhere in the world that is an obvious thing that anybody can come up with by taking a quick look at the number of transactions and the volumes on the bitcoin exchanges.

but this doesn't really mean that Venezuela citizens are turning to bitcoin because of severe economical problems! and the volumes that are higher now compared to before is only because of the bitcoin price rise and that is what usually happens where there is a big movement.

[davis196]

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/

Let`s hope that the Venezuela socialist government doesn`t ban bitcoin.

Or maybe bitcoin is already banned in Venezuela?I don`t know.

Bitcoin is an alternative to such weak currencies.

[yayayo]

It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.

So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.

A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.

ya.ya.yo!

[Vinz24]

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/

It is a good news for bitcoin users worldwide and bad for the bitcoin user in venezuela. What am I saying is it will triggered the government of Venezuela to make a law against bitcoin, to prevent their own currency to go down. Lets just hope this will not happen.

[robelneo]

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/

Not only Venezuela,but they are a good example if many people in a particualr country are very incline to use Bitcoin the people of that negative will have a high rate of literacy in information technology.

[severaldetails]

I am wondering what is meant by record numbers in the article.
The only number I have read is that somebody in Venezuela has bought 370 btc in a single week.
Maybe this one purchase was already enough to bring the trading volume in Venezuela to an all time high like it is mentioned.
But in general I think as well that South America is really a very good market for bitcoins due to the uncertainty of the local fiat currencies.

[kanazawa]

I'm in thr neightborhood of Venezuela so, as I saw and as I see, I hope some people (very creative and illuminated) could turn the game and promote some benefit for the people who lives there. Bitcoin can be a key to their situation. Hope somebody with a honest mind helps then because they don't deserve their government of shi*. Maduro must burn alive.

[eternalgloom]

It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.

So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.

A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.

ya.ya.yo!

I would guess that it would be used by middle and higher class Venezuelans to store value in stead of using it instead of their national currency.
Plus, I'd like to see some actual volume from different local exchanges combined.

[aso118]

localbitcoins weekly volume 280 btc? either the population has suddenly reduced to a few thousand or this bullshit.

i'm getting tired of these dumb articles trying to find epicness where there is none to be found.

and if you did have bitcoin why would you sell it for bolivars? you'd need a truck to pick up the cash.

So you are citizen from Venezuela ?

Local bitcoins isn't the major exchange in Venezuela there are many with better trading volume like SurBitcoin,  Bitinka even Xapo .Maybe you think ok 220 btc is not much but with the inflation in my country that is a Lot of money righ here.

and why 220btc is decent here,because our goverment have hard regulations with fiat money like dolar, and euro.

but you have reason when you exchange bitcoin for Bsf you need a truck to pick up the cash.

https://coin.dance/volume/localbitcoins/VEF

Peru has next to NO Bitcoiners.  Hardly anyone has ever heard of it, and last I checked a mere TWO or businesses accepted it...

My problem with the Venezuelas (etc.) adopting BTC on a large scale is that an economy still needs an "endpoint" in the BTC Ecosystem there.  What can you BUY with BTC there?  What can those who accept your BTC then buy?  Granted, this is still a "chicken-and-egg" problem, but that really seems to be a barrier to larger scale use soon.

And a country banning BTC can indeed shut down the BTC for products in a country!

An exception (I am sure there are many exceptions to my above comments) is that the relative rich can have much of their wealth held intact with BTC.

It doesn't have to be the relative rich, who store their wealth in Bitcoin.
Apart from being a medium of exchange, money has to be a store of value. Bitcoin can perform that function in Venezuela.

[Red-Apple]

It's not a surprise that Bitcoin is an attractive investment in countries with capital restrictions and high inflation. However reporting "record numbers" might lead to the impression that Bitcoin is widely used by the Venezuelan population, which is clearly wrong. It remains a niche, simply because there is no economic network to support its use: You can't buy food with Bitcoin, which sadly is the most pressing problem for many people in Venezuela.

So Bitcoin adoption may be fueled by the desolate economic situation in Venezuela, but broad adoption will need considerable time.

A ban of Bitcoin in Venezuela won't have any noticeable effect, as the government will be unable to enforce it. Only centralized exchanges may be facing the risk of closure - individual sellers can't be prosecuted effectively.

ya.ya.yo!

I would guess that it would be used by middle and higher class Venezuelans to store value in stead of using it instead of their national currency.
Plus, I'd like to see some actual volume from different local exchanges combined.

bitcoin as their national currency
that will never happen!

people from all around the world are investing in bitcoin because it is a good investment and it gives them profit. and a small percentage of them are buying bitcoin for usage.

but as long as local shops are accepting fiat and don't know what bitcoin is it can never become adopted massively.

[Doamader]

Venezuela i do believe is the worst country to try to save local currency because their inflaction that has no control at all, they can spend 1 dollar for milk, next month pay 4 dollars for the same product. Those people need stability and something where they can store their fiat without loose, and i do believe bitcoin is the easy way and dont left a trace, like what gold savings may do.

[Daniel91]

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/

It's interesting to hear it.
What about government?
I don't think they will like it.
Also, citizens in Venezuela still have to use local money to pay their bills, food in local stores etc.
I would like to hear some ''first hand'' experiences about it.
Also, where did you find this info?
Can you share some links with us?

[BTCLovingDude]

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/

It's interesting to hear it.
What about government?
I don't think they will like it.
Also, citizens in Venezuela still have to use local money to pay their bills, food in local stores etc.
I would like to hear some ''first hand'' experiences about it.
Also, where did you find this info?
Can you share some links with us?

this is just another bitcoin news site trying to advertise and promote their own link for some free traffic. also known as click bait

What about government? obviously government never agrees with things like this nowhere in the world!

''first hand'' experiences? like any other place in the world when price of bitcoin went high volumes every where went up too!

[CoolJakeB]

Seeing as how the economy of Venezuela has collapsed, it should come as no surprise that many of the people living in that country have turned to Bitcoin. Venezuela's economy is one of the worst in the world, with more than 80% of the population living in poverty, increasing food shortages, and massive inflation. The country relies on oil as their main commodity, and with oil near their lowest mark, the country is suffering. The Venezuelan people have had enough of their government and their response is to invest in Bitcoins as a way to survive.

[manbitcoinlover]

What Venezuelans have to go through right now, is really harsh living environments.
The only reason for this is money, or lack thereof. I am pretty sure that most Venezuelans have never heard of bitcoin, but for the few that did,
I hope they can provide a bit better for themselves. The reason why the bolivar dropped is due to Venezuela being a communist country for a very long time.