Cryptocurrency adopters in Venezuela are currently surviving government failures partly thanks to digital currencies, such as bitcoin and dash, which help them buy food and groceries from other countries.

As previously covered by CCN, hyperinflation and government policies prevent most people in the country from accessing foreign currencies, which led to a serious of problems, including food becoming barely affordable. Those who deal with foreign customers or buy from abroad, for example, were forced to turn to digital currencies which, right now, are in a gray area in the country.

According to Der Standard, neither Western Union nor PayPal work in Venezuela. As such, people need to use platforms such as Cryptobuyer, a Venezuela-based cryptocurrency brokerage, which has over 10,000 registered users according to its co-founder Jorge Farias. He stated (translated statement):

    “The transaction takes a few minutes, our commission is three to seven percent lower than the banks, and our exchange rate is regulated by supply and demand, making it more realistic than the official”

Venezuelan residents then use their bitcoins to, for example, acquire gift cards they can use in online marketplaces such as Amazon, effectively allowing them to purchase goods from abroad. Recently, Cryptobuyer set up a bitcoin ATM in Banistmo Bank, in Panama, which helps bitcoiners transfer cryptocurrencies to their relatives in Venezuela.

https://www.cryptocoinsnews.com/venezuelans-keep-surviving-government-failures-thanks-bitcoin-cryptocurrencies/

Yes, its all over the news now, the economic situation is getting bad in Venezuela. Maybe this is a good example on how people can really help people in times of crisis. India as well with their demonetization, has someone alleviate their locals with the help of bitcoin. I just hope that citizens can found a way to get out specially in Venezuela because we may never know how long will this crisis be.

Investing bitcoin or mining bitcoin in a country like venezuela is extremely risky i would say no one should do that right now

weeks ago, Venezuelan authorities arrested journalists from NTN24 and Telemundo. The journalists were briefly detained. But this shows that the Venezuelan authorities do not want freedom of the press and freedom for the people of their country

Now imagine bitcoin in such a country?

It is the political system and the authoritarian leaders from whom they need protection! After almost two decades of a socialist dictatorship the end result is not surprising, but the siren song of trading freedom for "free stuff" worked again.

Friends of mine there in 1998 and 1999 saw Chavez win and tried to get as much of their wealth (and their families) out of the country as possible. Unfortunately for the majority of people, Chavez et al duped them into voting for their own enslavement and they couldn't have left even if they wanted to.  He and his cronies lived the high life while taking a country that had been prosperous in the 1950s and for several decades thereafter close to destruction.

Bitcoin helps protect freedom by stopping a Chavez-type leader from destroying and/or seizing a country's  currency, savings and investments.

Very few people know about bitcoin. And I think that the government will specifically say that the crypto currency is dust. People are simply deceived and are in despair because of what is happening.

That's right. I have a friend on Facebook from Venezuela and we talked reciently, he moved from all this haos to live abroad in Brazil and when I asked him about Bitcoin and crypto-currencies he answere that he has never heard about it before.

Its obvious that this so called authors do sometimes exaggerate things or even blown out of proportion to sensationalized news to attract readers and click on them. I think Venezuela are really in deep economic problem, that bitcoin is the only means of survival for a few/many? of them. Majority may not have heard of it, but I think if the problems will continue then bitcoin will slowly gain awareness with its citizen that it can at least help them to buy food and groceries from other countries.



Yes, the electricity in Venezuela is quite cheap that's why they are mining in there. However, a few months ago, a mining farm was raided and all people involved throw in jail and the rigs confiscated. They said that this mining farms are operating illegally.

It should be a cautionary tale for people around the world - prepare for the storm while the sun is shining. Put some money in bitcoin/gold/somewhere off-shore when you can. 

When you see the authoritarians of any stripe - dictators, socialists, fascists, communists etc - headed your way, the storm clouds are on the horizon so protect some more of your wealth. And perhaps yourself and families by fleeing. 

Just ask more Cyprus recently and many other places. People think "it can't happen here" wherever "here" is, but it can and often does happen.

Also protect yourself now from the authoritarian central bankers who will drain your wealth away a few (or more) percent per year through inflation.  A few percent adds up over time.

I agree. 

I'd also have to take issue with the "Surviving Government Failures" title.  These aren't "government failures" they are the logical, expected outcome of authoritarian policies.  ;-)

The Venezuela story is one of the brightest ever so far for Bitcoin on how it can be a very good alternative currency and can help people to cope with the super-failure of the government to stabilize its economic platform. The country has had been experiencing a very unfortunate hyperinflation and the government is becoming worthless to deal with the problems they themselves created.

This goes to show that Bitcoin can be a savior of the people and though this cryptocurrency is not backed with anything still they can use to buy the necessary basic necessities because the country's own currency can not be accepted anywhere outside of the country.

In the next few months, I am sure we can still hear many good stories of survival from Venezuela and Bitcoin (as well as Dash as the headline goes) is playing a big part for it.