Venezuelans are adopting Bitcoin

[dpaola2]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

[Beerwizzard]

Nothing new here. Some month ago i've seen an article about venezuellians paying with memes Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.

[LittleBitFunny]

People always imagine that there's some place far away from them where everyone is starting to use BTC as a mainstream currency.  Whether or not we'd like it to happen, "mass adoption" is simply not happening yet.

The reason that we're suggesting Venezuelans are using Bitcoin is because they have an unstable fiat currency.  While this is true, it doesn't mean that they have to learn from the mistakes of fiat currency in general and start using alternative currencies.

It's more likely that they will find whatever currency is the most stable at the time so they can have a good short-term future.  Hence why the US dollar is being used as a reserve currency in countries that have their own unstable currencies.

[Creepings]

Nothing new here. Some month ago i've seen an article about venezuellians paying with memes Someone just attached a bitcoin value to physical pepe coins. People just trying to save their savings.

This is great, many more countries are adding up to the Bitcoin Craze. But is so frustrating that there are countries that has a low fee in terms of the electricity. I really want to mine but the thing is our country has a high fee in terms of the electricity and this will be a problem.

[jonval21]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

[Altero]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

It's just an amazing trend for Venezuela's adoptation of bitcoin. I know bitcoin will take a big role to everyones life and for the countries development progress. Maybe a few months later, Venezuela government will legalized it and make it known to the community and many investors and traders will get through it.

[clarkgeneral86]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

It's just an amazing trend for Venezuela's adoptation of bitcoin. I know bitcoin will take a big role to everyones life and for the countries development progress. Maybe a few months later, Venezuela government will legalized it and make it known to the community and many investors and traders will get through it.

I think it won't be so easy for this to come through. But the inflation in venezuela is so huge, It is causes people to want to exchange their bolivars for more stable currency, and Venezuela government will think bitcoin again.

[The Sceptical Chymist]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

It'll be worth less than one dogetoshi at that rate,  lol.  They need to adopt some other currency but I'm not sure bitcoin is stable enough to serve their needs.   They'd be better off using the USD, which probably wouldn't be hard for them to get, or the peso.  I'm all for btc but realistically it's too volatile to be useful right now.

[Flor1982]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

Well another huge achievements in the history of bitcoin if the adoptation will sucess. If this will continue other countries will may do the same adoptation specially if it will help the countries economy. I just read also that even America is planning to adopt bitcoin system and blockchain technology because they believe that the bitcoin process is reliable and strong.

[exstasie]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

Sure, inflation is a serious problem. But that doesn't mean that BTC is the answer from the perspective of the government.... not for everyday usage and debt/tax repayment, anyway. The recent volatility in BTC shows exactly why it can't underpin an economy; people's wages could double (or halve) in a matter of days. That doesn't work if you want anything resembling economic stability.

I think that Venezuelans are adopting BTC for the same reasons we all are: as an investment opportunity. Whether or not our national currency is strong, we want to invest our money where it will grow in value.

[CryptoBry]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

The story of Bitcoin in Venezuela is already a very popular one and this good rate of adoption is due to the failing economic policies of the past and present administrations. The country's past leadership led the country to unbridled socialism which proved to be so disastrous to the whole economy and their currency run amok. Bitcoin came in as a way for many to buy foods and things abroad as severe supply affected the whole market. Venezuela then became a classic example of how Bitcoin can be of big help to a country mired in its own economic miseries.

[FJNuñez]

Good. Their country is in shambles and they need Bitcoin to pull them out of it. Imagine if every Venezuelan buys 1 Bitcoin, they will be the richest country in the world someday!

[Westfiled]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

But japan already become the first nation that already adopted the bitcoin as a currency. My thought that those venezuelans are want to use bitcoin due to the big inflation problem. That makes the venezuelans try to looking for the alternative currency such as bitcoin. And that's the main point.

[Nameless27]

It is a better start for them but to fully be dependent to bitcoin as a national currency is a "No", "no." If I choose one currency that may suites them is US dollar for it doesn't fluctuate overtime not like bitcoin. I may not a negative thinker but the risk is so high for them to rely a hundred percentage on bitcoin as a way for them to grow.

[jonval21]

I have about almost 1,5 years using bitcoin in Venezuela. what i do is the following I use localbitcoin to sell milibitcoins when i need some fiat money.

just spent what i need in a week. the hiperinflation is so huge that no matter the volatil of bitcoin is safer use bitcoins

dollar is complicated to use it because is hard to sell and complicated if a need money inmediatly.

if a hold fiat in a month can lose 50% of the value easily.

so the best option for hiperinflation is use bitcoin.   
 

[Scorpion]

Venezuelans are using Bitcoin as a store of wealth since the hyperinflation down there is getting out of hand. They don't care about .001 fees, they need Bitcoin so that they can survive and not lose all their wealth due to a broken fiat economy.

[SiNeReiNZzz]

People always imagine that there's some place far away from them where everyone is starting to use BTC as a mainstream currency.  Whether or not we'd like it to happen, "mass adoption" is simply not happening yet.

The reason that we're suggesting Venezuelans are using Bitcoin is because they have an unstable fiat currency.  While this is true, it doesn't mean that they have to learn from the mistakes of fiat currency in general and start using alternative currencies.

It's more likely that they will find whatever currency is the most stable at the time so they can have a good short-term future.  Hence why the US dollar is being used as a reserve currency in countries that have their own unstable currencies.

As much as I agree with you my friend, although we would really love that to happen, we cannot force to make it happen, we just have to wait for the time til it will be done. It is also good thing to hear that despite the other countries rejection to bitcoin, it has still been accepted to some other countries, and as I can say, bitcoin has a lot of room for improvement and maybe those legalization and acceptance is part of that improvement.

[alani123]

Honetly, bitcoin is no better than FIAT in terms of stability. FIAT depends on government trust for its value but crypto is purely speculative. It's ok for transactions but you could end up poorer by a great margin with crypto due to speculation just like you could with a government choosing hyperinflation or bank account haircuts overnight.

[Baofeng]

Venezuelans are using Bitcoin as a store of wealth since the hyperinflation down there is getting out of hand. They don't care about .001 fees, they need Bitcoin so that they can survive and not lose all their wealth due to a broken fiat economy.

I think Venezuelans are not just using bitcoin as store of wealth, but they are buying things outside of Venezuela using bitcoin because as what you have said they are in hyperinflation. The economic crisis in Venezuela is getting worst and worst everyday and its truly brilliant for the Venezuelans to survive in this crisis through bitcoin saying in buying. I guess that almost most of us here hope that the situation in Venezuela will recover because we don't want to see a beautiful country like them turn something like this.

[eaLiTy]

the inflation in Venezuela is so huge that at the begining of the year 1 Bolivar cost about 33.33 satoshis, right now 24/08/2017 1 Bolivar cost about 1.56 satoshis i think this year 1 satoshi in gonna be more expensive than 1 Bolivar.

People in Venezuela was having a hard time because of the political and economic uncertainty and they were adopting to bitcoin since then and we could see some small mining farms in Venezuela where people are dedicating their time in mining and the majority adaptation will take some time but either way it is good that a digital currency could save people from their own economic turmoil. 

[johanesrobin]

I am happy to hear this news, hopefully more and more countries adopt Bitcoin.
Any government should understand and learn that Bitcoin is not dangerous.
Bitcoin is very useful and helps improve the economy of the community.

[ss890]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/


I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

That's not the First Nation to adopt bitcoin in legal way because bitcoin has already been official currency in two to three other nations. The first declaration was made by Japan to accept the bitcoin as legit one and the merchants there has already started using it. Then there is Australia which has now accepted the bitcoin for the sake of business and you can use it tax free which is even better than Japan. This will help there economic growth and would add up status to bitcoin as well. So Venezuela is not new example of this but it is good thing to know as it will increase the market for the bitcoin.

[Hipster999]

As far as I know the Bolivars in Venezuela are very discounted, so the government and found a way out of the situation, took a new currency. Correctly out of the crisis you need to go out, but look there and investors will catch up.

[gredisgold88]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

it is very difficult, if venezuela apply cryptography in currency then need renewal of banking system in venezuela. and that's just nonsense.

[Nivir]

I don't think it is the first nation to adopt bitcoin however this is good news if ever Venezuela had adopted Bitcoin because it will truly help the economy of one's country.

[Hydrogen]

Years ago, venezuela's socialist government tried to nationalize (take over) toyota's operations in their country. The socialist government wanting to take over and control many different private sector groups like toyota chased large corporations out of the country which killed many jobs and destroyed venezuela's economy.

Its difficult to imagine a country determined to have every aspect of life and the economy controlled by the government accepting bitcoin.

Maybe those in power are desperate now that they know Donald Trump is considering military action to stabilize venezuela. They are afraid and so they may do this to try to curry favor with the public.

[k@suy]

I am happy to hear this news, hopefully more and more countries adopt Bitcoin.
Any government should understand and learn that Bitcoin is not dangerous.
Bitcoin is very useful and helps improve the economy of the community.

Well, due to crisis people are seeking avenues where to park their money. Bitcoin is  one good option to store it since it continue to rise since then. I am happy that Venezuelan is opening  its doors to the opportunity of bitcoin or in cryptocurrency.

[RamBahadur.Gurung]

Bitcoin volumes from Venezuela are not that high. And on top of that, I haven't heard about a great number of shops accepting Bitcoin in Venezuela. I guess only the rich ones are using BTC there.

[n0ne]

Long back itself bitcoin was more popular in Venezuela. This is all because of the cheap electricity consumption charge compared to other countries. This made Venezuela a better place for bitcoin mining and in between the government intervention caused a decline in the user base. Hope the retain of users is happening at present.

[jc89]

https://www.theatlantic.com/magazine/archive/2017/09/big-in-venezuela/534177/

I thought this was fascinating. Could be the first instance of a nation-state adopting BTC as a useful currency.

That's good to hear. Seeing that Venezuela's currency, Bolivar, is unstable these days. Thank God that we have btc that can help people like the Venezuelans to have other source of income. And I guess btc for them at these moments aren't just income. It is mana from heaven for them. It's hard to be a victim of an economic crisis worrying how you can sustain living and supplies are scarce. I hope all the best for Venezuela and its people.

[seraph_the_wise]

Looking at Venezuela's economy, yeah I would definitely use BTC too to store my wealth 
Crypto market volatility may be crazy, but a failed economy hyperflation is something else entirely 

[Gaaara]

This is truly a good thing for a country like venezuela to adopt bitcoin, the reason for that is bitcoin can raise ones economy just by adopting it and make it go round within the circle, we will see other country adopting it soon.