Venezuelans are adopting Bitcoin

[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.