How did Bitcoin save Venezuela?

[Mr. Tan]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

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[Razick]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

[Seansky]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Bitcoin didnt become a tool to rescue the people of the country of Venezuela, for sure some are working for bitcoin but not all people do that. All I can say is that bitcoin is not the solution to their problem for them to be rescued by it because even if they do exploit it, bitcoin will save only some people from hunger but once electricity's demand there goes up, price of it will go up too. Therefore, even if some are saved today, it is only temporary.

[Hydrogen]

Bitcoin represents innovation, progress an invention developed under capitalism in the private sector. Rather than a development made by the government or under a state funded program.

Communists/socialists hate innovation, progress and capitalism most of all.

This is the reason venezuela's oil rich economy has been driven into ruin and decay.

It would be great if bitcoin could save venezuela but under the current, repressive, regime which hates anything that isn't socialist that isn't likely to happen.

[Iranus]

It takes investment to buy decent machines for BTC mining.   If you're deep into poverty, you don't really have the choice to invest in thousands of dollars worth of mining gear.

Even if you did, you'd have to convert back into fiat (probably US dollars for relative stability) in order to buy everyday goods and pay your electricity bills.

I'm not saying that BTC can't be useful in countries with unstable fiat currency - it can - but not just as a device to ultimately make fiat money.  Once the situation in Venezuela is more stable, perhaps then people will start seeing inherent problems in the modern fiat currency system.

[Rahar02]

Bitcoin can not save Venezuela, because economics problem in there so complicated and require government to handle it which they are struggling to do it. Bitcoin could save some people who already invested some portions of their wealth into bitcoin, as long as there are exchanges to convert bitcoin into VEF. Once more, bitcoin proven as reliable investment for everyone in short and long-term.

[Proton2233]

Bitcoin is not God. He cannot restore peace and order in the country. Residents are to blame for what happened. And to solve their problems to themselves. Bitcoin is a reward that must be earned. He needs constant protection.

[amaral1977]

Althout i´m not a very right wing liberal i´m far from being Socialist/comunist. So with that kind of government that proved so many times in history that is unable to deliver i don´t thin even BTC is going to save the country. However it can save or help individuals who start to use it.

[mnixxo]

Bitcoin cannot save Venezuela for sure. Venezuela´s economy is down and bitcoin can rescue it. IN Venezuela almost everything has to be changed. They must start from its goverment, change rules and so on.

[sonicwave]

Bitcoin cannot save Venezuela for sure. Venezuela´s economy is down and bitcoin can rescue it. IN Venezuela almost everything has to be changed. They must start from its goverment, change rules and so on.

Yes, I agree with you. Bitcoin will not cure ailing economy of the country. And not every inhabitant of this country will agree to use bitcoin. People are wary of something new, much less a new one, which has many advantages

[Dontme]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Im not saying that I do not agree that Bitcoin can help a hundreds of life in the term of Poverty but in this case that Bitcoin save Venezuela is one of my curiosity why those people who are in that situation can actually getting connected into internet and got investment in bitcoin while they are experiencing the crisis? How come that they are still connected in bitcoin while they have low of transactions because of their economic problem. I think Bitcoin only help those who are interested but not the whole country if they are now rising again it is because of their government leadership.

[TheCoinGrabber]

Haven't heard. Maybe possible but it would definitely be underground. With the fees and transaction time, I don't think bitcoin would be convenient to use for microtransactions there. The government seems to be cracking down on it so good luck having it exchanged to the already worthless fiat.

The only use I can think of for bitcoin is if the person would somehow be able to manage to sell all their properties and exchange their cash for bitcoins and then flee the country. At least they don't have to carry much and they can just have it exchanged later.

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

Hey, $300 is a huge amount of money, even here in my country that is not on the same level of economic collapse as Venezuela. If I can get at least $300 dollars a month, I'd be golden.

[iluvpie60]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

bitcoin didn't save them... They are still having massive problems and issues with their currency not being worth anything.

I am sure some people wen all in on bitocina nd saved themselves, but they only have so much money to buy bitcoin ahead of time, they likely couldn't help themselves by much....

[IT_AEX]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Also I've heard of cases in which police randomly decides to confiscate mining rigs, claiming that electricity costs are being subsidized not to mine or take advantage of it, but to instead  buy other products of first need. So in terms of government, this could be said that is 'illegal'; same way as if in another country you steal electricity to power you own rigs.

[Jully Bells]

I think you live in Wonderland. The reason there is contraband is precisely because the government controls everything, from currency up to what gets in and out. Bitcoin means lack of control for the government, and they'll see that quickly once they see they can't stop it, issue it, or hoard it, so they will make it ilegal and call it an evil abomination of the empire. And the first thing that will happen is that your bank accounts in mercantil and other banks will be frozen.
The way Bitcoin will happen in Venezuela will be organic, it will be first out of us eventually convincing people to accept Bitcoin as a form of payment for remote work

[Jpti]

Venezuela's situation is still complicated.
One of the reasons why bitcoin will save the world is IMF is an organisation that feeds rich with the blood of poor.

[player514]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

I don't understand why you say there is nothing we can do about it. Chances are, a lot of us here work jobs and come to these forums to discuss Bitcoin or work in campaigns or sell things. With all of those money making ventures, we can donate money for the needy. If Bitcoin offers a platform for donation, we could all impact lives.

[mrcash02]

Money exclusively doesn't save anything. It can make the situation better for a while, but without changing their minds that people will continue on the darkness for a long time yet. And if they think Bitcoin can save them from all their problems, well, rest in peace Venezuela...

[marjoree]

Maybe bitcoin is just quite a little help because not everyone uses bitcoin. And its a country and they have their government and maybe they needed a help from their co-united nation. And its not easy for bitcoin to give because you have to work on it

[Sled]

Bitcoin save venezuela because of the power of deflation of bitcoin, it is opposite of inflation and because of the deflation instead that your money will depreciate it will increase its value instead through the years and it will help the people in the country of venezuela to earn more money and fight for the possible inflation that may happen in their country.

[Silberman]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

This is correct, I have heard the minimum salary for a month of work is something like 15 dollars, someone selling digital products in the forum can probably make a lot more money than that and with way less work, also some people decided to mine bitcoin but that is forbidden and some have been caught, so as you can see the Venezuelan government is doing everything they can to retain control but that is not going to last long and they are going to face the realities of another failed economic experiment.

[Komandor8957]

I do not understand in general how bitcoin can save Venezuela Imagine that residents turn to bitcoin, but they buy food, water, medicines, clothes for Bolivar. If the Venezuelans switched to bitcoin, it might stabilize the economy, but businessmen quickly picked up the new trend and began speculating. As a result, the poor people of Venezuela would become even poorer because of the increased prices, even in the form of bitcoin.

[Silberman]

I do not understand in general how bitcoin can save Venezuela Imagine that residents turn to bitcoin, but they buy food, water, medicines, clothes for Bolivar. If the Venezuelans switched to bitcoin, it might stabilize the economy, but businessmen quickly picked up the new trend and began speculating. As a result, the poor people of Venezuela would become even poorer because of the increased prices, even in the form of bitcoin.

Any currency as long as is stable is better than their national currency, people complain about bitcoin but at the end bitcoin becomes more valuable with time, the national currency of Venezuela only goes down even by their own metrics and international metrics says the inflation is a lot higher than the official numbers, so bitcoin could help them but any other currency will have a good effect at this point.

[btc_angela]

I do not understand in general how bitcoin can save Venezuela Imagine that residents turn to bitcoin, but they buy food, water, medicines, clothes for Bolivar. If the Venezuelans switched to bitcoin, it might stabilize the economy, but businessmen quickly picked up the new trend and began speculating. As a result, the poor people of Venezuela would become even poorer because of the increased prices, even in the form of bitcoin.

You have to understand that Venezuela is in an deep economic crisis. Most of them are turning into bitcoin mining, although illegal they have to take their chances because the living condition is really that bad. Some of them just like you said used bitcoin to buy foods outside. Venezuela will not switched to bitcoin, they are against it. And they have been waging war against it before this crisis. It doesn't matter now for them if they become poorer, what matter is that they have food in the table for their family and that's what bitcoin has given them.

[Pivo]

It takes investment to buy decent machines for BTC mining.   If you're deep into poverty, you don't really have the choice to invest in thousands of dollars worth of mining gear.

Even if you did, you'd have to convert back into fiat (probably US dollars for relative stability) in order to buy everyday goods and pay your electricity bills.

I'm not saying that BTC can't be useful in countries with unstable fiat currency - it can - but not just as a device to ultimately make fiat money.  Once the situation in Venezuela is more stable, perhaps then people will start seeing inherent problems in the modern fiat currency system.

The mining gear is not that cheap as what others think so it would not really possible for people in poverty to exploit it. Also, I read that by having $300 then you can live well but as we know the price of a good ming gear can be that or even more expensive. Also, if somehow everyone just start mining Bitcoin then the price of electricity will surge up making so in a sense that it is not a long term solution to save Venezuela.

[Fretcy]

When there was a currency crisis due to inflation, the countries inflation rate is approximately 1600% where the people did not afford to buy products for them in such a situation the bitcoin technology became a saviour to the people of Venezuela the electricity was almost free and people started mining bitcoin and ethereum to survive and this has helped them to purchase products for themselves and family and live happily.

[Hasbro27]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

I do not think bitcoin might save Venesuella because it is unlikely that all venezuella people work in bitcoin, maybe just as a person who knows and works in bitcoin.

[Paecga129]

Bitcoin is a safe haven for anyone looking to store value in a safe place that no one can access but yourself. You are in full control of your wealth so that's what has attracted so many Venezuelans to it.

[Shikaina]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

I've read in an article that a Venzuelan could be jailed if caught on bitcoin. The government strictly prohibit the use/manining or anything that has to do with bitcoin but because of Venezuela's dire situation right now, citizens are taking risk on bitcoin so sustain their daily needs. Even those who are working do not really have enough so they are trying to fill it with cryptos.

[olushakes]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

If one should have access to $300 in a day or month? If its a day before one can live comfortably then that country is really on the reverse gear  economically but if its for a whole month, I would say they are still doing fine as we still have several countries around the world that minimum wage for a month is far below $100 and people still earn it and manage to survive with it in that same country. I would really want to know if bitcoin actually helps the Venezuelans.

[raven7886]

I do not understand in general how bitcoin can save Venezuela Imagine that residents turn to bitcoin, but they buy food, water, medicines, clothes for Bolivar. If the Venezuelans switched to bitcoin, it might stabilize the economy, but businessmen quickly picked up the new trend and began speculating. As a result, the poor people of Venezuela would become even poorer because of the increased prices, even in the form of bitcoin.

I can imagine what it would be like for those who are really making some good cash on this forum and they are from this country. However, with the level at which things are, it will be hard for some to even be able to afford internet or even smartphone to be able to utilize some of the opportunities in the crypto world to earn for themselves and eventually only the few privileged ones who have some few bucks and are wise will still end up doing good.

[Mpamaegbu]

I do not think bitcoin might save Venesuella because it is unlikely that all venezuella people work in bitcoin, maybe just as a person who knows and works in bitcoin.

Exactly my thought. How does the OP even think that's possible without the Venezuelan government adapting bitcoin as it's national currency? With few people getting interested and holding bitcoins in Venezuela does not in anyway translate to a boom in the economy or bringing the country out of its financial quagmire. I don't see that being a reality.

[GoodLuck2]

I do not think bitcoin might save Venesuella because it is unlikely that all venezuella people work in bitcoin, maybe just as a person who knows and works in bitcoin.

Exactly my thought. How does the OP even think that's possible without the Venezuelan government adapting bitcoin as it's national currency? With few people getting interested and holding bitcoins in Venezuela does not in anyway translate to a boom in the economy or bringing the country out of its financial quagmire. I don't see that being a reality.

i think bitcoin has ability to take out region from the economic destabilization and same thing is happening with Venezuela and hard time has come for their Venezuela and bitcoin is the best option for them to survive in such a critical situation and I am sire bitcoin will boost their economy to the safe level and Venezuela will be out from the crises soon.

[BitcoinBallerina]

Bitcoin saved Venezuela because it gave people a way for them to store their value. Hopefully more and more people in the country are starting to do this as their dollar is obviously horrible.

[shursight]

I heard that a lot of people from venezuela are in this forum, and they are taking profit from bounty campaigns and signature campaigns, it is good for them that they can make a good profit from that money. I prefer to see that they are using that money to make a good living, than those who are wasting the money in online games or ingame stuff.
And i have a friend from there, and he told me that he is paying around $0,04 for their monthly electricity taxes, it is insane, i have never seen this kind of taxes, they are so cheap.

[hase0278]

I heard that a lot of people from venezuela are in this forum, and they are taking profit from bounty campaigns and signature campaigns, it is good for them that they can make a good profit from that money. I prefer to see that they are using that money to make a good living, than those who are wasting the money in online games or ingame stuff.
And i have a friend from there, and he told me that he is paying around $0,04 for their monthly electricity taxes, it is insane, i have never seen this kind of taxes, they are so cheap.

Even if there is a lot from Venezuela from this forum, the fact that bitcoin saved Venezuela itself is not true. Of course it gave some of those citizens of Venezuela who lurk here in this forum to gain extra income but what about the majority who didn't use crypto? Therefore I conclude that bitcoin saving Venezuela is not a fact but is just a generalization of those who use it from there that didn't take into account the others who doesn't use bitcoin.

[TagaMungkahi]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Nope, Bitcoin didn't became a tool to rescue the people of the country Venezuela, and what is your basis? LOW ELECTRICITY PRICES? Nope Dude, Bitcoin cannot and will not and will never be a tool to help someone to be rich , it will be still hardwork and regular job that will save them from poverty.

[wilhb81]

I once read a news, where most of the Venezuelans need to queue in front of supermarkets as early as 3 a.m, if they want to buy daily groceries in time!

For those that unable to buy them, they will just go to the dumpsters and look for rotten vegetables & foods...

Hence, even though you have money in Venezuela, it won't assure that you can live without fear (not to mention having Bitcoin in that country)

[Corporatocracy]

I once read a news, where most of the Venezuelans need to queue in front of supermarkets as early as 3 a.m, if they want to buy daily groceries in time!

For those that unable to buy them, they will just go to the dumpsters and look for rotten vegetables & foods...

Good point.

Supply of goods, which is tied to production and trade, is what determines the availability of them in the market at all.

Some, few, well positioned people, who can import the mining gear, could be taking advantage of the situation, but they would be the minority.

[Sled]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Nope, Bitcoin didn't became a tool to rescue the people of the country Venezuela, and what is your basis? LOW ELECTRICITY PRICES? Nope Dude, Bitcoin cannot and will not and will never be a tool to help someone to be rich , it will be still hardwork and regular job that will save them from poverty.

Bitcoin can help someone to be rich because if you remember that bitcoin is against in inflation and it fights inflation by having a feature for having a deflation and that is why it makes someone rich if they will hold their bitcoin then they can be rich and people in venezuela is saved if they will hold bitcoin and sell it right now.

[pureclckr]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

If one should have access to $300 in a day or month? If its a day before one can live comfortably then that country is really on the reverse gear  economically but if its for a whole month, I would say they are still doing fine as we still have several countries around the world that minimum wage for a month is far below $100 and people still earn it and manage to survive with it in that same country. I would really want to know if bitcoin actually helps the Venezuelans.

Bitcoin is savior of all the time and it help every region regardless to its benefits all bitcoin want is to use it and regulate it and whereas problem of Venezuela is concerned that was typically back in economy and as after bitcoin accepted there, all the things got change and a lot of problems were solved and the basic thing that is given to Venezuela by bitcoin is economic stability.

[eaLiTy]

Bitcoin can help someone to be rich because if you remember that bitcoin is against in inflation and it fights inflation by having a feature for having a deflation and that is why it makes someone rich if they will hold their bitcoin then they can be rich and people in venezuela is saved if they will hold bitcoin and sell it right now.

I am not sure bitcoin was a saviour for the entire population but the people of Venezuela was drowned by the bad economic reforms of the government and bitcoin was a way for them to over come the struggles and the population who had the opportunity and knowledge made use of their low electricity prices and started mining and the ones who did that made some good money.

[fanbeila]

Its true that more venezuelans are fulfilling their day to day needs by mining bitcoin,but still we could not say that bitcoin has saved venezuela.Government is not at all happy with people using and mining bitcoins.BItcoin mining is illegal there and due to subsidized electricity,people prefer even to mine bitcoins illegally but secretly.Police have arrested many people for mining bitcoins.But still,they continue to mine since they say that income from one mining rig is enough to feed for a whole family there.

[carlisle1]

Bitcoin represents innovation, progress an invention developed under capitalism in the private sector. Rather than a development made by the government or under a state funded program.

Communists/socialists hate innovation, progress and capitalism most of all.

This is the reason venezuela's oil rich economy has been driven into ruin and decay.

It would be great if bitcoin could save venezuela but under the current, repressive, regime which hates anything that isn't socialist that isn't likely to happen.

right mate,change will happen if the leader do favor its people not those has only interest of their own,maybe bitcoin gives some opportunity to venezuelano making profit but not the entire venezuela the people should stand one to make things possible for them.if they dont help each others nothing will happen.but im hoping that someday venezulan government will do necessary action to make life better for the people

[high_jack]

The economic of Venezuela is fallen and bitcoin didn't save it. Where do you get this information?

[Rotsor]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

If one should have access to $300 in a day or month? If its a day before one can live comfortably then that country is really on the reverse gear  economically but if its for a whole month, I would say they are still doing fine as we still have several countries around the world that minimum wage for a month is far below $100 and people still earn it and manage to survive with it in that same country. I would really want to know if bitcoin actually helps the Venezuelans.

Bitcoin is savior of all the time and it help every region regardless to its benefits all bitcoin want is to use it and regulate it and whereas problem of Venezuela is concerned that was typically back in economy and as after bitcoin accepted there, all the things got change and a lot of problems were solved and the basic thing that is given to Venezuela by bitcoin is economic stability.

Bitcoin saved Venezuela because it gave the people something to store their wealth in without it getting absolutely destroyed by the inflation of the Venezuelan dollar. People finally had a chance to put whatever paper money they had into Bitcoin and if they did it early on it would be worth a lot today especialy with the price the way it is right now, and I don't see it slowing down anytime soon either.

[Afnan_faizah]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

The bolivar price was fall very sharp, many people said that bolivar isn't worth anymore. If they save their wealth in form of their national currency they will only loss it, but if they save their wealth in form of bitcoin, even it will grow the value of their wealth.

[alfs75]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

In my own thought ,i dont really know what would happening in the economy of venezuela now ,but only things i've only sure ,if bitcoin has become the tool to rescue to save the low electricity in there economy,will bitcoin is the only hope to turns back there economy to the  normal position.

[aardvark15]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

My understanding is that the government currency of Venezuela has such high inflation that it’s almost worthless. It’s losing value as soon as people get paid. What Bitcoin can do for them is just be a place to hold their money so it won’t drop in value. In fact, Bitcoin is actually increasing in value. So if a person sells their government currency that is rapidly dropping in value and buys Bitcoins which are increasing in value, they are much better off financially.

[Samueltalk]

If everyone in Venezuela already knows with bitcoin then they invest in the long term, I think bitcoin will be able to save Venezuela because bitcoin can help the growth of a country in the economic field.

[Lukas Tarantas]

Wherever communism is attempted, hunger and other economic problems begin. Bitcoin and cheap electricity will not save such a country. It is necessary to change the insane rulers.

[fanbeila]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Venezuelans have found bitcoin as the best source of income to meet their daily needs.In Venezuela,subsidized electricity is provided.So,Venezuelans make use of it and earn for their their livelihood.It's illegal to mine there but still,they mine bitcoins in their home secretly.Police continue arresting bitcoin miners but it's being continued.

[Washball]

The only way Bitcoin could save Venezuela is if it could make the president and his close friends disappear. People in Venezuela can use the Bolivar as toilet paper, it's cheaper than toilet paper. They try to escape poverty by moving to other countries like Guyana and Suriname, countries as poor and miserable as Venezuela. Most people are so poor, they cannot buy food, so how could they get the equipment you need for mining. Maybe there are some people with bitcoins, but those are not everyday people. Now the president comes with Petro's, a desperate effort to generate some cash. But this should just be ignored.

[MiningBattalion]

The only way Bitcoin could save Venezuela is if it could make the president and his close friends disappear. People in Venezuela can use the Bolivar as toilet paper, it's cheaper than toilet paper. They try to escape poverty by moving to other countries like Guyana and Suriname, countries as poor and miserable as Venezuela. Most people are so poor, they cannot buy food, so how could they get the equipment you need for mining. Maybe there are some people with bitcoins, but those are not everyday people. Now the president comes with Petro's, a desperate effort to generate some cash. But this should just be ignored.

Bitcoin system save the Venezuela  already knows with bitcoin then they invest in the long term ,if bitcoin save Venezuela means because bitcoin can help the growth of country in the economic field and bitcoin increase in value.

[ahmad21]

There is nothing like saving Venezuela in it. It has just trapped them in a great trap. Its only the people of Venezuela who are trying to take advantage of such a situation while the authorities are still not quite happy with such things happening around.

[freddiesaturn]

The Venezuela's economic is totally down, nothing can save them even how much potiental, how much big Bitcoin was, it's still down.

[Smokey Bob]

Hyperinflation can really ruin a country's economy for many years. For example, after WWI the Germans had to print so much money in order to pay back their war debts that inflation made the mark virtually valueless. They then had to completely restart their financial system, which is not an easy task. In this case they could try to adopt to Bitcoin instead of their offical currency, but why would they? The government would give up so much power and control by this move, that there is no way it's happening voluntarily. It's also very costly, considering Btc's transaction costs. I would also guess that the digital infrastructure that is needed to make this system work is not in place in Venezuela.

[lobo13hf]

The economic of Venezuela is fallen and bitcoin didn't save it. Where do you get this information?

The bitcoin just saves the venezuelan personally, a lot of the cryptocoin news already poster about that news. The bitcoin gets a lot of the value against the dollar value and it saves the majority of the venezuelan that used the bitcoin as the currency. They can buy a food with it. but the governor consider it as illegal activity.

[Jr.Sasha0209]

It's too early to say that bitcoin saved Venezuela, because only time will tell if the path with bitcoin was the right decision for the country, because one day everything can collapse and this will lead to an even greater collapse of the country !!

[SunJAB]

It's too early to say that bitcoin saved Venezuela, because only time will tell if the path with bitcoin was the right decision for the country, because one day everything can collapse and this will lead to an even greater collapse of the country !!

Venezuela is a pioneer in applying bitcoin to transform people's lives. Initially brought a lot of innovation for their country. I think this is the right direction for some poor countries so they can study more about bitcoin and the application of blockchain technology in life.

[ngavanngo22]

Bitcoins, as well as cryptocurrencies, are not a thing to save a country, Bitcoin does not depend on it, nor is it governed by any nation. So that you saying that Bitcoin save Venezuela is a wrong thing. Bitcoins, as well as cryptos, are created to create a new currency, which makes it easier to trade and exchange without dependence on the government.

[BitHodler]

Venezuela is a pioneer in applying bitcoin to transform people's lives. Initially brought a lot of innovation for their country. I think this is the right direction for some poor countries so they can study more about bitcoin and the application of blockchain technology in life.

What are you talking about? Venezuela didn't do anything with Bitcoin. It's just that some people have decided to use Bitcoin on a small/local scale, due to the massive economical problems there.

Aside from Bitcoin, certain local governments there have created their own form of paper money that isn't tied to their main currency due to how much value it has lost (and will still lose) throughout the years.

I just don't understand why people here act like Bitcoin has been an actual form of help to that country. It's probably a sign that they don't bother to figure out what's going on and just blatantly reply to the title only.

[Cath0Vic]

I agree with you...the bitcoins did saved venezuela by showing people to get self employed

[melamiras]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

I think that Bitcoin did not save Venezuela because Venezuela is not saved at all. The same problems persist in the country and it does not seem to be a solution for the moment.

[Washball]

Venezuela is run by dictator Maduro and the country is bankrupt. The population is so poor and inflation is gigantic, the Bolivar is worthless. People who can afford to buy Bitcoin must be filthy rich or belong to the elite of Maduro. He created his own crypto called Petro, the value would be 1 barrel of crude oil. This is how he thinks to make some money, avoiding the US sanctions. But that's just to keep him in the saddle. It's not for the people.

[diva.man]

Their legal currency, bolivar, has been falling at a staggering rate, thanks to rampant inflation in venezuela, where venezuelans use the BTC to preserve their assets.

Because through BTC can be very good conversion to other countries legal tender! You can also buy things online via BTC!

[Iblis 02]

not just venezuela but bitcoin is able to make many developing countries and away from poverty just waiting time when all heard it because until now many have helped the existence of bitcoin, hopefully this will continue and make me dream beautifully throughout life.

[Whoducen]

I am a newbie, can you please tell me what this venezuela matter is?

[droptableguy2]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

I think that Bitcoin did not save Venezuela because Venezuela is not saved at all. The same problems persist in the country and it does not seem to be a solution for the moment.

Venezuela is pioneering the application of cryptocurrency in changing the national economy. They made the petro deal that is a very decisive decision of the government. I hope that Venezuela will succeed so that other countries in the world can learn how to take advantage of the crypto.

[Nahl]

Venezuela has been change with being poor country with high inflation even recently i watching the news that their official currency Bolivar does not valuable any longer even people at there if they're working they don't want to paid use their local money however bitcoin can provide opportunities to save the particular countries but only if their government more concern and officially admit bitcoin and support all of bitcoin users on that country

[tuikindu]

Bitcoin is now part of the daily life of many venezuelans. Whether it's buying food, airline tickets or paying employees, bitcoin is now a common form of payment for venezuelans. Frankly, many people in this country live on cryptocurrency.

[venturivenerable]

Btcs cant save venezuela...the will of people to get saved helped them

[1Referee]

Bitcoin is now part of the daily life of many venezuelans. Whether it's buying food, airline tickets or paying employees, bitcoin is now a common form of payment for venezuelans. Frankly, many people in this country live on cryptocurrency.

How do you know that? Have you been there? Have you talked to people in Venezuela having made the switch to Bitcoin? You are just basing your 'knowledge' on the few articles you have seen/'read', and that's really it. No doubt that there is a minority in Venezuala actually using Bitcoin to conduct transactions, but the way it's getting hyped up is totally not justified. I remember how people back in 2013 said the same about Cyprus. The all time high at that point according to people was solely dedicated to the spiking demand in Cyprus, due to the severe financial problems of that country. If people back then were really dumping their capital into Bitcoin on a massive scale, the market would have reacted in a completely different way, especially with how insignificant the market at that point was.

[Simplyield]

Yea I heard about it and I think there was a major role of btcs behind it. I still cant believe btcs can do such a wonder

[MarkThief]

Do you think the whole of venezuela worked for btcs exploitation? The hardwork of some in btcs and some in fiats jointly helped in it

[zanzay]

Bitcoin does not eliminate the middle man since a third party is still needed to convert the coins to dollars, and Bitcoin is not saving Venezuela.

[Notcalculator]

Venezuela proved that a centralized financial system has a tendency to implode. Of course we already know that but they showed us how horrible it is if it happens. Bitcoin cant save vanenzuela right now, as it is in its early adoption stage, but maybe Venezuela can reform its financial system with inspirations from crypto.

At its current state, maybe citizens of vanezuela could put their money in bitcoin, to keep it safe while the government puts its effort in reestablishing its economy. 

[warrior333]

Bitcoin is now part of the daily life of many venezuelans. Whether it's buying food, airline tickets or paying employees, bitcoin is now a common form of payment for venezuelans. Frankly, many people in this country live on cryptocurrency.

I don't believe that. You can sell bitcoins and get your hands on cash but how do you buy food if you have nothing in stores? This is a confirmation that the country's economy can not use cryptocurrencies. There will always be a real sector that uses Fiat in its activities. And the virtual sector which can use everything but decisive value on economy it doesn't render.

[worle1bm]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

It has helped Venezuela to recover from debts but it has not saved it because nothing can save a country collapsing due to economic crices and a digital currency cannot help it out.The people working for it has helped and the favourable moves taken by the government has lead to rise of the nation.They have been to able to restructure their financial administration by getting motivated by the cryptos and taking early mover advantage. That's it which has helped it to recover.

[yuukireit]

Yeah i hear that news to
Because when the market colapsed and make people hungry with high price with food
And venezuela release coin that backed by their oil supply
I think their econmy can rising high and stablize due their coin market

[peterthegreat]

Bitcoin didn't help much as Venezuela created its own currency. Also you should rather avoid buying their currency as it might be illegal to do so in your country as there are sanction against Venezuela.

[kauban2018]

Actually Bitcoin doesn't really save Venezuela, the people there used their mind or their intelligence for them to be saved due to financial crisis that they encountered. They just used Bitcoin for them to buy foods, or other things that they can used in their daily living. They can also do the transactions by just paying low fee transactions that's why they prefer to used Bitcoin at that time.