How did Bitcoin save Venezuela?

[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.

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[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.