How did Bitcoin save Venezuela?

[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.

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[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