Venezuela's growing interest in bitcoin explained

[MovieChain]

🇻🇪
Venezuela, the country with the highest inflation rate in the world, with a non-existence decentralize currency, has struggled to obtain cash to finance their daily needs leading to starvation of the general population.
The socialist nation saw a fall in oil prices, throwing the entire economy into disorder. Experts predict that Venezuelan's inflation could go as high as 1,600%.
No wonder the awareness of Venezuelans in the consequences of government-funded and supported banking and financial systems. There's an arguable irresponsible monopoly in charge of their currency where a bright solution comes in a digital form.
Bitcoin has gradually changed the mindset of the global population, and Venezuelans are the ones who could benefit directly with the ability to gain control of their money and obtain financial freedom from their government.
The rising demand and interest in bitcoin in Venezuela also make the possibility of the replacement of national currency with a digital store of value, that's where "Petro" came to play.
Petro, here's the Wikipedia definition "Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing."
(the entire link: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

Petro has been everywhere on state TV and government-run social media, promoting its benefits. There's even a catchy Twitter hashtag #PetroParaVencer, (“Petro to conquer”) which has been regularly used by politicians and government Twitter accounts.

Ok, so what has happened with Petro so far?
Declared as unconstitutional, one of Venezuela's two opposing lawmaking bodies using hard rhetoric has denounced the project as not only a fraud but a threat to potential investors.

What's next for Venezuela? The same body declared: "This deepens the crisis that we are living in. The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament."

What's your view on Venezuela's faith?

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[vit05]

Before attempting anything out of the ordinary, the first step for the Venezuelan people should be to get rid of this corrupt and inefficient government. Venezuela is probably the country with the highest proven reserves of oil. It is in a much more strategic position than any country of the midle east. Since it is quite unlikely to occur any conflict and all the neighboring countries are importers of fuels.

Parallel to this action, they could already embark on a society free of fiat money. And that includes this unsuccessful attempt to invent Petro. That they adopt Bitcoin as currency and let other altcoins circulate freely.

With the price of electricity being so cheap. This country that today is very poor could be a power in the export of oil and in the mining of Bitcoin.

[RamonBTC]

What happened to Venezuelan petro project was eventually politicised, the country isn’t stable at the time when they make this alternative and its a desperate move to save this country on edge of collapse. If only this was successful this would have change the cryptocurrency adaptation in the world.

The pressure that Venezuelan government receives are from the outside influence especially from financial associations(central banks and stock market giants) that is against the concept and popularity of bitcoin.

[davis196]

I digital currency can`t solve Venezuela`s problems.Digital currencies are mainly used by woung men with access to a computer and a stable monthly income+enough savings to invest.What is the solution?
The nation of Venezuela has to get rid of this government and elect and new one,which will accept the US dollar as the national currency.I know it might sound heretic for the crypto supporters here.I`m not a fiat or US dollar supporter,but the people of Venezuela need a stable fiat surrency.
The Petro cryptocurrency project is a totall mess.

[bengca84135120]

The BTC can effectively control inflation in venezuela!

The Venezuelan government has issued the world's first legal digital encryption currency, the "oil coin", to ease the country's financial crisis.

The government's support for digital cryptographic money has led to the rapid development of the digital cryptographic currency in venezuela, where many of the BTC mines are located in the Venezuelan capital.

[moses_dw]

I saw some news that says even though the volatility is so strong, but Venezuelans still turning to cryptocurrencies to store their savings. It seems a bold strategic from the Venezuelans. What do you guys think?

[Semleho]

The most highlighted of this announcement is how the sanctions imposed by President Trump this year have made Venezuela lose the ability to move funds through the world's banks, Petro helps Venezuela advance in terms of monetary and financial transactions to address the problem of financial blockade that befell them.
I see this very salient Venezuelan State having a sense of ambition to create a state-sponsored Crypto.
Of course vanezuela no longer hopes petro back help ,. Petro has now become a virtual currency in another country. There are no decisions about termination being filed.

[coin5haker]

Venezuela's govt and Maduro are clowns who will screw up investors at the 1st chance. The only reason they into crypto is to bypass US sanctions. Anyone in a sane mind will avoid it as a plague. 

[Direwolve735]

The lack of control over the emission of electronic coins does not give rest to regulators. Therefore, one of the options may be the issue of its own national crypto currency. Venezuela has already gone to such a step and it is quite successful. This was done in order to solve this issue, recognizing the national crypto currency officially as a means of payment.

[hase0278]

I saw some news that says even though the volatility is so strong, but Venezuelans still turning to cryptocurrencies to store their savings. It seems a bold strategic from the Venezuelans. What do you guys think?

I think it is just right in order to secure their wealth from the government's corruption. Better yet, they should have had also hedged into gold and any other precious metals in order to safeguard their money from the inflation.

The BTC can effectively control inflation in venezuela!

The Venezuelan government has issued the world's first legal digital encryption currency, the "oil coin", to ease the country's financial crisis.

The government's support for digital cryptographic money has led to the rapid development of the digital cryptographic currency in venezuela, where many of the BTC mines are located in the Venezuelan capital.

Do you really believe that they have issued petro to ease the country's financial crisis? I think no, because Maduro and the rest might have had a hidden agenda behind the launching besides the well known reason. Nevertheless, I think you are right by stating the statement in the bold,their attempt to launch a national cryptocurrency increased the adoption rate of cryptos in their country.

[Ranly123]

🇻🇪
Venezuela, the country with the highest inflation rate in the world, with a non-existence decentralize currency, has struggled to obtain cash to finance their daily needs leading to starvation of the general population.
The socialist nation saw a fall in oil prices, throwing the entire economy into disorder. Experts predict that Venezuelan's inflation could go as high as 1,600%.
No wonder the awareness of Venezuelans in the consequences of government-funded and supported banking and financial systems. There's an arguable irresponsible monopoly in charge of their currency where a bright solution comes in a digital form.
Bitcoin has gradually changed the mindset of the global population, and Venezuelans are the ones who could benefit directly with the ability to gain control of their money and obtain financial freedom from their government.
The rising demand and interest in bitcoin in Venezuela also make the possibility of the replacement of national currency with a digital store of value, that's where "Petro" came to play.
Petro, here's the Wikipedia definition "Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing."
(the entire link: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

Petro has been everywhere on state TV and government-run social media, promoting its benefits. There's even a catchy Twitter hashtag #PetroParaVencer, (“Petro to conquer”) which has been regularly used by politicians and government Twitter accounts.

Ok, so what has happened with Petro so far?
Declared as unconstitutional, one of Venezuela's two opposing lawmaking bodies using hard rhetoric has denounced the project as not only a fraud but a threat to potential investors.

What's next for Venezuela? The same body declared: "This deepens the crisis that we are living in. The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament."

What's your view on Venezuela's faith?

Bitcoin might help in the monetary problem in that country. Knowing that the corruption in Venezuela is getting rampant, having Bitcoin as another option to help their economy will make lessen the corruption happening.

[magneto]

Petro is nothing but a centralised coin backed by the Venezuelan government's promises. And when they are already this in debt and has clearly demonstrated that they do not know how to manage an economy without oil prices booming all the time, I don't know why you would invest in their crypto project. It has virtually 0 potential and could amass huge losses since it is based on the Venezuelan government.

But regarding the hyperinflationary situation that regular Venezuelans are subjected to, bitcoin can certainly help.

Bitcoin is a store of value. Even in this huge bear market which has lasted 4 months, it is still a better store of value even in the short term compared to the Bolivar, whose inflation rate in Feb had been over 6000% p.a. And with bitcoin's global reach, its value in the long term is guaranteed, meaning that Venezuelans will finally get a way to save their money. BTC definitely has the potential to make a change in economic disasters such as this.

[MovieChain]

🇻🇪
Venezuela, the country with the highest inflation rate in the world, with a non-existence decentralize currency, has struggled to obtain cash to finance their daily needs leading to starvation of the general population.
The socialist nation saw a fall in oil prices, throwing the entire economy into disorder. Experts predict that Venezuelan's inflation could go as high as 1,600%.
No wonder the awareness of Venezuelans in the consequences of government-funded and supported banking and financial systems. There's an arguable irresponsible monopoly in charge of their currency where a bright solution comes in a digital form.
Bitcoin has gradually changed the mindset of the global population, and Venezuelans are the ones who could benefit directly with the ability to gain control of their money and obtain financial freedom from their government.
The rising demand and interest in bitcoin in Venezuela also make the possibility of the replacement of national currency with a digital store of value, that's where "Petro" came to play.
Petro, here's the Wikipedia definition "Announced in December 2017, it is claimed to be backed by the country's oil and mineral reserves, and it is intended to supplement Venezuela's plummeting bolívar fuerte currency, purportedly as a means of circumventing U.S. sanctions and accessing international financing."
(the entire link: https://en.wikipedia.org/wiki/Petro_(cryptocurrency)

Petro has been everywhere on state TV and government-run social media, promoting its benefits. There's even a catchy Twitter hashtag #PetroParaVencer, (“Petro to conquer”) which has been regularly used by politicians and government Twitter accounts.

Ok, so what has happened with Petro so far?
Declared as unconstitutional, one of Venezuela's two opposing lawmaking bodies using hard rhetoric has denounced the project as not only a fraud but a threat to potential investors.

What's next for Venezuela? The same body declared: "This deepens the crisis that we are living in. The PTR is another [example] of corruption, and we will come out of this crisis with measures that we have announced from this Parliament."

What's your view on Venezuela's faith?

Could you give me a link of an article to support your arguments? as I was reading the post eventually there is one thing that comes to my mind. And that is cryptocurrency are now playing around the world and it could be used as an advantage to every establishments. Cryptocurrency has a lot of advantage and many are already embracing that includes your country Venezuela. That would be the good thing to happen and hopefully that some other countries will follow Venezuela as well. Hence we could not wait anymore for other times to invest in crypto. Now is the best time to invest and hopefully in the near future as a growing investment we could take part also in the success of cryptocurrency.

Yes sure!
Links:

1.- Venezuela declares Petro illegal:
https://www.coindesk.com/venezuelas-national-assembly-declares-petro-cryptocurrency-illegal/

2.- Venezuela-Bitcoin:
https://www.forbes.com/sites/realspin/2017/02/03/why-venezuelas-currency-crisis-is-a-case-study-for-bitcoin/#1be177aa19b2

3.- Venezuela-Bitcoin 2:
http://infocoin.net/en/2016/12/27/interest-in-bitcoin-continues-growing-among-the-venezuelan-population/

4.- Venezuela-Bitcoin 3:
https://www.bloomberg.com/news/articles/2018-02-20/venezuela-is-jumping-into-the-crypto-craze


I agree on certain points, however not because the technology itself works means that people will follow as they should... in other words, Petro did not go well because it shows some signs of fraud. So other methods and laws needs to be incorporated.

[Barbut]

Venezuela, one more country which economy is destroyed mostly by US corporations in cooperation with US government agencies and traitors from Venezuela government.
Interest comes from people who live in Venezuela. Sep. 28, 2017 was the day when 1 satoshi was 1 Bolivar. Venezuelan hyperinflation is responsible for people turning their heads to bitcoin, it was better, and still is to have bitcoins then bolivars, currency that is going down in value. In same day $1 is approximately equivalent to 10,389 bolivars. You can find more interesting facts in this article http://bitcoinist.com/one-satoshi-now-equal-one-venezuelan-bolivar/.
I remember sawing a picture of 1 bitcoin in bolivars, it was pretty big stack of money.
When economy of one country starts to go down, people don`t have money for food they are looking for the way out, bitcoin is their way out, for people who earned bitcoins in anyway. Venezuela's growing interest in bitcoin is explained long time ago, not with this topic.

[maculeth]

this is obviously the bitcoin is actually still very in demand in the world market. but not in asia, in asia still hesitate on bitcoin. especially china who has officially closed the bitcoin market.

[alyssa85]

I saw some news that says even though the volatility is so strong, but Venezuelans still turning to cryptocurrencies to store their savings. It seems a bold strategic from the Venezuelans. What do you guys think?

It's because their own currency is even more volatile.

That said - most Venezuelans are poor so they won't even be able to buy a few satoshis.

[stompix]

The BTC can effectively control inflation in venezuela!

The Venezuelan government has issued the world's first legal digital encryption currency, the "oil coin", to ease the country's financial crisis.

The government's support for digital cryptographic money has led to the rapid development of the digital cryptographic currency in venezuela, where many of the BTC mines are located in the Venezuelan capital.

No it can't.
And no currency or crypto or blockchain technology can save that country.

If the country could be saved by a foreign currency they would have pegged the value of their bolivar to something a long time a go and all would have been a success, but of course it didn't work, their economy is crashing down and right now if my some miracle of god their would switch to BTC they would really go bankrupt in a flash

Venezuela, one more country which economy is destroyed mostly by US corporations in cooperation with US government agencies and traitors from Venezuela government.

No, it is getting destroyed by idiots and socialism.
If the USA is that evil, let's see how Venezuela would manage without the US , as their oil imports are what keeps the country still in one piece.

[rizkyhiw]

It is very difficult if crypto will make the venezuela economy improving, venezuela will be difficult to advance if there are still many greedy and crypto people will be difficult to develop in this country, many very serious consideration if crypto enter to save the country's economy, the population is still constrained by the minimal economy , takes a long time to succeed in the crypto world, many needs of the inhabitants of nature that I'm sure will not be consistent in the world of crypto, the most important thing to do is get rid of corrupt people and open new pages to mature in managing the state economy, can boost the economy of large societies most likely to succeed in the crypto world.

[Nahl]

i have been heard about this before that Venezuelan people has been starting to involved to bitcoin because they're life in the county who have high inflation so their currency is not worth anymore as the payment but i think with the volatility of bitcoin it's still hard to people at there make bitcoin as the savior of them

[sindikat]

i have been heard about this before that Venezuelan people has been starting to involved to bitcoin because they're life in the county who have high inflation so their currency is not worth anymore as the payment but i think with the volatility of bitcoin it's still hard to people at there make bitcoin as the savior of them

I do not believe that bitcoin can help the people of Venezuela. Their cans are empty. Where will they change bitcoins? Venezuela's currency is worth nothing and it is impossible to buy even food for the money. Even if you carry food and dollars from abroad you will be robbed on the way. No. It is impossible to live in such a country. That's why next to bitcoin always has to be a Fiat economy.