The weekly trading volume of bitcoin in Venezuela reached $ 55 million.

[Goozzi]

According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)

Source: https://coin.dance/volume/localbitcoins/VEF

[jseverson]

That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.

They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.

[bengca84135120]

Venezuela's economy has collapsed, and their fiat money is worthless.

Local residents pay through BTC to meet daily life needs!

Many BTC minerals are also in venezuela!

[PsylockReborn]

According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)

Source: https://coin.dance/volume/localbitcoins/VEF

This is a very good news to all of us. Sooner or later more countries will adopt not only bitcoin but other crypto as well. This is just the beginning, there's still so much more that can happen with regards to the technology brought by bitcoin and the blockchain. I  can just imagine how convenient and comfortable it will be if every people here on earth will just use crypto as mode of payments to everything whether it will be goods or services. Lower fees and faster transactions should be the main focus of development when it comes to the use of cryptocurrencies.

That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.

They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.

ACWA Power, the Saudi-based developer, owner and operator of power generation and water desalination plants, will now start using SolarCoin, the first time a utility-scale company will adopt the global reward programme for solar electricity generation. This technology can really create more innovations and applications in the future. I'm really looking forward for new inventions and applications that will be created in the future using the blockchain technology.

Let's all be ready to embrace a very bright and promising future of cryptocurrencies few more years from now.

 

[eternalgloom]

That's just on LocalBitcoins... Is that the only exchange people from Venezuela can use or do they also have access to other exchanges (without using a VPN)?
Also checked their volume on Paxful, but that's negligible and not up-to-date it seems.

I sense a major bull run coming in the next couple of weeks/months

[Pursuer]

They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.

I think it may actually be because of Petro that bitcoin adoption is growing this much in Venezuela!
whenever they are advertising their Petro coin they are also advertising the blockchain technology and the thing that started it all meaning bitcoin. also they have been educating people a lot over the past few months with a lot of programs in their country and that helps with the awareness and knowledge about blockchain technology and also bitcoin.
on top of it when people learn more and see the differences that a decentralized currency like bitcoin is offering they will surely want to get involved with it. as a result we have this kind of big surges in adoption.

[jseverson]

I think it may actually be because of Petro that bitcoin adoption is growing this much in Venezuela!

Yeah I guess you could look at it that way. I mean, it looks like Bitcoin has always been popular in Venezuela, but if nothing else, Petro basically cemented the fact that their government is completely open to Bitcoin and its use. I also see Petro being talked about as Venezuela's Bitcoin every now and then, so I'm sure it's increasing awareness.

Local residents pay through BTC to meet daily life needs!

It's probably not as widely used as people imagine. There's a huge black market for foreign currency there. It looks like things are about to change quickly though.

[el kaka22]

That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.

They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.

Yeah, it is really awesome and I hope things get to improve in a very good way for their economy based on how some other countries in the same shoes where inflation has really dug so deep in the system. Still, based on the stuff you raised, it would actually be very insane of the government to think they would want the petro currency to just be the only currency in circulation within the country without considering how that would even affect them negatively.

It is good the way they are allowing things to be for now, as over time, i am sure they will get to see the impact themselves, and if lucky for them, petro ends up growing in value, good for them but I want to believe the petro will not make much impact as it is still centralized anyway, so what makes it different from experiencing the same fate as the fiat system ?

[madjpm]

Very good news for crypto currencies !!!

[Maestro75]

It sucks that the country is in the shape that it's in,

No, actually that is the bitcoin advantage there and it is the major reason cryptocurrency became embraced in Venezuela. If their currency didn't sink abysmally, bitcoin and Petro wouldn't have had this level of breakthrough they are recording now. A man who is down fears no fall - That's the case with Venezuelans trying out the crypto route.

[Red-Apple]

Very good news for crypto currencies !!!

not really. it is only bitcoin volume because people are interested in bitcoin and they are being educated about bitcoin and also they see the real potential in bitcoin.
not altcoins! they may go to altcoins to trade them a little but never buy them since they are pump and dumps.

[Rhaizan]

That's pretty awesome. Venezuela is pretty unique because it's essentially an entire country demonstrating a Bitcoin use case. Their fiat is collapsing and Bitcoin is currently a perfectly legal and convenient way to escape it. It sucks that the country is in the shape that it's in, but it's good that people are finding a real-world use for Bitcoin I suppose.

They seem to be pushing Petro quite aggressively though, and them banning the competition in the future is quite a real possibility in my opinion. I guess we'll see though, as their government clearly believes that accepting crypto will help their economy improve.

It is very awesome in the country of Venezuela.
I see that the government in that country are clearly believes the CryptoCurrency/ Bitcoin and be the way to accepting Crypto and it will help to improve their economy.

[vv181]

As soon as FIAT collapse, decentralized currencies will rise. It is a hard truth that the only thing we need is a trustless decentralized peer to peer currency. Venezuela and Japan are the countries that have been leaping forward toward a better future. I believe governments shall follow the path of both countries.

[dado7]

Venezuela's economy has collapsed, and their fiat money is worthless.

Local residents pay through BTC to meet daily life needs!

Many BTC minerals are also in venezuela!

Although I am very supportive of Bitcoin, it is rough when you have to accept something so volatile simply because you don't have other means.
However, it is a good thing that people found something they can at least remotely rely on. A few years back it was not possible (just consider what Vietnamese people had gone through for instance).

[stompix]

According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)

Source: https://coin.dance/volume/localbitcoins/VEF

Sorry to curb your enthusiams, but that's the official rate that is taken into account
Switch to the BTC graph and it shows 652 BTC, that's 5 million.
https://coin.dance/volume/localbitcoins/VEF/BTC

If you go to localbitcoins:
https://localbitcoins.com/instant-bitcoins/?action=buy&country_code=VE&amount=&currency=VEF&place_country=VE&online_provider=ALL_ONLINE&find-offers=Search

You can see that they are selling coins for 6,700,000,000.00 VEF , that's 134,000 $ on the official rate.

[Supercrypt]

According to the website of Coin Dance, by April 14, the trade volume of bitcoin, paired with Venezuelan bolivar on the Localbitcoins exchange, rose to a record mark of 2.7 trillion Bolivars ($ 55 million) per week. And a week earlier this figure was $ 35 million, and in the last week of March - $ 18 million. And this is only in some Venezuela!)

Source: https://coin.dance/volume/localbitcoins/VEF

This is a very good news to all of us. Sooner or later more countries will adopt not only bitcoin but other crypto as well. This is just the beginning, there's still so much more that can happen with regards to the technology brought by bitcoin and the blockchain. I  can just imagine how convenient and comfortable it will be if every people here on earth will just use crypto as mode of payments to everything whether it will be goods or services. Lower fees and faster transactions should be the main focus of development when it comes to the use of cryptocurrencies.

It is good news indeed. The real life case actually started with the way the Zimbabweans adopted cryptocurrency to a very large extent, after their currency became extremely useless and worthless and so far, we have been seeing the demand increasing hugely in this region for a while now and helping the citizens in making transactions and most especially international transactions.

It is good the citizens of Venezuela are taking the same path and that shows how impactful bitcoin is being perceived in places like this considering the level at which it is going to help boost the economy, only if the corrupt governments would allow it.

[EzzNju]

Venezuela is the most committed country partaining adoption on crypto currency...with the oil wealth in venezuela,more and more money will be invested in bitcoin particularly,.good news..

[darewaller]

Venezuela's economy has collapsed, and their fiat money is worthless.

Local residents pay through BTC to meet daily life needs!

Many BTC minerals are also in venezuela!

This is just the same exact incidence that is happening in Zimbabwe and it is good because it is obvious that the real life usage of bitcoin as a currency is actually going to be helping a whole lot of things and most especially could help make the countries that have experienced a high level of inflation and dead economy to in a way revive their economy. However, we know corruption made these systems this way, and the citizens finding freedom from the problem their own government has placed them makes it awesome.

It is good to know that citizens from these countries where there has been huge inflation with an extremely dead fiat system are beginning to find solace in the usage of bitcoin. That reminds me of how Zimbabwe has really been using bitcoin a lot for transaction purposes than one can imagine which has made the value to shoot higher than normal in this place than other places globally. It is a good thing to know bitcoin is really making huge impact.

[stompix]

Venezuela is the most committed country partaining adoption on crypto currency...with the oil wealth in venezuela,more and more money will be invested in bitcoin particularly,.good news..

Oil wealth? What oil wealth? What money?
https://panampost.com/sabrina-martin/2018/01/04/new-monthly-minimum-wage-in-venezuela-barely-enough-to-buy-daily-cup-of-coffee/

This wealth?

The new minimum wage amounts to a daily income of 26,583 bolivars (US $0.26), which barely covers a coffee or a pie (20,000 bolivars US $0.2) at prices listed on December 31, 2017

I've already pointed out that those 55 millions are because of the fake rates between the official and the blackmarket bolivar to usd rates.

Venezuela's economy has collapsed, and their fiat money is worthless.

Local residents pay through BTC to meet daily life needs!

Many BTC minerals are also in venezuela!

This is just the same exact incidence that is happening in Zimbabwe and it is good because it is obvious that the real life usage of bitcoin ........

That reminds me of how Zimbabwe has really been using bitcoin a lot for transaction purposes than one can imagine which has made the value to shoot higher than normal in this place than other places globally. It is a good thing to know bitcoin is really making huge impact.

Which was another round of fake news with no support.
Those claims about Zimbabwe using bitcoins for purchases appeared when the average tx for a bitcoin transaction was over 10$. How could somebody in a country that has a media wage of 300$ pay 10$ for a purchase?

Those are just exaggerations that have so little truth in them like the FUD about countries banning coins.

I am surprised Venezuela has 55 million worth of liquid cash to make such a trading volume. The country is in an exteme economic fall right now isn't it?

Read my post above and divide the number by 10.

[Netnox]

First of all, we don't know whether these figures are accurate or not. And secondly, trade volume of $55 million represents a daily volume of around $8 million. I just checked coinmarketcap, and according to that site, this amount represents less than 0.1% of the global Bitcoin trading volumes.