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Author Topic: The weekly trading volume of bitcoin in Venezuela reached $ 55 million.  (Read 143 times)
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April 21, 2018, 02:31:34 PM
 #21

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.

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April 22, 2018, 12:52:37 AM
 #22

How funny it is when people in the country have nothing to eat, but the volume of the cryptomarket is growing up! Grin
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April 24, 2018, 08:03:14 AM
 #23

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

We're seeing a huge trend in people moving to P2P trading, after the centralized exchanges have underperformed to expectations.

Also, Venezuela is an extremely interesting case, because its country is in economic turmoil, and bitcoin is used to store people's wealth for the long term. It's no surprise honestly that the volume is picking up.

I expect the figures for BTC volumes in Venezuela to continue to go up. Only nations that are affected by an economic crisis will realize what BTC can truly bring as a stable long term store of value. Again, things like this make me believe in BTC's long term growth.

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April 24, 2018, 09:57:30 AM
 #24

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

Ofcourse value on Bolivars is going up if they have high inflation.  If inflation was 100% then has to double to keep the same ratio of trades.


Switch to BTC and you will see last April was record. https://coin.dance/volume/localbitcoins/VEF/BTC    Seems April is time when Venezuelans need most BTC

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April 24, 2018, 02:59:43 PM
 #25

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.

Comparison must be made to the population of that country.   Also its bullish overall if a crypto standard proves itself useful, as a demonstration or example for larger markets its quite important.     The deal with Japan was important because its such an advanced wealthy country but its easily arguable that Venezuela is far more in need of a system that works no matter what as people genuinely will require to purchase food with it.    Lets hope Bitcoin stands up and shows itself with high utility and low cost vs FIAT problems, this is genuine growth potential not speculation so really good to see imo.

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April 24, 2018, 11:48:11 PM
 #26

So Venezuela has an economically collapsed communist socialist system, one of the largest oil deposits on the planet, and is embracing crypto and specifically Bitcoin.  What a combination!!

And the BRICs nations (Brazil, Russia, India and China I think) are attempting to pry the oil market out of the control of the USD.

Could you imagine if the Petrodollar was replaced by the BTC as the preferred currency (reserve currency) to buy and sell the world's energy?   Roll Eyes Shocked Grin Cool
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April 25, 2018, 12:00:45 AM
 #27

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

We're seeing a huge trend in people moving to P2P trading, after the centralized exchanges have underperformed to expectations.

Also, Venezuela is an extremely interesting case, because its country is in economic turmoil, and bitcoin is used to store people's wealth for the long term. It's no surprise honestly that the volume is picking up.

I expect the figures for BTC volumes in Venezuela to continue to go up. Only nations that are affected by an economic crisis will realize what BTC can truly bring as a stable long term store of value. Again, things like this make me believe in BTC's long term growth.
.

 Yup, and combine all you just said with the fact Venezuela has one of the largest oil reserves in the world, and we are talking about a new world power, along with BTC gaining soo much value John Mcafee will grow a second dick!
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April 25, 2018, 12:05:46 AM
 #28

That is a very god thing,it shows the adoption of cryptocurrency is growing very fast in Venezuella,I think the government really encouraged this by launching its own national currency,oil-backed Petro.

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April 25, 2018, 12:52:12 AM
 #29

How funny it is when people in the country have nothing to eat, but the volume of the cryptomarket is growing up!
It was a country which was oil rich and because of their governments inability and the policies they made brought the country to its knees and so is the reason there is poverty and lack of job and because of their inflation rate more people are turning to bitcoin and so is the reason we are seeing more volumes.

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April 25, 2018, 06:00:01 AM
 #30

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?

but about this I have to say the way I have heard Venezuelans are using bitcoin is to use it to import stuff like food to their country. they mine bitcoin with cheap electricity and in some cases underground and then use the rewards to purchase goods and have them sent to a place nearby and them bring it in their country and sell it to people.
$10 or even more fees don't matter for them because the profit is good enough to cover that.

good catch on the volume thing by the way but it is worth mentioning that this volume has grown from 0-20 bitcoin in one week at 2017-12 to 500-800 bitcoin per week in past 4 months. that is a huge growth.

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April 25, 2018, 06:33:33 AM
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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 because Crypto currencies investment is not ban in this country and their president has his own version of Crypto currency name Petro coin. So this will trigger their people to join Bitcoin investments and some of them will work for the bounties in which majority of them will probably to own much numbers of Bitcoins in trading. This progress is good especially if Bitcoin has no tax in their country.

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April 28, 2018, 09:33:42 AM
 #32

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?

but about this I have to say the way I have heard Venezuelans are using bitcoin is to use it to import stuff like food to their country. they mine bitcoin with cheap electricity and in some cases underground and then use the rewards to purchase goods and have them sent to a place nearby and them bring it in their country and sell it to people.
$10 or even more fees don't matter for them because the profit is good enough to cover that.

good catch on the volume thing by the way but it is worth mentioning that this volume has grown from 0-20 bitcoin in one week at 2017-12 to 500-800 bitcoin per week in past 4 months. that is a huge growth.

Common, underground?
This is too Mad Max even for Venezuela.

There might be cheap energy but it's only cheap below a certain number of kwh, plus there are so many blackouts and problems with the grid that will burn your miner in a couple of days.
Besides, how could individuals buy miners if the cost is in $ and their bolivar is useless, the average wage is well below 100$ a month, how could they dream of buying a miner?
The only ones doing this are those able to get $ and have friends at the customs, or ....exactly the people that are to blame for the situation the country is in right now.

And although trade in bitcoin really exists it is blown out of proportion.
Venezuela has 31 million inhabitants, if each of them would make one single TX , it would mean 150 days of full blocks:D, so the at current capacity it means itx per person every 6 months, and that if they book the chain for themselves and give the middle finger to the rest of the world.

ps.
I can see that for the last week the volume in bolivar has gone up by 16% but the volume in BTC down by some other 16%, while in USD terms the BTC has gone up only 11% during that period.
That currency is really getting down the drain...

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