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Author Topic: the life of the society venezuela depends on crypto  (Read 180 times)
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July 18, 2018, 10:50:50 AM
 #1

we know that Venezuela has a political crisis and economic crisis, the Venezuela government is seriously adopting bitcoin well. regulate, process, and develop crypto. so that the crypto world became a protector of the hyperinflation that hit the national currency Venezuela.

devaluation of the national currency that rapidly, even a piece of bread for a week's life has an expensive value. the level of people's differentiation in Venezuela is still high.

and then the crypto world has an important role there, hyperinflation makes people protect the value of their currency by converting into foreign money, items, and crypto. while many countries see that bitcoin is only a speculative asset because of its commodities.

but in Venezuela bitcoin already has the main function of currency that is decentralized and not controlled by the government, so the belief of the people of Venezuela against bitcoin is higher than the national currency.

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July 18, 2018, 11:10:14 AM
 #2

Yeah, I feel like the Bitcoin community should also do something like this:
https://bitcointalk.org/index.php?topic=4663099 (Nano community is donating food to Venezuelan citizens)

Or maybe there are already bitcoin related crowd-funding efforts to help the people in Venezuela? I have no idea, do share if you know some.


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July 18, 2018, 11:17:52 AM
 #3

I think there's a lot of room for crypto-currencies in a country like venezuela where inflation is high.
Because people no longer believe in fiat money, then this time is the role of cryptocurrency.

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July 18, 2018, 11:29:12 AM
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 #4

Or maybe there are already bitcoin related crowd-funding efforts to help the people in Venezuela? I have no idea, do share if you know some.
There aren't any bitcoin-related crowd-funding efforts to help Venezuelan citizens but as far as I know, there is already one when we would take away bitcoin-related and replace it with crypto-related. This article talking about financing villas for the homeless with Petro have been published recently, it is nice to see crypto serving a good use case for them but for now, I am hoping that someday we will see something similar which is related to bitcoin as well.

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July 18, 2018, 11:33:15 AM
 #5

very interesting but I still can not believe that people would choose cryptocurrencies to protect themselves from hyperinflation. generally speaking in cases of hyperinflation and when your country's currency is being devalued you want to store your wealth in something that is more stable than a cryptocurrency which happens to be super volatile and can go up and down at any moment.

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July 18, 2018, 11:38:00 AM
 #6

I think there's a lot of room for crypto-currencies in a country like venezuela where inflation is high.
Because people no longer believe in fiat money, then this time is the role of cryptocurrency.


In a country like Venezuela with so much government corruption cryptocurrency shows a great promise for the people who have grown tired of government manipulation.


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July 18, 2018, 11:38:31 AM
 #7

in venezuela a lot of crypto that developed well there but for now it is the price of crypto again decreased so that many people there pocket money in crypto so there kerisis all who hold crypto with over all limit ...

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July 18, 2018, 11:52:12 AM
 #8

I think in venezuela people people no longer believe in paper money, then they believe in the role of cryptocurrency as currency for daily transactions. And there is plenty of room for crypto currencies in countries like Venezuela that are experiencing high inflation.



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July 18, 2018, 12:05:58 PM
 #9

Due to these political and economical crises in venezuela,their flat currency is not stable and people's trust on flat currency is dwindling and people of venezuela doing bitcoin transactions and payments and that's why cryptocurrency is a great assest in venezuela.
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July 18, 2018, 12:18:46 PM
 #10

Or maybe there are already bitcoin related crowd-funding efforts to help the people in Venezuela? I have no idea, do share if you know some.
There aren't any bitcoin-related crowd-funding efforts to help Venezuelan citizens but as far as I know, there is already one when we would take away bitcoin-related and replace it with crypto-related. This article talking about how a Venezuelan citizen feeds an entire community using crypto donations from Reddit users have been published recently, it is nice to see crypto serving a good use case for them but for now, I am hoping that someday we will see something similar which is related to bitcoin as well.

That story is mentioned in the thread I've shared in my reply Tongue
Better to link to the original Reddit thread, than some news article that might have fluffed up the story a little bit.

After a bit of digging, I've found this:
https://medium.com/@jonathan.wheeler/leveraging-bitcoin-to-solve-venezuelas-hyperinflation-9f60c71d380b (original announcement)
https://www.coindesk.com/plan-send-millions-bitcoin-venezuela-taking-shape/ (shorter news article)

There were plans of sending millions of Bitcoins to Venezuelans, I have to idea what the progress on that is.
It's good to see that there are bitcoin related initiatives though.


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July 18, 2018, 12:28:41 PM
 #11

we know that Venezuela has a political crisis and economic crisis, the Venezuela government is seriously adopting bitcoin well. regulate, process, and develop crypto. so that the crypto world became a protector of the hyperinflation that hit the national currency Venezuela.

devaluation of the national currency that rapidly, even a piece of bread for a week's life has an expensive value. the level of people's differentiation in Venezuela is still high.

and then the crypto world has an important role there, hyperinflation makes people protect the value of their currency by converting into foreign money, items, and crypto. while many countries see that bitcoin is only a speculative asset because of its commodities.

but in Venezuela bitcoin already has the main function of currency that is decentralized and not controlled by the government, so the belief of the people of Venezuela against bitcoin is higher than the national currency.
Maybe decentralization is good for their situation now. Their crisis will somewhat be minimized by the system. The people of Venezuela really believed in bitcoin since their government cannot control crypto activities.

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July 18, 2018, 12:34:25 PM
 #12

I think there's a lot of room for crypto-currencies in a country like venezuela where inflation is high.
Because people no longer believe in fiat money, then this time is the role of cryptocurrency.


In a country like Venezuela with so much government corruption cryptocurrency shows a great promise for the people who have grown tired of government manipulation.
Venezuelan government support also cryptocurrency, because they really see this can help their economy survive on the current situation of their economy. Its true that there is too much corruption on that place and I see this move a great one because the people of Venezuela are making move adopting this technology so they can survive.

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July 18, 2018, 12:38:38 PM
 #13

very interesting but I still can not believe that people would choose cryptocurrencies to protect themselves from hyperinflation. generally speaking in cases of hyperinflation and when your country's currency is being devalued you want to store your wealth in something that is more stable than a cryptocurrency which happens to be super volatile and can go up and down at any moment.

Gold and silver or not practical options either .It very hard to hide gold and silver form a the venezuela goverment .They more then likely seize it if they know u had it .It way easier to hide crptocurrency .

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July 18, 2018, 01:07:18 PM
 #14

Yes, but people in Venezuela should consider well too, because here nobody is responsible for the use of bitcoin, so if people suffer huge losses due to bitcoin, then they can not hold the responsibility to the government.
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July 18, 2018, 02:54:59 PM
 #15

i don't think this is quite correct to be honest.

what i know about Venezuelans and bitcoin is that it started as hyping up the government-created cryptocurrency called Petro. their government wanted it to become successful so they started hyping it up. in this process they also started teaching people about the technology and unintentionally they taught them about bitcoin and its decentralization.
obviously people became interested in bitcoin (maybe even more interested in bitcoin rather than Petro) so they started buying bitcoin.

i wouldn't say their life depends on it, and i seriously doubt they are using bitcoin to escape hyperinflation. but they certainly are very interested in bitcoin.

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July 18, 2018, 05:08:55 PM
 #16

This is very helpful in the economic crisis that has been controlled by the government, can not get into Bitcoin access then they will be very safe to avoid government greed, it all the way they do to me already understand the development of cryptocurrency in Venezuela, many risks that occur in Bitcoin but hopefully can handle it.

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July 18, 2018, 05:14:15 PM
 #17

It's actually nice to see that crypto can do something important to help the economy crisis in venezuela.
And i'm happy too that the government believe and use cryptocurrency to control the hyperinflation. It will be great for crypto world as well though, many people in venezuela will choose to convert their money into other assets like bitcoin, since their currency value is low now. We can gain more bitcoin user and may give a great and positive effect to the market.

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July 18, 2018, 09:14:21 PM
 #18

Yes, I have heard about that. And I think this is completely ok because the other world can see their experience and follow the decisions that they have made, in order to change their minds.

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July 19, 2018, 02:10:23 PM
 #19

thank you for your comments, so, I think. should we wait for the global crisis to make bitcoin and crypto become a very important currency like in Venezuela?

if the global crisis happens, I think warren buffets, bill gates, and everyone who hates crypto will take crypto as a solution to save their assets.

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July 19, 2018, 02:27:33 PM
 #20

thank you for your comments, so, I think. should we wait for the global crisis to make bitcoin and crypto become a very important currency like in Venezuela?

if the global crisis happens, I think warren buffets, bill gates, and everyone who hates crypto will take crypto as a solution to save their assets.
Venezuela is country example for bitcoin users that people at there has been attempts to solved their crisis with make crypto as their temporary currency because their main currency is not valuable anymore and called bitcoin as the saviour also deserve but people should be considering and change their mind about crypto but not against crypto and not have to wait to crisis happened to admit crypto is good for us

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