the life of the society venezuela depends on crypto

[hase0278]

That story is mentioned in the thread I've shared in my reply.
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.

Sorry, I haven't read your last reply enough to not see that article is the same as the one in your reply. I'll just edit my last reply and remove that link. Anyways, it's nice to hear that there were plans at least to help Venezuelans using bitcoin, I have read the medium article that you have linked and noticed that it was made way back February 16, 2018 are there no updates regarding it?

[1715681097]

1715681097

[Soots]

That story is mentioned in the thread I've shared in my reply.
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.

Sorry, I haven't read your last reply enough to not see that article is the same as the one in your reply. I'll just edit my last reply and remove that link. Anyways, it's nice to hear that there were plans at least to help Venezuelans using bitcoin, I have read the medium article that you have linked and noticed that it was made way back February 16, 2018 are there no updates regarding it?

Probably their government was still reviewing the possible impact of cryptocurrency to the people, because most of business platforms were used to crimes like fraud. In order to have a brief security over the current plans, I guess that's good to wait for the furthermore plans and updates from their government and yet this will provide their people profitable benefits when implementation takes place.

[r32godzilla]

Definitely that serves as an answer to those who question about bitcoin to be used as a currency.Good luck to Venezuelan people.Even though,you suffer now from crisis,atleast you are able to get rid of the bloody fiat currency.

[Mia Wallace]

The Venezuelan economy is currently under the pressure of inflation.The Venezuelan money has no value for purchasing things.The oil rich Venezuelan economy has collapsed drastically down due the miss management of the ruling government and the common people of the country are suffering too much due to the inflation and now the people are depends on the bitcoin or the crypto currencies to purchase their food and necessary commodities since the the crypto currency or the bitcoin will not effect the inflation.

[gawer33]

snip

I guess you can easily hide cryptocurrencies compare to gold or other assets. gold also is just a storage medium while bitcoin can function as a currency and storage medium. while keeping gold can easily rob by criminals. with the current inflation rate of Venezuela and money depreciation, the obvious choice is to find new currency and bitcoin is actually design to combat hyperinflation. also, some other assets to store wealth is hard to buy for ordinary Venezuelan, cryptocurrency is easily available.

[BItCoinPidger]

This is the advantage of the digital currency. Bitcoin as well as the market of crypto currency becomes popular due to such benefits over the fiat money. This is also great news for the bitcoin as well as the market of crypto that government of Venezuela is in favor of crypto.

[alfs75]

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.

Actualy this happen now into the country of venezuela,reminds us of what is the importance of cryptocurrency now as  being part of economic progress,actualy,venezuela is not much belong in the thirds world country,but they depends more in cryptocurrency investment,therefore its needed that the government there,is implemeting a legalization, to regulate  in order to control all crypto works especially to those who makes money laundering and illegal activities.

[Bere ice]

Its a great way for a economy like Venezuela, to keep money and earn something it times of high inflation and downturn.

[btcscal]

If Venezuelan people cannot trust their own currency due to rapid inflation and government corruption then they will move to cryptocurrencies. Recently, they have started 'Petro' their own cryptocurrency backed by gas and oil.

[hugeblack]

I am not following what is going on in Venezuela, but I wonder how the economically depressed state can depend on Bitcoin, the price is high and the fluctuations are significant.
Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.

[googs84]

Why it wont be. The things is, most of the people in the world who has come in contact with the bitcoin's or any other projects related to it is in love with the crypto currency. Everyone knows how easy it is to work with the bitcoin as compared to the fiat. You can literally earn bitcoin online, invest it and gain profits from it and much more benefits to count on. May be this world ludes people a lot and they start believing the fact that crypto currency is something best and its adoption should be done all over the country or locally with their governments.

[cryptocamacho4785]

As far as i now in Venezuela inflation range is too much high because they can't believe fiat money. They love to connect with digital crypto money. Crypto currency is a popular site among them.

[charlzyeby]

It's a good move to allow the interplay of bitcoin and local currencies in a distressed economy. The production rate of some countries and economic measures may be woefully inadequate to curtail depreciation of their local currencies. The adoption of bitcoin may be instrumental in helping these economies get on track since bitcoin does not depend on a single country's economy.

[Aveatrex]

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.

I've heard about the hyperinflation rate Venezuela has known this last years (I heard 90% I think?) I often give this as an example of how paper money is declining as per Voltaire quote's:"Paper money eventually returns to its intrinsic value -zero".I'm quite happy to see that there is a country that woke up and decided to adopt it in contrary of some countries who doesn't even know what is all about and decide to ban it

[cryptofun888]

Bitcoin has been able to make many people financially independent for years, so it would be really helpful for a country like Venezuela where inflation is high. And it's actually going to be helpful if people start investing on Bitcoin, since the prices are recently rising. But it's still quite not so believable that people would actually invest on Bitcoin because the society is till not used to the digital currency system, nevertheless, let's see how they manage their situation.

[mybtcasset]

Venezuela worst affected country in the world in terms of financial crises now crypto is helping the citizens to transit money due to hyperinflation they are suffering most

[squog]

That is true, i just hope that the prevailance of crypto currency is successful in Venezuela so that other countries will see the benefits of it and not just a stop gap while their fiat is actively recovering. If it does happen, then more and more people will buy crypto currency and actually stabilize crypto currency itself

[papasunkoh88]

If these news are true, well,is another good news for  bitcoin despite bitcoin will banned to other nation will have also nation that truly accepted on bitcoin as subsidy to thier paper money like you said venezuela are depend too.

[GangNamSK]

I am not following what is going on in Venezuela, but I wonder how the economically depressed state can depend on Bitcoin, the price is high and the fluctuations are significant.
Also, I do not expect anyone who is bankrupt to buy Bitcoin with these fluctuations.
If a country wants to get rid of excessive digestion, then increased productivity is the solution. Bitcoin may help, but it is not the right solution.
I have read the comments, but I have not come up with valid words.

I believe this is a good move to allow the interaction between bitcoin and local currency in a weak economy.
Production rates of some countries and economic measures may not be enough to cut their local currency depreciation.
Adopting bitcoin can be a tool to keep these economies on the right track because bitcoin does not depend on the economy of a country.
Only then will the market adapt and will grow steadily.

[Jamie Oliver]

Venezuela's inflation rate is high, and the country's legal currency has no value at all, so new currency circulation is needed. Although BTC is not the first choice, it is also a good choice.