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Author Topic: In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline  (Read 262 times)
CyberMiles
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August 12, 2018, 03:43:00 AM
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A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1
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Veterock
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August 13, 2018, 04:48:11 PM
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I am sure that Venezuela will be the first country where the cryptocurrency will win fiat money! They have no other choice! Inflation is appalling!
CyberMiles
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August 13, 2018, 08:57:48 PM
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Sadly, they have nothing to lose at this point.
Veterock
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August 14, 2018, 11:15:14 PM
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I'm sure that very soon Nicholas Maduro will take bitcoin as the official currency)
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August 14, 2018, 11:30:07 PM
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I'm sure that very soon Nicholas Maduro will take bitcoin as the official currency)


I agree with you men your right in the future they realize the importance adopting of bitcoin as decentralized cryptocurrency easy to use than fiat mony for all transactions using blockchain and internet connection.
Like some other country decide to ban bitcoin but in the end they turning back again to use and allowed people involving in crypto because they realize the importance how help their economy growth using cryptocurrency.

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August 14, 2018, 11:41:18 PM
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I expect every dictatorship or shakey government that has a fear of their currency easily failing to start being against bitcoin as a capitalist weapon or something along that line, your North Korea's, Iran and Venezuelas.














 

 

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buternasek
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August 14, 2018, 11:48:52 PM
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A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1
1 Bitcoin = 1,538,325,810,18 Bolívar Venezuela
The Venezuelan government also makes crypto currency as a solution to the economic disaster that is experienced today. The crypto currency named Petro was launched some time ago, supported by oil reserves owned by Venezuela.

imagine if there is no cryptocurrency
CryptoGamblingSites
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August 15, 2018, 12:35:14 AM
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 #8

A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1
1 Bitcoin = 1,538,325,810,18 Bolívar Venezuela
The Venezuelan government also makes crypto currency as a solution to the economic disaster that is experienced today. The crypto currency named Petro was launched some time ago, supported by oil reserves owned by Venezuela.

imagine if there is no cryptocurrency

The Petro was laughed at by everyone in crypto and Venezuela. People in Venezuela do not want a currency backed by the same people who just caused hyperinflation in the country. Would you trust them while you're starving and people are fleeing the country just to be able to work and get food?

There are a lot of people in Venezuela in bitcoin and altcoins (because they're cheaper) and the government actually seizes their mining rigs because they want people to use the Bolivar only.

We've been researching Venezuela bitcoin and altcoin purchases for awhile now, to see where people in a fallen economy eventually get crypto currencies that can't be controlled by governments. 

Nobody trusts the Venezuelan government inside or outside the country though.

Learn about Bitcoin, Altcoins and Gambling with ICO's at www.cryptogamblingsites.com
iotarocket
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August 15, 2018, 12:57:38 AM
 #9

A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1

Bitcoin serves as a hedge to unstable currencies or governments that do not respect private property. It is an excellent means for people to store their wealth and take it across borders in case an unruly government decides to arbitrarily seize property.
VogueaNON
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August 15, 2018, 06:25:44 AM
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Cryptocurrency will surely rule Venezuela without any doubt. People will obviously give crypto priority over the fiat because of the inflation.
GhostAltCoin
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August 15, 2018, 06:30:38 AM
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Yes, mone inflation has become a great problem for venezuela. People will definitely move to bitcoin or other cryptos for sure.
bitfocus
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August 15, 2018, 06:35:52 AM
 #12

Yes Venezuelan people are getting good benefit from Bitcoin and Crypto, a good and optimistic news for us.

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August 15, 2018, 09:51:56 AM
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There are many risks in the traditional currency system. If we buy anything we need to pay extra fees somewhere. It’s a burden to the people. Then there is a risk of inflation in the traditional currency. So, choosing cryptocurrency is the best option to use.
CodiepieBCT
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August 15, 2018, 10:04:01 AM
 #14

Cryptocurrency is the best currency for the transaction. It is easy to make payment using cryptocurrency. There is no inflation also in the crypto market. Venezuelans have done a great work. This is a great sign of future currency system.
Letre
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August 15, 2018, 10:11:59 AM
 #15

It’s a great step taken by the Venezuelans. The merits of using bitcoin a lot. Anyone can buy anything using bitcoin at any time without paying extra fees. Thumbs up to the Venezuelans for taking this step.
jseverson
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August 15, 2018, 11:34:14 AM
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Sadly, they have nothing to lose at this point.

The Bolivar has nothing more to lose. The people who are clinging to life despite their economic hell still have everything to lose.

It’s a great step taken by the Venezuelans. The merits of using bitcoin a lot. Anyone can buy anything using bitcoin at any time without paying extra fees. Thumbs up to the Venezuelans for taking this step.

Lol what? The article says the government is actively trying to shut down exchanges because access to crypto apparently threatens their control over the economy. They're obviously grasping at straws because we all know that ship has sailed. VPNs still work though, so that's great I guess.

johnokeefe09
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August 15, 2018, 12:09:09 PM
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I think Venezuela is utilizing this decentralized currency system very well. We all should accept cryptocurrencies. Because it gives some major benefits over the fiat money.
BitcoinGuruOne
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August 15, 2018, 12:14:04 PM
 #18

I believe that they should embrace cryptos and tax use of them otherwise they are missing out on a nigcechunk of taxes and forcing these people to go underground.
As far as I have seen in some videos, the situation is very bad in their country . I hope they wil get out of this unfortunate situation.

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BrewMaster
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August 15, 2018, 12:27:05 PM
 #19

I expect every dictatorship or shakey government that has a fear of their currency easily failing to start being against bitcoin as a capitalist weapon or something along that line, your North Korea's, Iran and Venezuelas.

the good thing about a decentralized currency like bitcoin is that nobody can do anything about it. it doesn't matter what the government of some countries may say about bitcoin, people will continue using it because they can not prevent it. even if they shut down the internet, you still can continue using bitcoin using satellite and radio waves to download the blockchain and send your tans cations to the network.
and that is how powerful bitcoin is.

LedrookETH
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August 15, 2018, 02:27:43 PM
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People will try to use this technology because it is faster and cheaper than the traditional transaction system. I don't quite understand why crypto is called as a oppressor here.
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