In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline

[CyberMiles]

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]

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]

Sadly, they have nothing to lose at this point.

[Veterock]

I'm sure that very soon Nicholas Maduro will take bitcoin as the official currency)

[kotajikikox]

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.

[buternasek]

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]

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.

[iotarocket]

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]

Cryptocurrency will surely rule Venezuela without any doubt. People will obviously give crypto priority over the fiat because of the inflation.

[GhostAltCoin]

Yes, mone inflation has become a great problem for venezuela. People will definitely move to bitcoin or other cryptos for sure.

[bitfocus]

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

[Loye]

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]

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]

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]

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]

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]

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.

[BrewMaster]

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]

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.

[KingScorpio]

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!

jes maduro introduced venezuelas cryptocurrency already, and he is controlling it exactly the same like the bitcoin cult centre does it

[aleksej.rozhkov]

in very many countries - bitcoin has become a very reliable tool for saving and multiplying your money! In Venezuela, soon will be very popular crypto currency! it is already gaining momentum!)

[audaciousbeing]

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

This particular issue is not limited to Venezuela alone but all across the world and that is the bane behind every society that have taken a negative stand against bitcoin expansion in their territory. The result of using bitcoin is more of a two sides of a coin where one party is losing, the other is winning just like this case, the people who engage in transactions are the one on the winning side while the government here is on the losing side as the portion of transaction fees that would go to them in form of taxes is now being eroded and we all know, government does not like to lose.

The only reasonable thing any government needs to do is to first identity that the movement cannot be stopped as no matter the ban rule, its not going to stop and the best approach is to find a way to tap into the system, design models, build policies and implement it that people would be free to use what they wanted and at the same time revenue lost from the bank sources can be generated from crypto service providers.

[coinwizard_]

Bitcoin will save venezuela and maybe turkey as well. Both economies are failing and there are few options available for the people. Only accept USD which is hard to get in troubled economies, or switch to crypto away from the control of useless governments

[Matic]

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

I live not so far from Venezuela and so I will hope that they will embrace and accept cryptocurrency Just in the same way how Thailand does. I`m looking forward to go there in 2 months.

[jmvzlfyg]

Recently I have seen some news about inflation in Venezuela, where Fiat has become out of control and people choose Bitcoin to protect themselves, in the hope that this will help people in that country get out of their current predicament as soon as possible.

[graysato]

Venezuelan investors are hoping to return to their own position within a short time. And there will be a time when most people in Venezuela will accept crypto currency as their means of exchange.

[JamescrypTrader]

If they use cryptocurrency instead of their fiat currency there will be high risks. I think it should used as a alternative currency only. Because as far as i concern fiat currency is also important.

[libert19]

Crypto is blessing for Venezuelans, have seen many of them on steemit earning good money than they would with venezuelan job.

[croptodic]

As I know Venezuela is the first country where the crypto will win the fiat currency. They have no other choice. Its seems to be very interesting.

[TetraSquad50]

Although CryptoCarconi could not go to its proposed place, I certainly hope the cryptocurrency within a very short time will reach that level of success, hopefully Venezuelan investors will come back within a short span of time.

[OffGrid54]

Need not to be worry I guess. This is a not avery bad news for everyone related to the cryptocurrency. It is only cryptocurrency that everyone will accept and use as their main medium of transection very soon.

[GilbertQuintanilla]

In Venezuela crypto hold it’s position and it’s almost replace thee fiat in Venezuela . Hope it will felt very good effect on finance of Venezuela.

[JohnLowry]

Crypto contains the advantage to avoid third party which done by decentralization which produce by blockchain technology. So, it’s will be more popular in other country in future.

[Dexion]

I am sure that the prospect of bitcoin in Venezuela will be able to solve practical challenges, and all other challenges, bitcoin is a primary transaction there.

in my opinion, Venezuela will be like Japan in conducting crypto transactions.

Bitcoin has an important role in Venezuela.

[BennieMartin]

Venezuela accept crypto as a normal currency and people of Venezuela used to with crypto and it’s replacing the paper currency. Hope other country will be accept crypto as soon as possible.

[Gamblet]

I think that's good news. When more and more people use cryptocurrency, this is very good for the development of the market. Cryptocurrencies can become much more popular than now. For this, there is still a long way to go.

[EffectiveScorpio657]

In venezuala crypto replace the paper currency gradually. Hope it will be effect good with it' finance and also crypto will be a great future here.

[niteroy]

I'm sure that very soon Nicholas Maduro will take bitcoin as the official currency)

I doubt it, because Petro is the state cryptocurrency of Venezuela, which is controlled by the state. Recently, Nicholas Maduro issued a decree on linking salaries to the rate of the Petro cryptocurrency, which depends on the price of oil.

[Dasha88fed]

Venezuela accept crypto as a normal currency and people of Venezuela used to with crypto and it’s replacing the paper currency. Hope other country will be accept crypto as soon as possible.

Bitcoin and other cryptocurrencies have long been used by people in Venezuela, but so far this is not official use. I hope that not only Venezuela, but also other countries will begin to recognize and use cryptocurrency. Every day new ATM Bitcoin is installed, I think it's a good sign.

[BlakeMye]

Venezuela make crypto legal and make it a common currency but many others country are not make crypto as legal because they still like traditional banking.

[BlakeMye]

Venezuela is one of the growing country. I hope and believe that crypto will be one of the economic condition changer in coming days for them. Though they are struggling now, I think, it will end soon.

[lequyen]

US dollars are the most commonly exchanged currency. Dollars trade for hundreds of thousands of bolivars apiece in wildly fluctuating street prices. Several Venezuelans explained that despite government price controls and crackdowns, many stores charge in dollars. It's the only way to keep their businesses afloat amid widespread cash shortages of a currency that's increasingly worthless.

[TahuDiniHari]

what happens in Venezuela we find a lot in other developing countries, when people are very happy to use the advancement of blockchain and cryptocurrency technology, always be hindered by the local government, it's a pity 

[MicaleFalcon]

As soon as people of different countries start understanding the advantage they will also start accepting it and we often get this kind of news.

[graysato]

Venezuelan investors are hoping to return to their own position within a short time. And there will be a time when most people in Venezuela will accept crypto currency as their means of exchange.

[worldtraveller505]

That's a good news. As cryptocurrency in improving and gaining trust among the people, more people of venezuela will embrace it. I just hope that government of venezuela accept it too.

[KingScorpio]

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!

well jes and it will create a more chaotic and broken venezuela ever.

those that were able to corrupt glenn to list their icos at the top of coinmarket cap and then corrupted the ceo of binance will have to eat and those that didnt will have nothing.

[Yaunfitda]

Venezuela is one of the growing country. I hope and believe that crypto will be one of the economic condition changer in coming days for them. Though they are struggling now, I think, it will end soon.

Did you really think that Venezuela is growing? Lol. You need to read the news dude. They are sinking specially their economy due to political reasons. That's why people are using bitcoin to buy necessities outside of their country because the government can't provide it. They are not struggling, the country is really in deep trouble and they rely on bitcoins in order to survived.

[cryptocamacho4785]

In 2018, Venezuela has become a victim to hyperinflation. This brings a negative impact on the economic system of Venezuela. The maduros stopgap measures are hoped to reduce inflation.

[jerrison]

the venezuelan economy is getting serious financial challenges and has an unprecedented incoming inflation that is presumed to hit a pick of one thousand percentage and i believe that is the driving force of the adoption cryptocurrency as a lifeline in the nation.

[cryptoshops9944]

Venezuela is suffering badly from hyper inflation. Due to hyperinflation, their economic system is jeopardized and the general population is suffering a lot. Some measure are quickly needed to be taken to eliminate this condition.

[KingScorpio]

Venezuela is suffering badly from hyper inflation. Due to hyperinflation, their economic system is jeopardized and the general population is suffering a lot. Some measure are quickly needed to be taken to eliminate this condition.

form hyperinflation a currency chaos cant solve, to fix hyper inflation you have to produce and distribute goods

[flowers5]

Venezuela may be the testing grounds for the first major country to get on board and use crypto full time to run their economy.  Hopefully the people of Venezuela will be able to navigate the drama they are facing currently. 

[cryptoking963]

It is great to see that the Venezuelans are also embracing the crypto market. The more the merrier. This will increase the popularity of the market further.

[virendarnagpal]

As a result of hyper inflation today exchange rate are
one US dollar to 248520 Venezuelan Bolivars.
And if we convert it to today's bitcoin price then it comes to
1 Bitcoin =  248520Bolivars x6462.98 USD  =  1,606,179,789 bolivars
Under hyperinflation conditions; the fiat currency fails completely.  People start to invest Gold or Real estate.  Now bitcoin is the available option.  So I think crypto / bitcoin is the best options for the Venezuelans to use for their day to day expenditure.
https://www.exchange-rates.org/converter/USD/VEF/1  
https://www.coindesk.com/price/

[learningcrypto5421]

It is not possible. It can be possible that the problem is another side but the government is trying to put blame on the crypto just to hide their failure. Crypto is not for oppressing.

[cryptoshops9944]

Due to the hyperinflation Venezuela is facing for past few years, people have started to lose trust over their national currency, Bolivar. However, recent announcement of Petro, which is a cryptocoin for solving Venezuela's inflation problem, a lot of Venezuelan citizens have got acquainted with cryptocurrency and blockchain. So, it is very natural for them to favor Bitcoin and blockchain technology after learning about all the features of it.

[bitfocus]

Venezuela also planning total payroll switch from paper money to Petro - their own crypto, which seems to be a very strong and positive move from government

[burky155]

Venezuela’s president Nicolas Maduro made something very unique and important and choose to use cryptocurrency in the goverment business. This is the first time in the World. I am sure it will be very good example for another countries. Here you can read the full article:

https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency/

[genuin]

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

The problem that you say is actually common in other countries. but if we speak Venezuela this is a country that is big enough to look very complicated. I can only provide a picture between blockchain technology and government that is a barrier.

[blacknight789]

Since, Venezuelan people have getting introduced to blockchain and cryptocurrencies recently due to their government itself opting for the release of their own crypto called Petro to deal with the inflation of the country, so it is very likely for the citizens to get accustomed to utilities of all the cryptos within a very short period of time.

[Luckycoins999]

It is better if Venezuelan citizens right now focuses on their own crypto Petro. Once they have learned the correct usage of cryptos to solve their daily problems they will eventually start moving on to BTC once they realize the profitability of it.

[cryptofun888]

The recent hyperinflation in Venezuela has stunt the people there. So many people has started using the decentralized crypto coins as transaction form and they have this only way that can restrain them from being poorer. Government is unable to control the use of crypto coins.

[IamKnowledge]

Venezuela has been a country that has promoted bitcoin and the other cryptocurrencies. They are doing everything within their endeavour to show beneficial cryptocurrencies can be. That is great new for us, the crypto investers.

[Geemy]

I have heard about the financial problem facing Venezuela and have resorted to cryptocurrency they can make a coin for them , I think this is good news

[cryptoshops9944]

2018 has hit Venezuela with the biggest hyperinflation. The prices have raised 50% and people are going crazy what to do. In this situation using decentralized digital crypto currencies has become the most effective way to cope with the situation. Because of decentralized system, Govt. is unable to stop the use.

[blackrain321]

Venezuela has struck with hyperinflation and people of the country are retorted at the situation. Now the only way they can survive in this situation is to use decentralized digital crypto currencies. This can be used over the world and the hyperinflation of the country can be avoided by some distance.

[Ucy]

I have no problem with governments owning their own Cryptocurrencies as long as they're of the typical  Public, Decentralized, Immutable and Transparent Blockchain. And they (governments) must not prevent people from using or holding  Bitcoin and other Cryptocurrencies.   None of their Cryptocurrency should be allowed on public platforms if it violate our rules.

[stownbridge]

It's good when the state has different tools for getting out of the financial crisis. It's bad when the world's ruling elites do not understand the use of bitcoin.

[Courtney78Green]

Does that country have a legal Bitcoin? It takes a lot of time to try to improve the deal.