In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline

[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.