Bitcoin Trading In Venezuela Keeps Setting New Records

[Baofeng]

https://beincrypto.com/bitcoin-trading-in-venezuela-keeps-setting-new-records/?utm_campaign=bitcoin-trading-in-venezuela-keeps-setting-new-records&utm_medium=rss&utm_source=rss

Peer-to-peer Bitcoin trading volumes in Venezuela have hit all-time highs amid escalating economic and political crises.

Last week, Bitcoin broke another record in terms of trading volume in Venezuela. The latest spike confirms that Venezuelans choose Bitcoin instead of their national currency as a store of value amidst shocking hyperinflation and rising political uncertainty.

As we all know that bitcoin is really a safe haven for Venezuelans specially in the last couple of years and we can say that it did help them to survive the economic turmoil. But it's not done yet because Maduro doesn't want to step down does why bitcoin is setting new records in the country. Venezuela's crisis is one use case how bitcoin or crypto has really help people in times of financial trouble.

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[exstasie]

I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!

https://coin.dance/volume/localbitcoins/VES/BTC

[Freny250]

Good to see that bitcoin is gaining mass adoption and acceptance globally.  In due time it will go mainstream

[Anies_Sandi]

if I think it is great if they are a country or Venezuela, they want to adopt Bitcoin because they are likely to be able to help their countries whose economies are destroyed because the inflation is already severe

[davis196]

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

[Lucius]

Paper money aren't used anywhere.

Although the bolivar really is not worth almost anything, people still use it for some other purposes. They make purses and bags, dresses and origami figures, and you can buy full plastic bag of bolivar for 1$ or less.

Regarding crypto trading in Venezuela, my opinion is that most of this trades originates from one small part of people who have money and want to save value of that money. Most people there can not afford to buy any coin, they are literally hungry with 5-6$ monthly salary.

[LUCKMCFLY]

In an economy that has no solution whatsoever and totally devastated, any solution through Bitcoin is the exit, it is a good move especially to try to minimize the huge and growing inflation that exists in the country, it must be handled with caution and that many people do not know how to operate well in trading.

[el kaka22]

People are just trying to get their money out somehow. When a country is this bad and the conditions are getting worse and there is a civil war going on you can just assume there are people who try to run away from that country to somewhere else. Doesn't really matter where because no matter where you go at least you will have food to eat. That is the level they are at the moment, if they can EAT they are happy hence they do get bitcoin from their country and than leave for another country to maybe have a chance to feed their baby.

There are mothers who lost their new born babies because they couldn't find food for them, if a countries conditions are that bad its not a wonder why they would prefer bitcoin over their own currency. Hopefully, it will get bigger and bigger and either the dictator falls or people leave that country for good. We talk about ISIS being a terrorist organization and kills people there and send people away to other countries but in reality Venezuela is in the same situation and the dictator should be considered a terrorist occupying a country as well.

[hugeblack]

Does this rise differ from what happened in Iran, when the price fluctuated because of the currency difference?
Also, political factors can influence as the transfer of money using Bitcoin to make remittances to other countries is much easier than the local currency.

I want to point out other aspects that push people to use the dollar instead of being a tool for speculating or store of value.
+ Price volatility makes it impossible to risk it as an investment.

[jjdub7]

I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!

https://coin.dance/volume/localbitcoins/VES/BTC

I'm also impressed. but I think we will see up to 10 times higher volumes in Venezuela in next months. Crypto is just the only real way to use some money there and the situation is not going better at this point. The hyperinflation killed the whole local economy.

[senyorito123]

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

That's great news for bitcoin and Venezuela is a good example for all countries who started to become knowledgeable with bitcoin. It's a biggest factor for btc price to increase more demands in the future, so price could spike up towards pumping volume. Cashless is one way to make the life of the people in society more convenient. There's no reason people become hesitant to that kind of improvement, yet most individuals prefer to choose comfort rather than hassles.

[tippytoes]

I was suprised to find out that the society in Venezuela is a truly cashless society(due to the hypeinflation).Most of the people there get their salary via debit cards and shop with their debit cards.
Paper money aren't used anywhere.The crypto adoption will upgrade the cashless society in Venezuela to another level.

This is a perfect example of crypto adoption and works in the whole country. It shows the benefits of how utilizing crypto will affect their everyday living. With this country as a model, some other countries might follow this kind of set-up.

[Kelvinid]

I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!

https://coin.dance/volume/localbitcoins/VES/BTC

That is really impressive. May this thing will help them out from their economic problem and so the government will realize by then just for the goodness of their community. Their escrow system is trusted one and it might be the reason that could they give their trust to invest with crypto.

[BitHodler]

These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....

I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.

In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.

[24Kt]

These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....

I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.

In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.

That's funny though. We thought we are talking with large bitcoin numbers but 20BTCs. But anyway, not bad. At least this kind of media frenzy might help a lil bit of action in the crypto community.

[elda34b]

Quite ironic that something like this is not understood correctly. Many people believe this is because people or Venezuela people will adopt crypto or something like that, while they're actually trying to desperately save their money or preserve their wealth in a broken country. As Lucius and others pointed out, there's more to this story and I hope people in Venezuela can live a better life in the near future.

Luckily they can use Localbitcoins, if not they might go to buy gold or something similar which can be stolen if there's someone who knows about it.

[nicolas1979]

https://beincrypto.com/bitcoin-trading-in-venezuela-keeps-setting-new-records/?utm_campaign=bitcoin-trading-in-venezuela-keeps-setting-new-records&utm_medium=rss&utm_source=rss

Peer-to-peer Bitcoin trading volumes in Venezuela have hit all-time highs amid escalating economic and political crises.

Last week, Bitcoin broke another record in terms of trading volume in Venezuela. The latest spike confirms that Venezuelans choose Bitcoin instead of their national currency as a store of value amidst shocking hyperinflation and rising political uncertainty.

As we all know that bitcoin is really a safe haven for Venezuelans specially in the last couple of years and we can say that it did help them to survive the economic turmoil. But it's not done yet because Maduro doesn't want to step down does why bitcoin is setting new records in the country. Venezuela's crisis is one use case how bitcoin or crypto has really help people in times of financial trouble.

Good to know that but of course depend government policy about bitcoin, not regulation and safety law, bitcoin will become garbage or money laundry. Venezuela is beautiful country with their problems, using bitcoin as alternative income to support their daily activity is the right decisions. I hope the government can see bitcoin as solution to help their people, if they do that it will help people and us as bounty hunter.

[mirakal]

They will become an example of a country that has help by bitcoin.
With the hyper inflation they are currently experiencing, they have found the answer which is bitcoin.

I believe countries with similar problem would also do the same and that's why it's important to protect bitcoin to maintain
its position to be a decentralized currency and out of control by the government, this is just one good example
but with further adoption in the future, we will become a bigger world that will be noticed by people.

[cryptocointrade.com]

Gazeta Oficial, the main media source in Venezuela, announced on February 7, 2019, that certain limitation will be implemented for the cryptocurrency remittance in the country.

According to the official documented presented, from now on the National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, will control the flow of all incoming and outcoming crypto transactions and tax those accordingly. That will influence not only individual traders but the commercial ones as well.

The maximum taxed fee per transaction might reach 15%, and the minimum fee was announced to be 0.25 euros (or $0.28 accordingly). Moreover, you can transfer a maximum of 10 Petro per month, or $600. In case if the value of the transaction exceeds that amount, the above-mentioned SUNACRIP organization shall check its validity. However, still, the transaction cannot exceed a total sum of 50 Petro, or $3,000.

However, it is still unclear how the government plans to control decentralized cryptocurrencies like Bitcoin (BTC). From Could it be even worse? Venezuela introducing limitations for the crypto community

[Jating]

I checked the Localbitcoins data expecting to see them hyping 10 BTC worth of volume or something. But I'm actually pretty impressed. There's been almost 2,500 BTC in volume this week (and that's just volume through the LBC escrow system). Year over year volume is up around 680%. That's nothing to sneeze at!

https://coin.dance/volume/localbitcoins/VES/BTC

I'm also impressed. but I think we will see up to 10 times higher volumes in Venezuela in next months. Crypto is just the only real way to use some money there and the situation is not going better at this point. The hyperinflation killed the whole local economy.

Right, Crypto is the only way out and I don't think they have a choice but with crypto around, it's there number one option for now to fight hyperinflation which slowly sinking the country. Juan Guaido, the interim President is pro-crypto so this is a good sign for Venezuelans.

However, if Maduro doesn't want to step down and will fight till the last drop, it may sink Venezuelan's even more and I don't think that crypto will save them. But good thing is that crypto is still alive and Maduro's government can't do anything about it.