Bitcoin Trading In Venezuela Keeps Setting New Records

[richcorner100]

Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market  and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.

[Kemarit]

Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market  and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.

LOL, $1 million = 1 BTC. 

As far as I can remember the government devaluing its bolivar by removing three zeroes. So it only make sense of Venezuelans to find ways to fight this hyperinflation. As the OP has said, this is a just use case, in countries where the monetary system have failed it's people miserably, and their financial structures like banks are going down hard, Bitcoin is really handy and provide them some sort of store of value or even currency itself. Here is another good article to pounder upon: Can Bitcoin Save Venezuela?

[1Referee]

and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.

Not sure if that's something to look forward to. It all comes down to the circumstances. Bitcoin being worth $1 million at one point in the future is shit if the US dollar only represents $100,000 (or even way less than that) in actual purchasing power.

I remember that people celebrated that Bitcoin against USDT made new local highs last year, while in reality it was nothinig more than the market pricing in the very weak USDT spot rate. In other words, you didn't gain or lose anything. It's just a market adjustment.

It's way cooler for Bitcoin to continue gaining value with a strong US dollar.

[futile-resistance]

The one and only reason behind this Venezuelan rise in peer to peer transaction of Bitcoin is nothing but its political and financial crisis.  Due to inflation, the demand for fiat was reduced and ultimately replaced by the introduction of Bitcoin in the country.

This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.

[TravelMug]

The one and only reason behind this Venezuelan rise in peer to peer transaction of Bitcoin is nothing but its political and financial crisis.  Due to inflation, the demand for fiat was reduced and ultimately replaced by the introduction of Bitcoin in the country.

That's what you like about bitcoin, just imagine if bitcoin hasn't been invented, Venezuela will suffer worst than today for sure. But with bitcoin, I think majority survived their political and financial crisis. Bitcoin gives Venezuelan's hope and now they are still into it to help them fight this hyperinflation.

This led to the initiation of the digital transactions in the country and internationally of course and will ultimately lead to a different monetary system induced in the country.

Their national currency is worth nothing by today standards, so I hope if the Maduro step down, the new government show prioritized their monetary system or at least encourage more crypto.

[Bagaji]

This is good news from Venezuela and this is what expect to happen in all other countries of the world. And if this eventually happen, the market value of Bitcoin and other crypto currency will definitely skyrocket and long time holders will make more than enough profit from their investment.

[pixie85]

I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.

[manggis97]

In this price level of Bitcoin which already in the bottomed is good way to buy it to avoid inflation,  Bitcoin is no inflation because in the long term the price of Bitcoin  will keep going up because the supply is limited and more adoption around the world that make more demand,  and with low capitalization the price has potential to going up to more than 50 times in the long term.

[Bijikopi]

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

the right choice if Venezuela wants to use crypto to replace their destroyed currency because of inflation, if they want to save the country's economy then there must be a right step. the best step is to use alternative currencies. Currency wars are always a frightening threat, so all countries must take precautionary measures, one of which is to use a currency that cannot be managed by any country, and that currency is bitcoin.

[davinchi]

In this price level of Bitcoin which already in the bottomed is good way to buy it to avoid inflation,  Bitcoin is no inflation because in the long term the price of Bitcoin  will keep going up because the supply is limited and more adoption around the world that make more demand,  and with low capitalization the price has potential to going up to more than 50 times in the long term.

Yes, very true but it is not going to happen in an instant, it is gradual process and I think that it will take decades, we need to remain calm and wait for the good time.

In fact still majority of population of the world is ignorant about crypto currencies, it will really take a lot of time when majority of people of the world will get knowledge about crypto currencies and will replace it with fiat currencies. No doubt that at that time the demand of bitcoin will continue to increase and the price will surely reach to the sky.

[bitgolden]

What is happening currently in Venezuela is just a warning to all government that they should begin encouraging their citizens to buy Bitcoin or they can start up crypto projects themselves.

I guess there will still be more intensive crypto related trends in Venezuela since they are now only starting with cryptos but the beginning itself they are seeming too massive .

[fasdorcas]

This is good news from Venezuela and this is what expect to happen in all other countries of the world. And if this eventually happen, the market value of Bitcoin and other crypto currency will definitely skyrocket and long time holders will make more than enough profit from their investment.

Well, there are reasons behind why this is happening in Venezuela. The crisis in the country has really exploited the economy and the deficit and inflation in the system is so high that using monetary instruments to reduce it creates more inflation so the shift took place and the use of Bitcoin in the country is on the rise because of these factors. The same might not be the case in every other country.

[StarofBTC]

I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.

Bitcoin popularity is not only increasing in Africa and South America, but I can see it is even more popular in South and Central Asia. The young generation is taking keen interest in bitcoin and I think that it is a very good sign for the cryupto currencies future. I hope that in next few years crypto currencies and specially bitcoin will become more and more popular and we will even see people in backward countries to use bitcoin in their in their daily life.

[Yaunfitda]

What is happening currently in Venezuela is just a warning to all government that they should begin encouraging their citizens to buy Bitcoin or they can start up crypto projects themselves.

Well what happened in Venezuela is different though, they have been plague and under extreme pressures as a result of hyperinflation that's why majority went on a full bitcoin in order to survived in crisis. So there's no need to encourage them, as they very well know the full power of bitcoin.

I guess there will still be more intensive crypto related trends in Venezuela since they are now only starting with cryptos but the beginning itself they are seeming too massive .

As long as the Maduro is still in power, Venezuela will used bitcoin because their Bolivars have no value. But the good thing is that the incoming President its a supporter of crypto, so regardless, we will see a massive adoption if Maduro decided to quit.

[arpon11]

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.

It is good news and that means bitcoin can replace our country's currencies during financial crisis.  The increase in trading volume is a welcome development and if we can analyze what is happening over there we can actually invest along and take profit from they investments.  The economic and political crises in Venezuela may last for long and that means most of the Venezuelas might like to hedge the funds for bitcoin.  Cryptocurrencies is actually a safe heaven for most of the financial problems if it is well developed.

[bitbunnny]

It's a very good news that Bitcoin is increasing trading volume. That also means that the number of users increases too. I think that is strongly onnected with current political situation in Venezuela and if things were differen t Bitcoin maybe wouldn't be given such a big chance. People feel a bit unsecure not knownig how the political crisis will end and what will happen with their national currency. So they see Bitcoin as a kind of alternative that might help them if economic situation becomes even worse.

[cabron]

For someone who has big business in the country, they'd be saving their wealth to where they can easily access as well without the government's eye. The volume from Venezuela isn't due to the BTC demand but people wanting to store their money in a safer place.

The country is experiencing political crisis, are outside forces wanting to oust their president?  I have no idea but its the usual issue.

[matchi2011]

I'm happy for them and it looks like the Bitcoin hype is going to start in poor countries with worthless fiat money and oppressive governments. Bitcoin is becoming more popular in Africa and South America. These people experienced hyperinflation and know how easy it is to lose all your money. It's time the West learned from them and started thinking about financial security.

They are looking for best diversions as they are all aware about the possible threat, with this move more people will be encourage to use
the system and expect to have more transactions using bitcoin and some good lift from this ongoing progress, it will be felt around the
market making more positive rise even in a small form.

[yvesp110]

Bitcoin and others cryptocurrency given solution to avoid high inflation of fiat money, this is good news that will make more demand of crypto. With limited supply, mining difficult increase, more adoption, global market  and Bitcoin is gold 2.0 is make possible the price will increase to $1 million for 1 BTC in the long run.

It depends on your policies, if you have monetary and fiscal policies based on fiat, the induction of Bitcoin and other coins in the economy will not reduce the inflation and inflation cause will not be controllable by the government as well because the government does have instrument of the monetary and the fiscal policy to take care of inflation but in case of inflation caused in the presence of Bitcoin, there is nothing the government can do about.

[LUCKMCFLY]

I am from Venezuela and I can tell you that inflation is growing every day, some have data of 1,000,000%, I would say that we go for more than 2,000,000%, the situation that the Country in my case has led me to educate myself. Much more in the financial field, I have read many books by important authors, it is not just a matter of looking for Bitcoin, now it is to understand the Bitcoin market and how to operate it, each crisis must have its exit, and this most of us is a of the options. We are very positive and we look for solutions for ourselves and for our country that is governed by a tyrant dictator. I am sure that this nightmare will end soon, we will achieve: Cessation of the usurpation, transitional government and free elections, and when we return to be a free country, we invite all people from all countries of the world to invest in Venezuela, because There is a great potential, not only in cryptocurrency or bitcoin, in Commerce, we are all Venezuelans who are willing to work.