[2019-04-17] Brazil Trades a Record 100,000 Bitcoin in 24 Hours

[Jgilpulg]

The battle between Brazil and Argentina for the supremacy of the Bitcoin market in Latin America reached a new dimension.

https://bitcoinist.com/brazil-bitcoin-record-trading-volume-100k/

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[Vishnu.Reang]

I am not 100% confident about these figures, as foreigners can also use the Brazilian exchanges. But I won't be much surprised if there is renewed interest in Brazil. The economy is getting weaker by the day and the new president (Jair Bolsonaro) is a mentally deranged person.

[1Referee]

I noticed that in the more recent weeks a few Brazilian exchanges started generating insane volumes out of nothing, which is very suspicious.

I am quite certain that the far majority of these volumes are wash trading to attract attention and rank up their exchange. Faking volumes is a cheap and easy method to market yourself as exchange, and it started to really take off in the last 12 or so months.

Most of the actual demand is still coming from western countries, and even if there is a slight uptick in demand in countries such as Brazil, it's not nearly enough to positively affect the price.

[Slow death]

I'm not Brazilian but my main language is portuguese and for years I've been following the news from Brazil and I've been talking to some Brazilians, bitcoin has a lot of demand in Brazil and from what I've seen since 2016 I see the number increasing, I did not see it in the research, I took this conclusion because of the number of people who comment on bitcoin in the social networks, in the forum and in youtube channels

The economy is getting weaker by the day and the new president (Jair Bolsonaro) is a mentally deranged person.

the president jair bolsonaro was the best option that the Brazilians chose, it will reduce the corruption that has become very big in Brazil.

[Vishnu.Reang]

The economy is getting weaker by the day and the new president (Jair Bolsonaro) is a mentally deranged person.

the president jair bolsonaro was the best option that the Brazilians chose, it will reduce the corruption that has become very big in Brazil.

And what has he done against corruption? The most corrupt Brazilian president in history happens to be Michel Temer (who also is the mentor of Bolsonaro). Is Bolsonaro brave enough to jail his mentor? All he can do is to destroy the Amazon rain-forest and kill the tribal people who live in the forest.

[BitHodler]

Most of the actual demand is still coming from western countries, and even if there is a slight uptick in demand in countries such as Brazil, it's not nearly enough to positively affect the price.

Correct. The hype about the so called 'new crypto hotspots' is greatly exaggerated, which again is done by news outlets to sell you an interesting story and to make this space look more in demand than it really is.

The legit demand in most shaky countries has grown continuously throughout 2018, yet the price took a massive hit. If the overall demand was really taking off, we would have noticed that by now already, but we're not.

https://bitnodes.earn.com/nodes/?q=Brazil

Brazil is number 30 on the list with a total of 39 nodes. Yet another sign that the demand for Bitcoin there isn't what news outlets want you to believe. It's not a perfect indicator, but it has some weight to it in this case.

[Kemarit]

I also see this one in reddit yesterday:

Argentina, Colombia, and Kazakhstan just reached the All-time highs for their weekly Bitcoin volume on LocalBitcoins

source: (https://www.reddit.com/r/Bitcoin/comments/be5935/argentina_colombia_and_kazakhstan_just_reached/)

Interesting to another South American country slowly getting into the picture and have huge volumes in recent months. But then again, we can't be certain of this numbers though, but is the adoption of Bitcoin around that country is that significant? I'm not from those countries so I'm very curious about it.

[mindrust]

If the trades are happening on lbc like the previous poster stated then it is probably real, otherwise it can be wash trading/fake volume.

Over Bitcoinization isn't going to happen at the same time. It will happen in different times in different regions. First it'll be Brazil and Argentina, then Venezuela, Turkey, South Africa, Japan...

It is going to start in the poorer countries at first then it'll spread to the more developed countries like Germany and England. Not saying there isn't any adoption going on in these countries but when that "bitcoinization" starts to happen, it'll look a lot different than what it does now.

[stompix]

The battle between Brazil and Argentina for the supremacy of the Bitcoin market in Latin America reached a new dimension.

It's not Brazil or Argentina, it's not a competition between countries, there is no competition and it is people from those countries that buy and sell coins. A Brazilian buying coin doesn't mean Brazil as a country is buying, BMW accepting coins doesn't mean Germany is dealing with Bitcoin.

If the trades are happening on lbc like the previous poster stated then it is probably real, otherwise it can be wash trading/fake volume.

Probably, this is the leading exchange:
https://coinmarketcap.com/exchanges/negocie-coins/

Those numbers are so weird.., I'll look around for some other exchange but I haven't yet seen one with a 100 000x difference between the top trading pairs in volume

This is negociecoins:


This is mercadolibre:


And another exchange, bitcointrade