Can bitcoin help rebuild Venezuela? - Darb Finance

[randegibran]

Venezuela have more extreme cases with their economic where their money do not have value any more, bitcoin could help cases of Venezuela but take step by step how to recovery their money value with using blockchain and bitcoin for the future.

[matchi2011]

Bitcoin will not help with rebuilding while the current regime is in power, the currency is not the problem but the politics are.
BTC is just helping citizens with access to it to cope with the negative effects of this current regime .

I agree with your statement, it's not Bitcoin that will helps rebuilding their economy but the leaders who's currently holding the power. Economy can be raised if the government who's facilitating the country are willing to take the lead, without any authorization from the government Bitcoin will serve as an asset that citizens can hold and expect for gaining higher  value after.

[Arsenyo]

Obviously it won't help Venezuela. Venezuela need an economy, not a currency. They need to eliminate the general crisis in this country and bitcoin doesn't solve economic issues. I completely don't understand their decision of moving towards bitcoin.

[Pearls Before Swine]

Obviously it won't help Venezuela. Venezuela need an economy, not a currency.

Yes, but you have to have a currency in order to create an economy.  But bitcoin?  I don't think Venezuelan citizens are turning to any particular crypto as a substitute for their local currency.  There may be instances of that but I've never read anything to indicate that its widespread.  What I've read is that they're using other currencies like the USD instead and this makes sense. 

Even before the crisis, there were a few countries in S. America using USD for transactions.  I've heard those crap dollar coins, the gold ones with presidents or Sacagawea on them, were being used in Ecuador.  If you see a worn out dollar coin in the states you can bet its seen heavy use in another country.

Instead of asking the question posed in the title, I'd like to see some evidence of what bitcoin is actually doing in Venezuela.  In other words, is it being used at all?  Has adoption increased since the crisis?  How many merchants are accepting it now and has this increased since the economy crashed?  Data is much better than just asking if Venezuela can be rebuilt with bitcoin's help.  I don't believe it can.

[Silberman]

Bitcoin will not help with rebuilding while the current regime is in power, the currency is not the problem but the politics are.
BTC is just helping citizens with access to it to cope with the negative effects of this current regime .

I agree with your statement, it's not Bitcoin that will helps rebuilding their economy but the leaders who's currently holding the power. Economy can be raised if the government who's facilitating the country are willing to take the lead, without any authorization from the government Bitcoin will serve as an asset that citizens can hold and expect for gaining higher  value after.

The government is the problem and not the solution, the Venezuelan government is the one that has created all the problems currently haunting its citizens and instead of trying to change course they are trying to do more of the same to solve the crisis, and anyone with a minimum understanding of logic will know this does not make sense, you cannot expect to fix something doing the same thing that broke it down on the first place, so the first thing Venezuelans must do is to change those that rule over them.

[dimonstration]

Venezuela have more extreme cases with their economic where their money do not have value any more, bitcoin could help cases of Venezuela but take step by step how to recovery their money value with using blockchain and bitcoin for the future.

They can also replace bitcoin as their currency in the future but not until they make their economy fixed. Their currency seems to have no value due to the extreme inflation of their product. Their political crisis must be solved before they can implement the use of cryptocurrency as their currency.

[bouren]

We have recently heard that the central govt of Venezuela is buying cryptocurrency to solidify their position a bit and fight with the current state of hyperinflation. I think this might be the last chance of Venezuela before they become the second Zimbawe. But they just have one thing to their advantage which is that they have natural resource in form of oil. They can sell it and buy some cryptocurrency and create some fiat backed by cryptocurrency. Last time I heard they were even trying to make petro cryptocurrency which too failed miserably.

[Sithara007]

Venezuela have more extreme cases with their economic where their money do not have value any more, bitcoin could help cases of Venezuela but take step by step how to recovery their money value with using blockchain and bitcoin for the future.

They can also replace bitcoin as their currency in the future but not until they make their economy fixed. Their currency seems to have no value due to the extreme inflation of their product. Their political crisis must be solved before they can implement the use of cryptocurrency as their currency.

Don't indulge in daydreaming. No country in the world is going to make cryptocurrency (Bitcoin or any of the altcoins) as the national currency. The truth is that they can't afford to do so. The economies around the world are surviving on printing huge amounts of fiat cash. This is not possible with Bitcoin as it operates on principles of controlled supply. If a particular country makes Bitcoin as its national currency, then it will face difficulty in balancing its budget, and to refinance its federal debt (which was accumulated during the previous years).

And the replacement of the national currency with cryptocurrency can have far reaching consequences. The banks and financial institutions will be closed down, as the citizens no longer need their services to store their money. Unless the banks find a way to integrate Bitcoin into their system, the entire banking setup will become obsolete. And what will happen to the existing loans and bank deposits? In Bitcoin, there is no concept of paying the interest, as it is a currency which is protected from inflation.

[alyssa85]

There are a lot of Venezuelans on Steemit, so I guess crypto in general is helping them earn a living.

I expect they exchange their steem for bitcoin and exchange the bitcoin for dollars or bolivars.

I think going forward alts will be more useful than bitcoin, especially if you can exchange them directly for fiat, or buy stuff with the alts.

[Xxmodded]

Instant helping is not ready for bitcoin to help Venezuela economic crisis but I think by adopting bitcoin will give good solution for Venezuela at the future, will have many advantage using bitcoin as legal payment and have higher price as investment assets, Venezuela could build back their economic crisis by using bitcoin or altcoin.

[yoseph]

Instant helping is not ready for bitcoin to help Venezuela economic crisis but I think by adopting bitcoin will give good solution for Venezuela at the future, will have many advantage using bitcoin as legal payment and have higher price as investment assets, Venezuela could build back their economic crisis by using bitcoin or altcoin.

Though it might help the people of Venezuela, i quite remember that Bitcoins and other cryptos have been banned in Venezuela by the government in favour of their own crypto which went on to fail miserably. With cheap cost of electrical consumption in Venezuela, mining wouldn't cost a lot and that would help alleviate the levels of poverty that's currently unprecednted in that country at the moment but only if the governments stops it crackdown on crypto mining.

[awik p]

Instant helping is not ready for bitcoin to help Venezuela economic crisis but I think by adopting bitcoin will give good solution for Venezuela at the future, will have many advantage using bitcoin as legal payment and have higher price as investment assets, Venezuela could build back their economic crisis by using bitcoin or altcoin.

Though it might help the people of Venezuela, i quite remember that Bitcoins and other cryptos have been banned in Venezuela by the government in favour of their own crypto which went on to fail miserably. With cheap cost of electrical consumption in Venezuela, mining wouldn't cost a lot and that would help alleviate the levels of poverty that's currently unprecednted in that country at the moment but only if the governments stops it crackdown on crypto mining.

but many miners now complain about getting a small fee, even in venezuela having experienced power cuts for 3 days. I think that revamping the economy in Venezuela must begin with a change in the government bureaucratic system, because we know that causing a crisis there, one of which is corruption by state officials

[Bitcoininvestment]

Bitcoin and other cryptos will help Venezuela through the help of giving them an opportunities to earn and get some profit. The people in Venezuela should make bitcoin illegalized to help them more efficiently and more smooth because if they not make it, it is too hard to transact and help them in earning and make money through everyday living.

[Sithara007]

Bitcoin and other cryptos will help Venezuela through the help of giving them an opportunities to earn and get some profit. The people in Venezuela should make bitcoin illegalized to help them more efficiently and more smooth because if they not make it, it is too hard to transact and help them in earning and make money through everyday living.

Bitcoin trading and Bitcoin mining is already legal in Venezuela and the government has even come up with its own cryptocurrency. But it hasn't helped the local economy though. And I am not very surprised. Cryptocurrency is not designed to help socialist nations such as Venezuela, where the economy was destroyed as a result of corruption, freebies and subsidies. And when people don't have any money to spend, how they can make profit for themselves by indulging in cryptocurrency trading? There is no magic pill to resolve the economic woes there. It will take a lot of time and some concrete actions by the regime. But they don't want to take those steps.

[qiwoman2]

I think Crypto and Blockchain technology itself can help many countries, as long as people, institutions and even governments are willing to take the best from it, adapt it for many purposes, like weeding corruption out and issuing transparency both on the Private and Public sector, as well as being more inclusive to underprivileged people in the local and macroeconomy of sorts. We need to see a more multi-layer involvement both from the ground up and from the top down to see any real impact in any society or country, including countries that are unstable like Venezuela for example.

[Silberman]

Instant helping is not ready for bitcoin to help Venezuela economic crisis but I think by adopting bitcoin will give good solution for Venezuela at the future, will have many advantage using bitcoin as legal payment and have higher price as investment assets, Venezuela could build back their economic crisis by using bitcoin or altcoin.

Though it might help the people of Venezuela, i quite remember that Bitcoins and other cryptos have been banned in Venezuela by the government in favour of their own crypto which went on to fail miserably. With cheap cost of electrical consumption in Venezuela, mining wouldn't cost a lot and that would help alleviate the levels of poverty that's currently unprecednted in that country at the moment but only if the governments stops it crackdown on crypto mining.

but many miners now complain about getting a small fee, even in venezuela having experienced power cuts for 3 days. I think that revamping the economy in Venezuela must begin with a change in the government bureaucratic system, because we know that causing a crisis there, one of which is corruption by state officials

And that is something they will never accept, the politicians currently in power are never going to recognize that they are the problem, they are going to blame everyone except themselves so they are never going to step out of their positions of power on their own, so the people of Venezuela do not really have a lot of options, I am not living in that country but if I was I would try to leave immediately since there is no way to fix this mess until the economy totally collapses.

[ecnalubma]

Bitcoin can't rebuild Venezuela, their economic status is a perfect example of how incompetent leaders handle a country.They can still save their country by ousting their leader and made him pay for the massive corruption. They need a leader with concern and an economist aware of solving their problems.