Bitcoin demand in economically volatile countries surges

[AicecreaME]

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

[enhu]

The amount of money isn't that big for a country that needs more of it though.

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

[Barbut]

The amount of money isn't that big for a country that needs more of it though.

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

Cryptocurrencies are being accepted by the people, not by the countries. And when countries start using blockchain, they will create their own chain, be sure in that!
The situation we have today is just the beginning. Some countries discuss about blockchain in general, others are adopting some coin, so some countries are open to this idea, some or not, but in one moment all countries in the world will discuss about it and we will see many changes on a global level. This is just the top of the iceberg, and believe me that nobody can predict what will happen.

[Pearls Before Swine]

The Hong Kong dollar is pegged to the US dollar - so the people of Hong Kong have no use for tether.

That's interesting, I was not aware of that.  And is the economy and/or currency of Hong Kong volatile?  If their dollar is pegged to usd I would imagine that at least their money isn't.

But I was certainly aware of Venezuela and Argentina having an extremely hard time as of late.  I remember reading something about venezuelans adopting Dash for some reason, but I have difficulty believing that any of them are really using crypto instead of a currency from a neighboring country that's more stable than the bolivar.  They might have a use for a stable coin but I don't think they're going to be running out to buy dash or even bitcoin, tho I hope they do.

I will have to take a look at how many crypto atm's there are in these countries.  That should be a general measure of how available bitcoin is and perhaps how popular as well.

[fullhdpixel]

Could be said so. A lot of countries have been trying to let their people buy BTC so that they could possibly hoard coins for the upcoming halving. A lot of people are placing their eyes on BTC right now so I expect a huge amount of analysis and descriptions of the current state of BTC now and in the next, lets say, year I guess.

No government will want their citizens to hoard their wealth in a virtual currency that can be traded world wide but they cannot stop anyone from doing so but people are investing in bitcoin because they see an opportunity to hold their funds without any government policies and manipulations and they are confident in gaining a profit after the halving.

Government too are getting wiser now, they are actually not stopping anyone form the use of cryptocurrency for trading and to make money, infact that is what they like now and we can see how they are beginning to introduce tax too into the trading system, so instead of cutting off cryptocurrency, they are seriously encouraging it right now, so that they can be able to get more money through taxing, and this is because they are able to gain access to centralized exchanges that we have.

It is still good though, because if government do not have any access to taxing people, I am sure that by now, the heat of trying to ban it would have been much more than this, but since they have access to taxing the traders which will help the economy, they will promote it more now.

[Webetcoins]

The said countries like Venezuela suffered hyperinflation during 2016 that it reached 274% in 2016, got higher during 2017 and reached 863%, 130,060% in 2018 and got worse when 2019 entered that the rate raised up to 282,973 then had the rate at 4,679% during September this year, the country's crisis was caused by their International monetary fund where they wanted to print more private money, the inflation was just so catastrophic especially its impact to busineses that made them enter cryptocurrency that bacame their safe haven and that will save them from their own currency's crisis.

The problem of inflation and hyperinflation is highly linked with the printing of local currency. Whenever the local money is printed in huge amounts, it decreases its worth and increases the rates of other stuff. This usually is done by the corrupted governments and such institutes can be wiped out by introducing blockchain in the region. Crypto coins have saved common people from such crisis.

[Tungsten-1]

all three countries experienced a severe economic crisis that made their national currencies experience a falling and worthless hyperinflation. so they looked for other alternatives for payment tools. and they found bitcoin as a solution. although the value of bitcoin is also volatile but I think it's still better than their fiat money which continues to decline. I read an article that bitcoin residents of Venezuela use bitcoin to survive.
and I think this is indeed the purpose of satoshi to make bitcoin usable when there is a monetary crisis.

This is the side of bitcoin which people usually ignore especially by those who fear bitcoin because of its volatile nature. The world needs to understand that volatility is a phenomenon not only limited to crypto currencies but also exhibited by fiats. Even if your state is not suffering from economic crisis still bitcoin and other successful crypto projects could be used to make economy stronger.

[Kyraishi]

The amount of money isn't that big for a country that needs more of it though.

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

Hmhm. I don't think you could classify this as a "crypto revolutuon", it's mostly just a bunch of rich people that already have assets to protect are looking towards the crypto side of things in case their entire finance sector collapses.

I'm going to guess and think that a lot of people in those countries have already lost a lot of their funds due to the situation of their government/war.

How the media deals with these issues is going to be important.

[JeffBrad12]

The amount of money isn't that big for a country that needs more of it though.

This is a good news and like a scenery to me seeing countries that are slowly adopting bitcoin as a real currency, though most of the countries are not still into cryptocurrency, but this is a big hope that someday in the future, all of the Governments will open their hearts and eyes to accept that bitcoin and other cryptocurrencies is not a threat, but a blessing in disguise.

Hopefully that could happen. The more countries applied blockchain on their daily systems the easier to see cryptocurrencies are also going to be adopted in different industries, right now cryptocurrencies are growing in numbers for each uses.

Bitcoin may just be use for now by the people in the above countries to store the money they have in times uncertainty like the political instability.

Hmhm. I don't think you could classify this as a "crypto revolutuon", it's mostly just a bunch of rich people that already have assets to protect are looking towards the crypto side of things in case their entire finance sector collapses.

I'm going to guess and think that a lot of people in those countries have already lost a lot of their funds due to the situation of their government/war.

How the media deals with these issues is going to be important.

yeah they are just using bitcoin temporarily once the economic problems settle down they will return to use the cash anyway. It is not like bitcoin is being adopted there they are just trying to find a way of saving all their money instead of betting on their volatile economy which could make them poor anytime.
It is like when riot happens in Hong Kong the news about people converting their wealth to bitcoin surfaces across the media.

[goaldigger]

I’m not surprised with the current adoption in Hongkong and since the tension there is increasing its really good for them to save the value of their money and put it on bitcoin. Countries that are experiencing a big down on their economies are tend more to adopt bitcoin, this will be the safe place for them and its good for the cryptomarket.

[Triffin]

The said countries like Venezuela suffered hyperinflation during 2016 that it reached 274% in 2016, got higher during 2017 and reached 863%, 130,060% in 2018 and got worse when 2019 entered that the rate raised up to 282,973 then had the rate at 4,679% during September this year, the country's crisis was caused by their International monetary fund where they wanted to print more private money, the inflation was just so catastrophic especially its impact to busineses that made them enter cryptocurrency that bacame their safe haven and that will save them from their own currency's crisis.

The problem of inflation and hyperinflation is highly linked with the printing of local currency. Whenever the local money is printed in huge amounts, it decreases its worth and increases the rates of other stuff. This usually is done by the corrupted governments and such institutes can be wiped out by introducing blockchain in the region. Crypto coins have saved common people from such crisis.

This is why people are in favor of bitcoin since they are not centralized or in simple words, government can somehow monitor it but they cannot control its generation or production. One of the major reasons why we have expensiveness of bitcoin is its limited supply and the demand is high. These sick governments who are destroying economy of the state shall also follow rules of bitcoin market.

[EdenHazard]

I’m not surprised with the current adoption in Hongkong and since the tension there is increasing its really good for them to save the value of their money and put it on bitcoin. Countries that are experiencing a big down on their economies are tend more to adopt bitcoin, this will be the safe place for them and its good for the cryptomarket.

We have seen it that those people who looking to store the value through bitcoin to avoid their money value getting worse it's ended up disappointing as the price of bitcoin falls down suddenly and instead protect you from an inflation it's sometimes makes your money value decreased.

So it's not always have a good fairytale story that whenever certain country under crazy inflation... and then bitcoin or any cryptocurrency become their safe haven. That's wrong thought.

[BitHodler]

So it's not always have a good fairytale story that whenever certain country under crazy inflation... and then bitcoin or any cryptocurrency become their safe haven. That's wrong thought.

Crypto is too risky of a bet indeed. It could work out extremely well, but then you need the luck to have invested in or right before a longer term bull market where prices go up.

If you bought crypto in 2018 thinking it would help you counter the inflation rate of your country, you would have lost far more purchasing, plus you actually lost in units too because cashing out at a loss means you get less units back.

People in these situations aren't speculators, they need stability which can be found in the USD, which generally is the preferred store of value tool even though people here see it differently.

[Google+]

This graphics game is common, because when many countries want to develop bitcoin with certainty, the graphs go up and down every year, this might be a way to open up new space for better cryptocurrency in the coming year

If you say the graph then this is the effect of the demand at the place where the compilation of requests is increasing then the price of bitcoin will also go up and vice versa then bitcoin should indeed be used for many people and many platforms should start working with the blockchain system so that it will grow bitcoin requests in a place of transition.

[Obito]

It can definitely be. Maybe the impact was just that huge enough that it has still a tail effect upto this. Are Hongkong still in enmity between China? Maybe it has to do with that. In addition there are countries in which you showed has of course a responsibility of bitcoin surge till now, in addition to that huge companies take a part of the action as well. I do think that 2019 will be all good for crypto marker, don't ya think guys?

[huige007]

So it's not always have a good fairytale story that whenever certain country under crazy inflation... and then bitcoin or any cryptocurrency become their safe haven. That's wrong thought.

Crypto is too risky of a bet indeed. It could work out extremely well, but then you need the luck to have invested in or right before a longer term bull market where prices go up.

If you bought crypto in 2018 thinking it would help you counter the inflation rate of your country, you would have lost far more purchasing, plus you actually lost in units too because cashing out at a loss means you get less units back.

People in these situations aren't speculators, they need stability which can be found in the USD, which generally is the preferred store of value tool even though people here see it differently.

Crypto currencies are not risky at all as long as the investor hold good knowledge of his coin and choose the right coin. If a person chooses bitcoin then obviously, all the risk disappears. He should try to buy the coin during dip like the present one and then sell it when the prices get high. Loss only occurs when people start panicking out and lose trust in their holdings. Otherwise, the road is a smooth one.

[liuqi]

This graphics game is common, because when many countries want to develop bitcoin with certainty, the graphs go up and down every year, this might be a way to open up new space for better cryptocurrency in the coming year

If you say the graph then this is the effect of the demand at the place where the compilation of requests is increasing then the price of bitcoin will also go up and vice versa then bitcoin should indeed be used for many people and many platforms should start working with the blockchain system so that it will grow bitcoin requests in a place of transition.

many entities and organisations trying to invest on blockchain based security tokens as well as trying to convert the Mazar blockchain secured firewalled business.
volatility and circulation of Bitcoin will decide the price in the market evaluation of every cryptocurrency. So every country should have some investors under the base of crypto to secure them.

[shoreno]

Crypto currencies are not risky at all as long as the investor hold good knowledge of his coin and choose the right coin.

Depends if what cryptos are you investing to . The risk is not the same on every cryptos . Btc has the highest risk but has the highest reward also  .  No matter how knowledgeable you are , you are not perfect to predict the price even if you pick the less riskeir coins , so the chance of loosing is still present

Loss only occurs when people start panicking out and lose trust in their holdings. Otherwise, the road is a smooth one.

It's not   .  People can still loose with or without panicking because there are other reasons that they do like selling because they need the cash or they loose the value of their asset because it fell down .

[tbterryboy]

Oh, before now I came across a post that says there have been a lot of people buying bitcoin in Argentina, and I thought that was not true, and now here's this post to verify that he was saying the truth. Well, that's good to see that a lot of people are now buying bitcoin and especially people in Venezuela; I hope that bitcoin is going to help a lot of them escape the poverty they are facing in that country.

But, I'm wondering how exactly they are going to survive through bitcoin if not through the price increase. And moreover, it is not every one of them that could afford to buy bitcoins. Just like where I live, it's not everyone that has the money. Some people are struggling to survive with the little money they have, and putting that away to bitcoin in the name of making money, they will just end up starving. Most people use the little money they get for buying food.

[BartS]

I think that a lot of these investors and people that are suddenly entering the Bitcoin scene see it as the only safe haven away from their own country and it's currency.

For example, with Venezuela it has been used as a replacement for their peso currency for years now, their own currency has been unstable since forever and I think it might become a permanent situation soon. Same with Argentina except they are fighting it and don't want Bitcoin to replace their currency. Hong Kong is having issues with China, so that explains it easily.

And this is very telling, even if governments do not want to recognize bitcoin as a currency what they fear the most is that people do because once this process begins to take place they have no way to stop it.

It also makes sense, we see that in countries where the currency and the economy is still strong there is not a need for those people to adopt bitcoin and they keep using their fiat, but once fiat begins to have problems people have no problem trying to find and use other alternatives.