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Author Topic: Bitcoin trading increasing in Venezuela  (Read 295 times)
Artemis3
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March 20, 2020, 08:57:45 PM
Merited by DdmrDdmr (2)
 #21

I've seen the news on cointelegraph and they've just reported this about Venezuela.

Banking Shut Down Drives Crypto Adoption Among Venezuelans

I already said and explained why this is not true. Any volumes you see in localbitcoins are made by very few whales (foreigners) making a lot of money.
Most Venezuelans could never afford a single bitcoin (even at $5k) when the average monthly wage is $5 (this is not a mistake, and not a joke, i said FIVE USD).

In fact, unlike the rich countries, we didn't have any savings to sell to begin with. We are penniless, except a very small minority, usually close to those in power.

As i also explained, we don't use banks physically. They became pointless 3~4+ years ago along with hyperinflation. Even ATMs are 99.9% of the time cashless.

Volume in trading does NOT mean adoption. Its not the first time traders make money from the weird Venezuelan (State "controlled") economy. Most likely exploiting the mistaken State policies that in the end subsidize foreign currency. Bad mouths even hint of State level money laundering.

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April 26, 2021, 05:06:45 PM
 #22

The rise in bitcoin in Venezuela may be due to the national quarantine to fight the spread of the coronavirus, and closing all banks, at the same time, and the Venezuelan dollar is facing hyper-inflation whose purchasing power has dropped to the lowest possible level.

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April 27, 2021, 12:00:16 AM
 #23

We are only at the beginning of the adoption of cryptocurrencies, said CZ in an interview with Invertia.
Article in Spanish

https://twitter.com/Invertia/status/1386649858413576192?s=19

If we want to take a look at how cryptocurrencies have great interest in Latin America and Venezuela. We can do it in Binance Spanish on Twitter.
As well as in the Binance P2P that Venezuelans trade with their local currency, which is a portal for global trading.

https://twitter.com/Binance_Spanish/

What is true is that the use of Cryptocurrencies in Venezuela is not widespread. There is still much to do but it is only the beginning, as is happening in many countries.

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April 27, 2021, 01:39:01 AM
 #24

Bitcoin transactions have grown exponentially worldwide, not only in Venezuela but also in many countries around the world, as well as its popularity has increased many times more than before.  The world's biggest businessmen are now involved with Bitcoin.  They now reserve Bitcoin for all products on their stock exchange.

With the help of payment systems like Paypal I guess it widened that the entire world already sees BTC as currency but its still not being talked about on television that is why its really not spreading faster. But in countries where there is a political and financial crisis such as Nigeria and Venezuela, its adopting faster. In Mexico, there are also stores accepting BTC, this is also going to spread gradually in the entire South of America.

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April 27, 2021, 02:01:33 AM
 #25

It is good to hear because bitcoin is becoming more popular in every country and more companies wanting fast transaction in venezuela.

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April 27, 2021, 02:18:30 PM
 #26

Due to the Coronavirus, lots of countries are lockdown. Venezuela is also on nationwide quarantine. As a result, banks are shutting down, on the other hand, Bitcoin trading activity is increasing in Venezuela.
https://decrypt.co/22750/venezuela-shuts-down-banks-coronavirus-bitcoin-trading-soars
An online system like bank transactions, bills payment, online orders, and many more have been massively growing this time. People are now more engaged in online stuff which Bitcoin is more suitable during this time. In fact, people got to know about Bitcoin/crypto trading as it always poping out in social media and this eventually give a huge help.

As the spread of coronavirus continues the more it helps Bitcoin to grow its demand. Besides, not only in trading we have seen such huge growth but also in online gambling. Then I was thinking that this Covid-19 is a blessing to the crypto market Grin


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April 27, 2021, 11:14:27 PM
 #27

Due to the Coronavirus, lots of countries are lockdown. Venezuela is also on nationwide quarantine. As a result, banks are shutting down, on the other hand, Bitcoin trading activity is increasing in Venezuela.
https://decrypt.co/22750/venezuela-shuts-down-banks-coronavirus-bitcoin-trading-soars

Don't be fooled. Bitcoin trading =/= bitcoin adoption.

The volumes seen by LBC are small in comparison to the overall size of the economy anyway. If the narrative that Venezuelans are actually using BTC to transact on a day to day basis on a massive scale was true, then the volumes would likely be significant larger - with much more reports of physical vendors actively accepting BTC.

But we know that's not the case. When your minimum wage is $1 a month, sending a BTC transaction may not even be financially feasible. It's much more likely the volume on LBC is simply generated by traders who are speculating on BTC as the bull market emerged.

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