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Topic: Bitcoin trading volume hits record high in hyperinflationist Venezuela (Read 255 times)

Aqoom (OP)

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Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 06:47:18 AM

Last week Venezuelans traded bitcoins worth nearly 300 million Bolivars (Bs) and the record could be broken again as thus far this week bitcoin worth more than 292 million Bs has already been traded. This is in continuation of a trend on the BTC/VES pair that began earlier in 2018.
Apart from an increase in demand for bitcoins as a hedge against the high inflationary conditions in Venezuela, part of the reason for the record trading volumes in the BTC/VES pair has to do with the devaluation of the currency in August.

With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?

BrewMaster

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 07:43:40 AM

where are you getting the volumes from? is there any Venezuelan bitcoin exchange that has the volumes or is it purely based on localbitcoins volume?

Quote from: Aqoom on October 03, 2018, 06:47:18 AM

With the rapid decline in the Bolivar's worth, where are Venezuelans obtaining the funds to buy Bitcoin and will the influx of Bitcoin cause even the Petro cryptocurrency to be worthless?

a fiat currency losing its value has nothing to do with how people obtain funds! everyone has some money and during times like this when the currency you are using is losing value you sometimes decide to invest it in something to "store your value" which is where the volume comes from.

There is a FOMO brewing...

wasaisi

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 07:51:21 AM

Quote from: Aqoom on October 03, 2018, 06:47:18 AM

As we know that the currency of the Venezuelan country is falling in price. Many people choose to move places and transact using Bitcoin or other crypto currencies. Therefore, Bitcoin transactions in Venezuela are very high.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 08:02:08 AM

Quote from: Aqoom on October 03, 2018, 06:47:18 AM

Cryptocurrency Petra will be interesting for Venezuelans only when the economy of the token will work and citizens will see in it a favor. Of course, if the token is useless, then preference will be given in the direction of Bitcoin.

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Mpamaegbu

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 10:20:08 AM

Petro hasn't really been helpful in mitigating the deteriorating Venezuelan economy. I believe this inability is what is keeping other countries from adopting their own national cryptocurrency. At least it has to work somewhere first before anyone would think of following suite. I guess that's why more of Venezuelans are queuing behind bitcoin since it looks more certain to help people out of poverty than any other. So, they think.

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Red-Apple

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 10:26:23 AM

the only thing that Petro and the Venezuela's cryptocurrency program did was to introduce people to bitcoin more and more. and as they found out about this decentralized currency with a bright future they figure the potential in it and obviously many of them started investing in bitcoin.
it is usually like this in countries such as Venezuela. people are more interested in bitcoin than others in other countries.

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stompix

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 03, 2018, 04:55:48 PM

Quote from: Mpamaegbu on October 03, 2018, 10:20:08 AM

Petro hasn't really been helpful in mitigating the deteriorating Venezuelan economy.

There is no Petro, the tokens haven't moved since their creation in April.

Quote from: BrewMaster on October 03, 2018, 07:43:40 AM

where are you getting the volumes from? is there any Venezuelan bitcoin exchange that has the volumes or is it purely based on localbitcoins volume?

Probably from this article:
https://www.cryptonetix.com/bitcoin-trading-volumes-in-hyperinflation-struck-venezuela-hits-record-highs/

Which is quite a bad source!
Coin dance is showing me a volume of 641 million for the last week.

I'm unable to resize the image in the article but to me, it seems like the date is August (08) and the numbers to indeed match what was two months ago.
Volume in Bolivars has doubled while in bitcoin it rose only by 25% Grin

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Cajor

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 09:12:55 AM

Well, inflation is a normal process or characteristic for any currency. But even if this happens, its just a part of the cycle, it'll recover and come forth again.

talkbitcoin

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 09:25:42 AM

Quote from: Cajor on October 05, 2018, 09:12:55 AM

Well, inflation is a normal process or characteristic for any currency. But even if this happens, its just a part of the cycle, it'll recover and come forth again.

this has nothing to do with inflation!
it is about the increase in bitcoin trading volume in Venezuela. and the only thing that relates to inflation is their local currency which is experiencing a crash which is not "inflation" exactly and these kinds of currency crash will always make people invest their money in trusted assets.

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eternalgloom

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 09:52:59 AM

#10

Bitcoin and many other altcoins have really become very popular in Venezuela, even among regular people.
I was talking a a couple of people from Venezuela the other day on Steemit and they basically pay for everything with cryptocurrency.

It's really easy for them to exchange Bitcoin/Altcoins against Bolivars, so many small local exchanges are popping up, those small exchanges' volume isn't even being measured.

A guy was telling me that he was basically feeding his entire family successfully with the little money he made on Steemit for example.

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nicster551

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 09:54:52 AM

#11

Quote from: Aqoom on October 03, 2018, 06:47:18 AM

Well, that is a good news for them since they would likely be fully engage in cryptocurrencies but I just wonder where do they get all of that money for that kind of volume.

MainIbem

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 10:05:39 AM

#12

What would have happened if there wasn't a window of opportunities like bitcoin and cryptocurrency to give Venezuelans a succor of a universal alternative currency? Things are really getting bad economically, not only in Venezuela but all around the world. It is important that bitcoin and other cryptocurrencies get stable to give the needed comfort we all seek in this impending financial meltdown.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 10:24:07 AM

#13

Quote from: MainIbem on October 05, 2018, 10:05:39 AM

They would move on to another asset that could hold value over time or a complete overhaul of their economy would do the trick. Debts would be needed for the rebuild but I'm not sure whether there will be institutions or countries kind enough to lend the Venezuelan government some money to fix their shit. Right now, bitcoin is what the local folks see as something that can save them for the short-term. but once bitcoin per se goes into some massive price cuts, the Venezuelans would have to make-do again.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 10:31:41 AM

#14

Wow !! It is very cool!! If Venezuela is trading in this way, then the whole world is just around the corner. Let's hope for a quick increase in the price of Bitcoin. Wink

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Juggy777

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 10:49:48 AM

#15

Quote from: Aqoom on October 03, 2018, 06:47:18 AM

Hey those are really good volumes especially when the country is going through hyper inflation phase, it all began with the introduction of their local coin petro which faded away quickly, but it drew thier citizens attention to bitcoins. However I'm not really sure if the number quoted here is accurate, if you could provide a legit link to a article it would be nice.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 11:09:29 AM

#16

The currency of the Venezuelan country is falling in price. If the token is useless, preference will be given in the direction of bitcoin.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 11:47:52 AM

#17

Quote from: nsson8e on October 05, 2018, 11:09:29 AM

The currency of the Venezuelan country is falling in price. If the token is useless, preference will be given in the direction of bitcoin.

I also heard somewhere else that people in Venezuela are investing in Bitcoin to stop losing money in their country. I think that i would do the same, because it is difficult to return from the crisis in Venezuele. Why not investing in Bitcoin, and at least hold your money ?

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EmmaBen

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 12:13:40 PM

#18

It is really sad and unfortunate that this country is suffering for standing up for what it believes in. Truly, the time has come for us to ditch the so called dollar. It is the cause of all these undue punishments many countries are forcefully subjected to. Enough of all these nonsense.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 12:36:41 PM

#19

High inflation is a very bad economic problem. Obviously I do not think that anyone who does not live with the inflation fully understand. The money you earn today is missing 10% tomorrow. Any money you keep in cash is losing value day by day.

In Venezuela, inflation is too high. So money that you've earned, it will be lost in a year completely in there. So bad. I hope they will find a solution.

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Re: Bitcoin trading volume hits record high in hyperinflationist Venezuela

October 05, 2018, 01:05:49 PM

#20

As with any economy there are drops in the value of currency and that being said Bitcoin is getting more traction because of it in Venezuela.

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