Jul 01, · The price of bitcoin against Venezuela’s fiat currency – the Bolivar (Bs), continues to rise even with the spot BTC price taking a hit over the past few days. People living in areas of economic turmoil continue to adopt BTC as a way of escaping rapid inflation and devaluation of. Aug 31, · Venezuelans are also using ute-strohner.de’s P2P marketplace to buy and sell bitcoin cash. Venezuela’s P2P volume in USD and bolivar during the period . Seller Payment method Price / BTC Limits; andres_87 (+; %) Transfers with specific bank: Banesco 30,,, VES.
Btc price venezuela9 Exchanges to Buy Bitcoin & Crypto in Venezuela ()
This value will be essential in the future. Demirors notes,. How do you think the currency war will favor Bitcoin? Please share your views with us.
Many citizens mine it or buy it across the border in Colombia and Brazil at Bitcoin ATMs or on exchanges headquartered in other countries but targeting Venezuelans specifically. Therefore, one of the easiest ways to buy Bitcoin in Venezuela is through cryptocurrency exchanges like SurBitcoin. You can easily select one based on your requirements and preferences using our guide.
Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one. Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency.
Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.
Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. For most of us, Mining Bitcoin just isn't profitable, or at least it is more profitable just to buy Bitcoin. However, if you live in a country where electricity is completely paid for by the government, then you can mine Bitcoin profitably at almost any price.
This is especially true if Bitcoin is an appreciating asset relative to your country's fiat money - which is very much so the case in Venezuela. In fact, despite Bitcoin's volatility, it is nothing compared to the waning purchasing power experienced by the Bolivar every single day.
For this reason, many Venezuelans are and have been mining Bitcoin if they can whethor at home or at work or anywhere else. They risk going to jail , as it is illegal to mine Bitcoins or other cryptocurrencies in Venezuela, especially if you are using state-funded electricity to do it.
For a great series of interviews with some of the people risking their freedom to mine Bitcoin in Venezuela, see the video below. If you want to know if it is profitable for you to mine Bitcoin with your rig and electricity costs, use our mining profitability calculator. Not surprisingly in a country like Venezuela, the biggest scams are not run by small groups of sales teams in offices like in other countries.
In Venezuela it is actually the government running the biggest crypto scam. That scam is called the ' Petro '. As you are probably aware of by now is that the Venezuelan Bolivar has experiences massive inflation over the years, especially in the time period that Maduro, the country's current president, has taken control.
The result has been unprecedenteed civil unrest in a country that was, not long ago, considered the wealthiest nation in all of South America. In , the regime announced that they would not only be slashing 5 zeroes off of each Bolivar billin circulation a move that had been tried before by Maduro's predecessor, Hugo Chavez , but they would also be offering a new 'cryptocurrency' called the Petro, backed by the countries oil reserves.
The international community and the people of Venezuela themselves balked at the idea that such a cryptocurrency would ever work or that the maduro regime would ever make good on a crypto "backed by oil".
No one actually believed that if one bought these Petros, he could exchange them in return for delivery of crude. And that is really what this scam and all the other Maduro regime ploys are all about. Make promises to raise money today and that the regime has no plan on keeping tomorrow.
The Petro, predictably, was a huge flop, and it did nothing to relieve the desperate situation that Venezuelans find themselves in today. As Wired writer Katia Moskvitch put it:. Calulating the Bitcoin price in Bolivars is difficult since there is the govenrment mandated exchage rate to US dollars and the real exchange rate that the market actually demands.
If you look at the image below, you will see the 'official' exchange rate, but no one will acutally accept it if you want to buy bitcoin. The real number is in the millions of Bolivars. The best way to find the real exchange rate is to use something like Localbitcoins. Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has EUR trading pairs for many popular coins.
Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer P2P exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.
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