At first what led to many adopting bitcoin in Venezuela was not inflation, was that in Venezuela there was a currency control implemented by the socialist government, the first use was as a currency to access dollars or euros.
with time came the economic fall and the Venezuelan exodus, the bitcoin happened to be a medium for the sending of remittances, the catastrophe destruction of the economy caused the currency (Bolivar) to collapse, at this moment bitcoin is a store of value.
In Venezuela, until recently it was a crime to buy dollars in the free market, it was a crime to publish the price of the black dollar. The government was the only one authorized to sell dollars to citizens. In the first years of socialism, the government gave citizens a limited amount of dollars annually for trips abroad, for purchases over the Internet or to send remittances. The oil and the debts that the government acquired paid everything, however, the quota was limited and the people had a good buying power, but we did not have bank accounts in dollars, what we did was to buy bitcoin in Bolivares and they were sent to some platform (Uphold, Payeer, Advcash, Skril, etc.) that gave you debit cards in dollars, with which I had more to travel and bring more dollars in cash when I returned from travel, bitcoin was a currency. Some of those who adopted early became miners and sold their btc in Bolivares in localbitcoin, then came to the collapse of the currency and use it as a store of value.
Well said, but that is every government im afraid.
To be clear never did i saw the Venezuela;s as beggars. And true the news is messed up. But there are still people who use their brain and are not that biassed.
I like the principals of a sovereign society but i know too little to be sure if that would the answer.
This Globally word is my word what I was think and see :) I know there is big inflation what moves fast and this is the basic problem why all want BTC but soon they start see they can send all also globally so they not need use local bank.
At first what led to many adopting bitcoin in Venezuela was not inflation, was that in Venezuela there was a currency control implemented by the socialist government, the first use was as a currency to access dollars or euros.
with time came the economic fall and the Venezuelan exodus, the bitcoin happened to be a medium for the sending of remittances, the catastrophe destruction of the economy caused the currency (Bolivar) to collapse, at this moment bitcoin is a store of value.
ll
In Venezuela, until recently it was a crime to buy dollars in the free market, it was a crime to publish the price of the black dollar. The government was the only one authorized to sell dollars to citizens. In the first years of socialism, the government gave citizens a limited amount of dollars annually for trips abroad, for purchases over the Internet or to send remittances. The oil and the debts that the government acquired paid everything, however, the quota was limited and the people had a good buying power, but we did not have bank accounts in dollars, what we did was to buy bitcoin in Bolivares and they were sent to some platform (Uphold, Payeer, Advcash, Skril, etc.) that gave you debit cards in dollars, with which I had more to travel and bring more dollars in cash when I returned from travel, bitcoin was a currency. Some of those who adopted early became miners and sold their btc in Bolivares in localbitcoin, then came to the collapse of the currency and use it as a store of value.
I think i understand you now, good info mucho gracias straight from the source! :D
But fuck that aint easy living there man. Wish you the best.
Good luck.
..
Well said, but that is every government im afraid.
To be clear never did i saw the Venezuela;s as beggars. And true the news is messed up. But there are still people who use their brain and are not that biassed.
I like the principals of a sovereign society but i know too little to be sure if that would the answer.
Follow you now.
Peace.
This Globally word is my word what I was think and see :) I know there is big inflation what moves fast and this is the basic problem why all want BTC but soon they start see they can send all also globally so they not need use local bank.
\
Good day there.