Bank Account and Bitcoins - Venezuela Forum - Tripadvisor

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UTC Updated Nov 11, at p. UTC Exposure to the government-backed petro has made Venezuelans more comfortable with other types of cryptocurrencies. No other economy facing hyperinflation has come near the South American nation in terms of GDP-adjusted activity on peer-to-peer crypto exchanges, according to new CoinDesk Research analysis of data from LocalBitcoins and Paxful, the two largest such exchanges.

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In general, Venezuelans cite a combination of factors for the rise of crypto there including migration, capital controls, risk of government seizure, demand for hard money and exposure to the petro, the cryptocurrency backed by the government. Whatever make money remotely main cause, data indicate unique factors could be driving bitcoin adoption in Venezuela, which is far outpacing adoption in countries experiencing similar economic fallout.

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Other GDP-adjusted analyses of peer-to-peer bitcoin trading volumes, such as this one from analyst Matt Ahlborg, excluded Paxful, which has become a major platform. Peer-to-peer activity in Venezuela has continued to dominate — with a monthly level at least twice as high as the next-largest market, Nigeria.

Peer-to-peer crypto exchanges are often where people come to buy their first crypto assets, Ahlborg argued in the same analysis, and so their activities can depict how the crypto asset is adopted on the ground level more truthfully than larger exchanges that are set up for fast-paced, speculative trading.

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By and large, this is true in Venezuela. Expats use bitcoin to send remittances back home, where locals convert it to bolivars to buy food and pay bills.

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With crypto remittances from expats plungingpeer-to-peer cryptocurrency transactions within the country have proven resilient. Venezuelan businesses often use bitcoin as a medium to obtain foreign currencies like the dollar, he said.

Read more: Here in Venezuela, Doctors Struggle to Access Aid From Crypto Platform Yet, other countries that also suffer from hyperinflation have not come close to Venezuela in peer-to-peer bitcoin activity. Among the 10 economies that have experienced the highest rates of annual inflation sinceaccording to data from the International Monetary Fund, only Venezuela, Argentina and Iran have shown significant peer-to-peer bitcoin market activity, and none approach Venezuela in size or consistency.

Bitcoin adoption in nations with currency inflation, as measured by P2P volume.

Bitcoin & Cryptocurrency Trading in Venezuela

Some high-inflation countries have moved in the other direction. The government of Zimbabwe, where the two largest peer-to-peer bitcoin exchanges have shown zero activity, has made efforts to curb cryptocurrency adoption.

They suffer from extreme inflation and general economic instability.

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Peer-to-peer vs. Centralized services, for example, have lower how to buy bitcoin on lokabitcoin in Venezuela and less-developed trading capabilities due to a lack of service from Venezuelan banks. The exchange is also enjoying explosive growth in Nigeria, Ghana and Kenya. People living in Venezuela suffer from extreme inflation and general economic instability.

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