The last weeks I have noticed that some articles have been written about the current situation of the country, the repercussion of cryptocurrencies and Blockchain technology in the economy of the nation. We have also witnessed initiatives that are born from this platform with the idea of helping some Venezuelans in the midst of a situation that is becoming increasingly difficult.
Cryptocurrencies since its launch in 2009 (Bitcoin) have had an impact on the world economy, it is a currency that bases its security on cryptography, in a system called block chain and that is backed by the trust of people or companies. holders of any of the more than one thousand cryptocurrencies existing in the market until now.
Venezuela at the forefront
According to the data, Venezuela has become the first Latin American country in operations with bitcoin, surpassed worldwide by Russia alone. The trend that has been maintained for the last few months places the South American country at the forefront in terms of bitcoin transactions. But what makes an economically depressed country, with hyperinflation, the one that carries out the most operations of this type?
Venezuela has remained in recent months as the second country in bitcoin exchange globally, through the Localbitcoin platform. The hyperinflation, the economic crisis and the political instability have pushed the Venezuelans to seek refuge in the cryptocurrencies, to preserve the value of their income.
Only this month operations were carried out for little more than 8,000 bictcoin, Venezuela together with Colombia made more than 80% of the operations with bitcoin registered in Latin America. Apparently the existing crisis in the country has become the engine that drives this high rate of operations with cryptocurrencies, people in Venezuela found in cryptocurrencies a way to protect what they now have, to do business, to market and it is even safer and more reliable alternative for those who have emigrated from sending aid to relatives who still remain in Venezuelan territory.
The case of Venezuela is paradigmatic. Between Venezuela and Colombia they traded 11,208 BTC through LocalBitcoins during the month of January 2019, concentrating more than 80% of the volume of trade in the region. Venezuela traded in the last weeks 8,319 bitcoins, 1.64% more than the previous month, when it reached the milestone of 8,182 BTC in the month.
Another important fact that speaks of the "escape valve" in which cryptocurrencies have become, is that Venezuela became the first country to visit online to the localbitcoin page, which gives us an idea of the importance it has and is taking cryptocurrencies for Venezuelans. The Venezuelan is desperately looking for alternatives to fight the crisis and apparently one of the most reliable and effective exchange with cryptocurrencies.
The report indicates that in the first 31 days of the year the page received 4,823,000 visits. Of that total, 20% came from Venezuela, that is, some 964,600, which places the country in the first place in the ranking among the nations that most concur to the website. For the study, the startup relied on IP (Internet Protocol) addresses, which serve to determine, geographically, the origin of visitors.
They are followed by Venezuela in the ranking: the United States with 8.54%, the United Kingdom with 5.94%, Russia with 3.60% and India with 3%. In relation to the type of visits the page receives, not only from Venezuela, but from all users, it is indicated that on average a person spends 14 minutes to check LocalBitcoins, which generates an average of 11.6 visited pages. The rebound rate stands at 34.42%.
Studies have shown that in countries that present problems with their economy, where the government establishes strict exchange controls, they are conducive to the increase in transactions of this type. In my opinion, this reinforces the confidence in this monetary system, its security and the decentralized nature of it.
As of the date of this publication in Venezuela, there are more than 180 establishments that accept payment with some type of existing cryptocurrency, a figure that will surely increase with time. The level of transactions translates into the confidence that this system generates in the population, since they feel they are free to operate without risks and without the intermediation of the government.
This same encouraging scenario for this monetary system has caused the government to try to implement controls in terms of tenure or remittances that are sent from abroad, measures that try to cut the "oxygen" that this aid represents for the families of migrants trying to drown in this way the hope of many in this country.
The ruling establishes commissions that range from 0.25 euros as the minimum rate per transaction, to 15% of the funds transferred in cryptoactives. In addition, it limits the sending of remittances to a monthly amount equivalent to 10 petros (PTR), a cryptoactive created by the Venezuelan Government. This cap translates into US $ 600 per month, according to the quote set for the PTR. Any amount that exceeds this limit will require the SUNACRIP endorsement, which will authorize up to a maximum of 50 PTR ($ 3,000).
With all that the data described here represents, the country seems headed for a "precipice", in the street we can not measure the impact of these transactions that translates into improvements perhaps for a small percentage of Venezuelans who have access to a computer , Internet and smart phones, since the average Venezuelan does not have access to this right now.
In this context I would like you to join this discussion so that you can give me your opinion about it, and if you have some information to contribute, you are welcome.
I believe that the access to bitcoin or any other cryptocurrency is more than all the people in the center of the country where I suppose (it is not an affirmation) the largest number of transactions of this type are concentrated. Since there is a large percentage of Venezuelans without access to this:
What can we do so that a greater number of Venezuelans can improve their economic situation in this way?
Do you have some figures that indicate the percentage of Venezuelans with access to cryptocurrencies?
In the world of crypts open people willing to develop a project that goes beyond enrichment and think about the number of hungry and sick people, is it possible based on blockchain to develop a social project, of help to the needy?
Venezuela needs everyone, both their children and their friends around the world do not you from arms crossed, if you are able to do something please do it.
I hope your comments, proposals and data regarding this topic, I will respond to each of your comments respecting your point of view in this matter.
Pagina consulted CRIPTONOTICIAS
The images with the data were taken from the CRIPTONOTICIAS page
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