A country that lives under constraints and is the most devalued of its currency. Venezuela should be fertile ground for the massive introduction of cryptocurrencies. But is that it? How is Bitcoin doing in Venezuela?
Due to the country’s activities at LocalBitcoins, the level of exercise of Bitcoin is immense. Until December, Venezuelan business was between 14.2% and 15.4% of the total volume that moves the location. Positioned as the fourth country in the “Which country trades the most with Bitcoin” classification table.
The case of Venezuela and cryptocurrencies
The Venezuelan government has lowered its foreign exchange control policy this year. This has been in effect since 2003, one of Chávez’s most important decisions. A way to protect yourself from foreign interference while controlling the population.
However, rest assured that control is still there, but not as deep as before. You can currently buy foreign currencies in banks and exchange offices, but in limited quantities. And you have to specify what you want to use it for.
On the other hand, Venezuelan credit cards are not yet accepted outside of the country’s borders. And don’t even think about withdrawing money from an ATM while you’re abroad.
Crypto statistics in the country
In a Statista survey trying to measure crypto acceptance. Internet users between the ages of 18 and 64 were asked whether they currently use or have cryptocurrencies.
And the results in the statistics gave three South American countries in the top 5: Brazil, Colombia and Argentina. Venezuela isn’t even on the list, which doesn’t seem to make much sense in terms of the transactions recorded by LocalBitcoins. Although Statista says the survey was for global consumption, it is not clear whether Venezuela was used for the study.
However, a hackernoon author conducted a survey on crypto in Venezuela to check whether there is actually a mass acceptance of cryptocurrencies in the country.
411 people were contacted via the social network Twitter. This is certainly not a representative sample of the Venezuelan population, but it could represent some of the Venezuelans who are more technical.
The survey was based on a question with 4 options to answer: “Given that Venezuela is suffering from a currency control system and the most devastating inflation in history, why doesn’t it use cryptocurrencies to protect its money?”
Option 1 “lack of information” had 43% of the results. Option 2 “too volatile” achieved 27% of the results. Option 3 “Difficult to use” gave 20% of the results. Finally, option 4 “I don’t trust the technology” had 10% of the results.
Other answers were found when the available options reached the community that uses cryptocurrencies across the nation, and their comments were that they use crypto on a daily basis.
However, the most common answers for the general public were: “We have no money to protect”, “Fear of changes or the new”, “are almost useless as payment methods”.
Now we have to consider the Dash case in Venezuela.
Some Venezuelan businesspeople learned about the marketing budget contained in the dash log and organized a movement around it. This includes lectures, training workshops, major events, etc.
According to Kryptomoney::
Although we mostly call Bitcoin, Dash is the country’s main crypto. Due to its low transaction costs and fast confirmation time, it attracts traders from the country. “
Dash information has been released. But the statistics of other cryptos in general haven’t had the same success. Which indicates that crypto remains an archaic problem in Venezuela.
Venezuela puts all cards on the table and is able to drive mass adoption of cryptocurrencies. Because the country is experiencing one of the toughest economic crises ever.
Nevertheless, Venezuela’s relationship with crypto is very vague and unknown. Much of the population is afraid of the new, and the lack of information about it does little to help promote opportunities and the crypto world in the nation.