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Serious question: How do you even convert Bolivars to Bitcoin anyway? Who is selling Bitcoin for Bolivars? Anyway even counterfeit dollars would probably hold

Serious question: How do you even convert Bolivars to Bitcoin anyway? Who is selling Bitcoin for Bolivars? Anyway even counterfeit dollars would probably hold their value better than the Bolivar. It's hard enough to print counterfeit money (unless you have the resources of a state) that the supply is probably significantly more constrained than the Bolivar even if a significant portion of the dollars in Venuzuela were counterfeit. Until there's someone pumping out convincing fake dollars as fast as Bolivars are printed you still might be better off holding onto possibly-fake dollars. Even if 70% of your $5k is fake, the remainder won't inflate away like Bolivars will. I'll grant that Bitcoin are probably better than fake dollars though.

bb88 8y ago
> Serious question: How do you even convert Bolivars to Bitcoin anyway? Who is selling Bitcoin for Bolivars? The problem is that the Bolivar is so toxic it's almost radioactive. An exchange wouldn't want to deal with Bolivar's at all, since the price could drop 5% in a day, say. Even if you could exchange Bolivar cash for black market bitcoins, the black market would have Bolivars to get rid of. And that would manifest itself back into the price of the transaction.
tim333 8y ago
LocalBitcoins.com From a recent article (VEF = Venezuelan Bolívar): >According to Coin Dance, 14,886 Bitcoin have been purchased with VEF on LocalBitcoins between the beginning of 2018 and Aug. 18. (there's more on the VEF BTC rate here https://dolartoday.com/indicadores/ https://dolartoday.com/indicadores/)