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How do the people receiving your remittances cash them out to something usable? Is there a Venezuelan local bitcoins thing?
by ALittleLight 7y ago
How do the people receiving your remittances cash them out to something usable? Is there a Venezuelan local bitcoins thing?
- wp381640 7y agoYes there is, sometimes they don't even remit but rather use btc. I send $10 a month to ~5 people in Venezuela and it's one of the only ways now to help out and/or live there
- kmonsen 7y agoCan you provide more detail on how they actually use the bitcoin? Genuinely curious as in most countries the use cases are very limited, and there is a large cut when converting into/out of bitcoin that doesn't make it worth it.
- brendanw 7y agoThere was solid episode of Odd Lots on cryptocurrency usage in Venezuela. https://www.bloomberg.com/news/articles/2019-07-29/here-s-how-people-are-using-cryptocurrency-in-venezuela https://www.bloomberg.com/news/articles/2019-07-29/here-s-ho...
- rafaelm 7y agoYep, Localbitcoins is usually the way. There are also a few shops (even one very large shop) accepting some cryptos now, like BTC and Dash. I'm not sure what volume they are seeing in sales though.