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It is ironic because the economy in Venezuela is fucked, but almost every crypto-service or novel online pay modality is a huge hit in Venezuela.There are many
by cambalache 6y ago
It is ironic because the economy in Venezuela is fucked, but almost every crypto-service or novel online pay modality is a huge hit in Venezuela.There are many FOREIGN apps where the customer base is +70% Venezuelan.
Some links:
https://cointelegraph.com/news/venezuela-sets-new-bitcoin-volume-record-thanks-to-10-000-000-inflation https://cointelegraph.com/news/venezuela-sets-new-bitcoin-vo...
https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research
- wpietri 6y agoTaking that first one and looking at current graphs, it looks like we're talking volumes of less than 500 BTC/week for the last year or so: https://coin.dance/volume/localbitcoins/VES/BTC https://coin.dance/volume/localbitcoins/VES/BTC If we call it a rough average of $10k per BTC, that's $5m/week, or $250m/year. That sounds like a lot, but it's still only ~0.1% of GDP. In contrast, if we look at M-Pesa in Kenya, they report for 2017 doing $62.6 billion in transaction volume, or about 80% of GDP. So it's not clear to me that Bitcoin is a major player even in Venezuela.