Bitcoin Trading Volumes in Venezuela Reach Record Highs amid Hyperinflation
As the economic crisis in Venezuela worsens leading to a growing exodus of citizens out of the country, the demand for bitcoin and other cryptocurrencies has exploded.
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When the fiat goes into hyperinflation, people will use anything as a currency. I am not surprised one bit that bitcoin is taking off there.
It is a currency they can use immediately without having to worry about the inflation rate.
i agree
historically money printing on the promise of the future production is counter to the workings of a free market and never ends well.
Are there any Bitcoin exchanges in Venezuela?
16 exchanges were certified in Venezuela this year to facilitate petro-dollar
https://coindoo.com/16-crypto-exchanges-have-been-certified-by-venezuela/
It is a natural reaction for people to try to protect their wealth using any method they can think of.
The collapse is the worst in its entire history, and a lot of people are suffering from extreme poverty, it is a complete disaster but hopefully an international solution will happen soon enough.
I noticed you write a lot about trading and your username has the word trading in it :), have you heard about exchanges with zero transactions fees like digitex?
In my humble opinion, zero transaction fees can be a disrupting feature for exchanges, and I hope eventually every exchange can fund itself with other methods different than fees.
Cheers buddy!
yes , a dire situation but will i think it will have a positive outcome as they are forced into crypto they will be years ahead of the rest of the world and will be economic leaders once the world catches up.
yes i have seen a few dexs and trading platforms with zero fees i haven't looked at digiex but generally the terms of zero fees are for selling trading data to HFT firms so they can front run trades also none are truly decentralized more like quasi-decentralized and having no fees facilitates market manipulation at zero cost
but no matter soon will be possible on Bitcoin so i dont see the point to use for the short term if they will be obsolete could risk your coinage by using if a third party can access wallets or skim keys
Well in the case of Digitex they use a tokenization model to cover their expenses, but it what you say about front-running trades is important to know, thanks!