Bitcoin: a solution for the Venezuelans

Despite the economic situation and other problems that are occurring in Venezuela, financial constraints and the elimination of access to foreign exchange, Venezuelans have found a solution in Bitcoin over this year.

Citizens have found cryptocurrency as a solution to one of their problems and have decided to buy Bitcoin to protect their savings from inflation that seems never to have stabilized in this country. The growth in the demand for the digital currency has increased more than 12 percent since last year 2016. The few people that sell Bitcoin in Venezuela have been filling their pockets and taking advantage of the situation of the country to offer a support and a solution to the rest of The Venezuelans who want to protect their income.

Given that most of the means to invest, gold, hyperinflation and limiting the buying and selling of currency, Bitcoin has been one of the best options for the country's residents. In addition to protecting the savings of Venezuelans in their country, they have the option to sell them or sell them in other countries and thus obtain a little extra income to help solve the critical situation of the country a little.

Thanks to the decentralization of the digital currency, the government can not touch the operations or need to authorize such Bitcoin transactions. Users are totally free to invest their money in cryptocurrency without the need for banking or government authorities.

Compared to other Latin American countries, such as Argentina, Chile and Ecuador, it is recorded that Venezuela has exceeded these in terms of demand for Bitcoins and daily transactions of cryptocurrencies. When in Brazil there are around 500,000 Euros in Bitcoin transactions, in Venezuela this amount is tripled to over 1,500,000 Euros only in Bitcoin operations. A quite remarkable difference to the economic need of the Venezuelans.

For the residents of this country the buying and selling of cryptocurrencies is not as easy as in other countries, so far there is no recognized Bitcoin exchange and users look for different tools like Facebook or website like localbitcoin.com to buy and sell Bitcoin. In addition several entities and companies are already rejecting the bolivar as a means of payment and only accept Bitcoin.