Bitcoin [BTC]: Following mega-blackout in Venezuela, BTC volume domino drops in neighboring countries

Venezuela is in a state of distrust and emergency, considering the recent blackout which pushed the country and its people towards the brink of frustration. The massive power outage is said to have affected 15 out of 23 states and as a result, caused a decrease in the Bitcoin’s overall transaction volume.
As per the data obtained from Coin Dance, the Bitcoin volume of Venezuela peaked on February 09, 2019; a total volume of 2,487 BTC was noticed on the date. However, the BTC volume as of March 09, 2019 was 1,129 BTC, a 54.60% decrease in volume.
Source: CoinDance
The Venezuelan government, especially Maduro, has been vocal about his opinion on Bitcoin. This move is being considered as a way to suppress people from buying Bitcoins and push them towards its oil-backed cryptocurrency, Petro, by a large part of the crypto-community.
This caused widespread panic in the community, leading to the shutdown of private and public businesses, which led to a total loss of $400 million in the country. Moreover, neighboring countries like Colombia, Peru, Chile have all faced decreasing volume in BTCs, which could be a domino effect.
A decrease in volume was also observed in Peru as the volume of Bitcoin fell from 303 BTC on February 09, 2019, to 179 BTC on March 09, 2019, which was a drop of approximately 40%.
Source: CoinDance
Chile also observed a similar effect as the Bitcoin volume for the same time period decreased from 90 BTC to 62 BTC.
Source: CoinDance
The BTC volume in Colombia decreased from 760 BTC on February 09, 2019, to 668 BTC on March 09, 2019. The same can be seen in the chart below.
Source: CoinDance
The overall volume of Bitcoin reduced from 14,896 BTC to 12,537 BTC from February 09 to March 09, 2019.
Source: CoinDance
The blackout caused some people to look into solutions that don’t require communication through existing connections.
A Twitter user, @Ragnarly, commented:
“This drop in Venezuelan Localbitcoin transactions reminds of the need and value of building redundant communications infrastructure. Some existing solutions include @OPENDIME, @Blockstream satellite, and @SamouraiWallet + @gotenna.”
@Carlos_t815, a Twitter user and an author at Caracas Chronicles, tweeted:
“The volume of transactions in Localbitcoins went from more than one million dollars a day to 183k during Day 1 of the mega Blackout.”
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Source: AMB Crypto

Counter Argument: A Caracas-Based Journalist Says Bitcoin is Not Saving Venezuela

While Venezuela’s economy continues to suffer under the haphazard mismanagement by Nicolás Maduro, it has caused the country’s citizens to rely on Bitcoin as a currency, store of value, and its use to transfer funds across borders.
Bitcoin has been at the center of many discussions claiming that the entire country is turning to the leading crypto by market cap, with one recent op-ed in the New York Times offering up a story how it saved one struggling Venezuelan citizen’s family. However, a new counter-argument is suggesting that Bitcoin’s usage and dominance in the economically strapped country is extremely overstated, and is instead is being used to fuel cryptocurrency-promoting campaigns.
Argument: Bitcoin Is Saving Families During the Venezuela Economic Crisis
A recent opinion piece published by the New York Times entitled “Bitcoin Has Saved My Family,” has the crypto world buzzing. Bitcoin’s deflationary design, its existence outside the control of governments and financial institutions, and its use as a store of value and transactional currency make the first ever cryptocurrency especially valuable for nations in economic turmoil or those without meaningful banking infrastructure.
The article’s author told a tale of how due to the rapidly declining value of the bolivar – Venezuela’s fiat currency – he buys Bitcoin from LocalBitcoins and uses it to send money to family members, or cashes it out to the bolivar when its time to actually spend money on essentials such as groceries, or in the article’s example, a carton of milk.
Related Reading | Bitcoin Is A Hedge Against Bolivar-Induced Financial Suicide, Claims Venezuelan Economist
Many may wonder why someone would prefer to keep their spending money in Bitcoin when the price of the cryptocurrency has declined over 84% since it’s all-time high price of $20,000, however, bolivar’s annual inflation rate in 2018 was nearly 1.7 million percent. To avoid the value of the author’s funds from falling too much, he finds Bitcoin to be a safer method that better preserves its value.

Counter-Argument: Venezuela’s Reliance on Bitcoin Is Far Overstated
Recently, a counter-argument was made against the New York Times piece, penned by a journalist from Venezuela’s capital, Caracas. The author details how, despite conflicting reports and dominant majority trading volume on LocalBitcoins originating from Venezuela, the country is “not becoming a Bitcoin nation.”
The author himself previously published an article about “how Bitcoin is a lifeline for some Venezuelans,” he doesn’t want to “overstate the popularity of bitcoin in Venezuela.”
“And please don’t use our crisis to attract attention to your crypto campaign,” the author pleads.
The author claims that although the nation has its own native cryptocurrency in the oil-backed Petro, and many are indeed turning to Bitcoin, the country’s citizens are still generally confused by crypto, and don’t yet trust the asset class as a medium of exchange. Others outright think it’s a scam, or lack the technological infrastructure to even access cryptocurrency.
Related Reading | Strong Fundamentals: Bitcoin Daily Transactions Return to Bull Run Levels
“Venezuela’s Internet continues to deteriorate, as the government manages most of country’s telecommunications concessions. Once you get far from the big cities it is even harder to get an good Internet connection. Smartphones, which tend to be priced in dollars, are even more expensive for Venezuelans now,” the author reveals.
In conclusion, the author believes that Bitcoin being a savior for the country has been overblown by the cryptocurrency community, and that Venezuelans would rather fight harder to earn income in their native fiat currency, and find other workarounds to deal with the government’s tightening grip that don’t include cryptocurrency.
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Source: New feedNewsBTC.com

Venezuela’s Petro: Fresh trouble surfaces as report suggests ‘conclusive evidence’ of money laundering

Venezuela’s oil-pegged cryptocurrency, Petro has drawn criticism from Venezuelan citizens, with many calling the digital asset a fraud, since it was created by the Nicolas Maduro-led government. In a recent technical report published by a Latin American exchange, suspicion was raised about the unknown origins of the funds Petro is infused with.
According to the Spanish news portal Verifikado, Maduro revealed that he raised $735 million, hours after the launch of Petro. After a couple of months, he announced the sale of a massive $3.34 million during the initial coin offering.
However, in the technical audit conducted by a Latin American exchange firm for the period of February-May 2018, it was found that none of the funds announced have any records on the blockchain.
With scores of human rights violations and anti-government protests around the country, it was not possible for the Maduro-led regime to draw huge funds from investors ahead of the crypto sale. The fact that Maduro was able to do so is a cause for concern as many allege that the Maduro government is guilty of money laundering.
The report, which was originally published in Spanish, said:
“..the mention of agreements with the ghost company “Aerotrading”, which does not figure in the ecosystem of development and neither on the Internet; In addition, the Zeus company dissociates itself from the agreements made, while the Venezuelan government is still naming the companies and the Nem foundation as the direct responsible for the integration of the Token [Petro]”
Additionally, at least eight accounts with irregularities have been cited in the report, including a ‘White Paper’ document which maybe have been a deliberate attempt to stage the document as a legitimate ICO paper.
Concluding the investigative piece, the author of the report, Julio Eduardo Cruces Carvallo, stated:
“..that there is conclusive evidence, reflected in the technical report, which points to the existence of an alleged crime of fraud. In addition to having conclusive evidence of the alleged fraud, there are also signs of money laundering in the public offer of Petro.”
The Maduro regime allegedly created an exchange for the sole purpose of trading BTC and ETH for Petro. Venezuelan citizens can purchase Petro with bolivars through this exchange at the regulator – National Superintendency of Crypto Assets and Related Activities or Sunacrip’s offices.
The report further declares:
“The risk warning of an imminent economic collapse in the economy, if continued developing advances in the taxation of Petro, in economic sectors and savings staff of the citizens of the country, by means of a completely centralized and manipulable.”
 
The post Venezuela’s Petro: Fresh trouble surfaces as report suggests ‘conclusive evidence’ of money laundering appeared first on AMBCrypto.
Source: AMB Crypto

Petro-Like Crypto Allegedly to be Issued in Russia, New Crypto Regulation on the Way

CoinSpeaker

Petro-Like Crypto Allegedly to be Issued in Russia, New Crypto Regulation on the Way

In March, Russian State Duma will review the regulation of cryptos. If approved, the new law will allow Russia to continue its development in the crypto sphere. 

Petro-Like Crypto Allegedly to be Issued in Russia, New Crypto Regulation on the Way

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Source: CoinSpeaker

Petro and Venezuela: Sunacrip starts regulating and taxing cryptocurrency remittances

Venezuela and its tryst with the field of cryptocurrencies has been ongoing for a long time now and with the advent of Petro and the passing of stringent laws surrounding it, it looks like updates about crypto will continue to occur.
The latest development from Venezuela is that the country has started regulating and taxing cryptocurrency remittances. The regulator, the National Superintendency of Crypto Assets and Related Activities or Sunacrip has set a monthly limit for remittances and will be collecting commissions of up to 15 percent of the transaction amount. One of the official decrees stated:
“The sender of the remittances referred to in this ruling is obliged to pay a financial commission in favor of Sunacrip up to a maximum amount of 15% calculated on the total of the remittance.”
Reports from within Venezuela have also said that the Sunacrip’s minimum commission rates are “equivalent to 0.25 euros per transaction”. The regulation also claims that Sunacrip now has the vested power to control key factors of the remittances. This includes establishing the remittance limits, specifying tariffs, setting values of cryptocurrencies in sovereign bolivars and requesting data from the issuers and receivers involved in the transactions.
Sunacrip was also in the news recently on February 4, when a decree establishing a legal framework for cryptocurrencies in Venezuela came into force. The release was called the “Constituent Decree on the Integral System of Crypto Assets”, which included 63 articles split into different sections. The Superintendent of Sunacrip even tweeted:
“Today the constituent decree that will govern the operation of the Integral System of Crypto Assets of Venezuela was published in Official Gazette Number 41.575.”
The remittance market being controlled by Sunacrip has not gone down well with the general public of the opinion that it is “the most absurd thing that anyone has ever seen”. Others voiced their disdain by stating that the new framework, as well as the centralized control of Sunacrip, actually hinders the mainstream adoption of cryptocurrencies.
The post Petro and Venezuela: Sunacrip starts regulating and taxing cryptocurrency remittances appeared first on AMBCrypto.
Source: AMB Crypto

After All, Mysterious Venezuela’s Oil-Backed Petro Seems to be Real

CoinSpeaker

After All, Mysterious Venezuela’s Oil-Backed Petro Seems to be Real

Though there were a lot of doubts about the existence of the Petro, now it is obvious that this oil-backed crypto really exists.

After All, Mysterious Venezuela’s Oil-Backed Petro Seems to be Real

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Source: CoinSpeaker

Bitcoin [BTC]’s trade projected to rise as Venezuela embraces pro-Bitcoin Interim President Juan Guaido

In the face of a continuing economic crisis, many in Venezuela have, for some time, looked for alternative assets, far apart from fiat currency. Bitcoin has for some time been such a refuge and it would seem that with new Interim President Juan Guaido taking charge of the affairs of the country, use of the cryptocurrency is only going to rise further.
Bitcoin has always been treated by Venezuelans as something like a safe haven asset, a digital asset that is untouched by government interference, devaluation or the risk of hyperinflation. And although cryptocurrencies themselves aren’t immune to hyperinflation, many Venezuelans believe they have more to offer when compared to the state of their national currency, Bolivar. The rise of Juan Guaido could be a boon in this regard as the new Interim President has for long been a proponent of Bitcoin and cryptocurrencies. In fact, he even tweeted out in support of a Bitcoin exchange that had opened in the country way back in 2014.
Source: Twitter
It’s not just Guaido who is a fan of Bitcoin and cryptocurrencies, however. In fact, President Nicolas Maduro has introduced Petro, a cryptocurrency native to the country back in February 2018 and one which would be backed by the country’s mineral and oil reserves. However, it was panned by everyone, from economists to his own people, with the then-rival Juan Guaido even saying that “Petro is just another way for Maduro to scam his own people.”  More recently, Petro was even hiked up to the value of 36,000 sovereign bolivars.
Such conditions, made worse by United States sanctions on the Latin American country have encouraged the growing use of cryptocurrencies across the country. In fact, the first Bitcoin ATM will be installed by the ATM manufacturer, Cryptobuyer in the first week of February in Caracas and is expected to serve thousands of Venezuelan citizens.
Source: coin.dance
Although signs for the cryptocurrency market in Venezuela are positive, a lot of it still depends on the political climate of the country. Cryptocurrency trading has been legal for quite a while now, however, Bitcoin and it’s like will receive a good boost if Guaido remains in power. The chances of that happening if Mathuro comes to power are the same as well however, there is also the possibility that he may disallow trading of any cryptocurrency except Petro, in an attempt to shore up the government’s cryptocurrency. Either way, the fortunes of the cryptocurrency market and its leaders remain entwined for the near future.
The post Bitcoin [BTC]’s trade projected to rise as Venezuela embraces pro-Bitcoin Interim President Juan Guaido appeared first on AMBCrypto.
Source: AMB Crypto

What Venezuela’s Power Struggle Could Mean for the Petro and Cryptocurrency

Following news of President Nicolas Maduro’s apparent ouster from power after three turbulent years in charge of Venezuela, there are indications that the ascension of his U.S.-backed opposition challenger Juan Guaidó could spell the end for one of the world’s most curious cryptocurrency experiments.
The Petro has been the source of significant controversy, with Maduro once proclaiming it to be the future of Venezuela, and critics pointing out that it never appeared to actually become operational at any time. While President Maduro has consistently maintained that the economic future of the country was inextricably linked to the government-backed crypto project, some believed that the much-publicized Petro ICO was little more than a means of raising hard currency by a cash-starved regime in charge of a country with the world’s highest rate of hyperinflation.
Yesterday, US President Donald Trump took the unprecedented step of announcing official American recognition for Guaidó – a stance that was quickly adopted by major regional powers including Brazil Colombia and Canada. With the announcement of U.S. support for Guaidó come a few interesting scenarios for the Petro and cryptocurrency usage in Venezuela as a whole.
U.S. – Backed Government Would Spell the End for the Petro
If Guaidó is successful in his bid to conclusively unseat Maduro, the Petro is almost certainly doomed to obsolescence because from the onset, it has been opposed by American authorities. During the ICO, the US government announced that it was illegal for American citizens to invest in it, and in fact, there has never been any evidence that the Petro was listed by any reputable exchange.
The entire reason for the idea behind the Petro was that US sanctions had not only weakened Venezuela’s economy significantly, but they also left the country desperately short of much-needed hard currency, which in part was responsible for the world-leading hyperinflation figures. The Petro was supposed to provide a new source of foreign investment for Venezuela that would bypass the global financial system which falls under the jurisdiction of American authorities due to the dollar’s de-factor status as global trade and reserve currency.
A withdrawal of sanctions and normalization of economic ties would render the Petro superfluous, and American authorities would also be eager to get rid of a project which made a brief if an unsuccessful attempt at challenging America’s global financial hegemony.
Possible Impact on Crypto Adoption in Venezuela
While the Petro’s prognosis does not look good in the event that Maduro is unseated, the same cannot necessarily be said for cryptocurrency adoption in general. Venezuelans are already among the world’s most prolific peer-to-peer cryptocurrency traders, and even normalization of economic ties with the U.S. would not be enough to convince them to drop crypto for fiat.
For one thing, there is unlikely to be an influx of investment on anything close to the scale needed for a full-scale economic revamp. In the absence of such investment, Venezuela’s oil-dependent economy will remain largely unchanged for the majority of the people, which means that the methods of transaction and value transfer that they have picked up over the past couple of years will remain in place for quite some time to come.
Coingape reported recently that Dash has made significant inroads into Venezuela’s consumer markets, tying up deals with retailers and Kripto Mobile, a South American mobile phone manufacturer that sells phones pre-equipped with the Dash ecosystem. Such innovation is unlikely to stop unless Venezuela is literally deluged in a flood of American fiat money – which does not look to be on the cards.
Regardless of whether the Petro survives or dies, it no doubts will remain an interesting reference point in the evolution of cryptocurrencies, and it may, in fact, have already spawned successors in sanction-hit countries like Iran.
Coingape will bring more updates on the Venezuelan situation as it develops.
The post What Venezuela’s Power Struggle Could Mean for the Petro and Cryptocurrency appeared first on Coingape.
Source: CoinGape

Petro [PTR]: Venezuela files complaint against US sanctions at the WTO; calls it ‘discriminatory’

Venezuela has been fighting consistently against US sanctions before the World Trade Organization [WTO], which included the one imposed against its controversial cryptocurrency, Petro, amongst many others.
The Venezuelan government filed a complaint to the WTO last month, which was recently published, and it states various actions taken by the US recently. It claims that the US is interfering on Venezuela’s rights under the General Agreement on Tariffs and Trade [GATT], which was signed in 1994, and the General Agreement on Trade in Services [GATS]. The complaint states:
“The United States has imposed certain coercive trade-restrictive measures on the Bolivarian Republic of Venezuela in the context of attempts to isolate Venezuela economically.”
Venezuela had announced the development of a cryptocurrency, Petro, in 2017 and the launch of the same took place in 2018. The cryptocurrency has since been in use in various industries on orders by their President, Nicolas Maduro.
However, this did not go down well and has seen pushback from the US lawmakers, who have criticized the cryptocurrency. The cryptocurrency faced more resistance from the President of US, Donald Trump, who signed off on an executive order targeting Petro in March 2018.
Venezuela’s government claimed that these sanctions by the US are discriminatory coercive trade-restrictive measures. The complaint also claims that the Venezuelan financial services and financial suppliers receive “less favorable” treatment in comparison to other WTO nations.
The Venezuelan government notes that these measures are violating the Article II:1 of the GATS, that stated that no member nation will treat another member less favorably than any other nation, reported Cryptoscanner. The complaint submitted also states that:
“Furthermore, inasmuch as digital currencies originating in the United States are not subject to the same prohibitions as Venezuelan digital currencies, the United States is according less favorable treatment to Venezuelan financial services and service suppliers than to like domestic financial services and service suppliers, in violation of Article XVII:1 of the GATS.”
Article XVII:1 states that the nations part of WTO will not treat financial services and service suppliers of other nations less favorably than they treat such providers in their own country. As per Reuters, the US has 60 days to respond to the complaint filed by Venezuela. If the US fails to respond to this, Venezuela can ask the World Trade Organization to decide upon the complaint.
The post Petro [PTR]: Venezuela files complaint against US sanctions at the WTO; calls it ‘discriminatory’ appeared first on AMBCrypto.
Source: AMB Crypto

MIT Technology Review: Blockchain to Become Mundane in 2019

CoinSpeaker

MIT Technology Review: Blockchain to Become Mundane in 2019

MIT Technology Review published an article, providing an overview of the recent history of blockchain and explaining why it will start to become mundane in 2019. 

MIT Technology Review: Blockchain to Become Mundane in 2019

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Source: CoinSpeaker

Venezuela Sidesteps USD to Use Petro Token for Oil Sales Starting from 2019

CoinSpeaker

Venezuela Sidesteps USD to Use Petro Token for Oil Sales Starting from 2019

In 2019, Venezuela will start selling oil in exchange for Petros and bypass US-imposed sanctions.

Venezuela Sidesteps USD to Use Petro Token for Oil Sales Starting from 2019

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Source: CoinSpeaker

What Is Bitcoin? Crypto Featured as Category on Jeopardy

During last night’s airing of the popular TV game show Jeopardy, cryptocurrency was featured among the categories contestants could choose from.
I’ll Take Cryptocurrency for $1,000, Alex
On Thursday night’s episode of the iconic TV game show hosted by Alex Trebek, Jeopardy, cryptocurrency was one of the six categories contestants could select from.
In Jeopardy, chosen categories reveal an answer to a query and the contestants must phrase their response in the form of a question.
The first answer in the category was “an altcoin is any unit of cryptocurrency other than this one,” with the correct response being “What is Bitcoin?”
Next up, was the Daily Double, which had an answer “in 2018, this South American country launched the Petro currency backed by oil reserves,” referencing Venezuela’s native cryptocurrency token.
The third answer touched on a “3-letter chat app” that had a similar sounding name as its cryptocurrency token – a nod to Kik and the Kin token that will power the app’s cryptocurrency ecosystem.
Up fourth was an answer describing how blockchain worked. And last but not least, the answer “a lawsuit from this rapper killed off the Coinye currency,” pointed to the court case years prior between hip hop icon Kanye West and the Coinye cryptocurrency. West had no affiliation with the project but his likeness was used regardless without his permission, and a legal battle ensued that led to the founders of the project abandoning it.
While cryptocurrency being featured on a popular TV show like Jeopardy really has little to no impact on prices, adoption, or other key factors, one cannot discount the value of cryptocurrencies being exposed in an educational manner to the mainstream public on one of the most watched television shows in history. Jeopardy has over nine million viewers per week tune in, and is a household name easily recognizable by its iconic jingle.
Even better for crypto, the way cryptocurrencies were presented in a positive, educational manner and not the demonizing tone mainstream media usually portrays cryptocurrencies like Bitcoin.
More Ways to Play with Crypto
Playing Jeopardy alongside the live contestants and responding correctly in a crypto-focused Jeopardy category would be fun for just about any cryptocurrency enthusiast. But the fun doesn’t need to stop there.
Earlier this year, Bitcoin was officially added as a recognized word in the popular Hasbro board game Scrabble. Merriam-Webster, who maintains the official Scrabble dictionary made the addition in September alongside 300 other words including “emoji” and “twerk.” Placing tiles on the Scrabble board spelling out Bitcoin earns the player 11 points.
Scrabble points aside, investors betting on the cryptocurrency could potentially earn a lot of money, however, Bitcoin and other cryptocurrencies have been stuck in a grueling downtrend over the last 11-months.
Featured image from Shutterstock.
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Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token

CoinSpeaker

Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token

A new initiative of Venezuela aimed at boosting Petro adoption presupposes making it the main digital currency backed by oil.

Maduro Further Takes All the Imaginable Steps to Push the Adoption of His Petro Token

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Source: CoinSpeaker

Venezuela Drops US Dollar for International Transactions while Posting Record Bitcoin Trading Volume

Venezuela is abandoning the US dollar for international payments while the floating exchange rate system of the country will be operating in euro, yuan, and other convertible currency. Meanwhile, P2P Bitcoin trading volume is making records by registering the highest volume.
No more US Dollar for Venezuela
Venezuela is dropping the US dollar for all the future transactions on the Venezuelan exchange market.
The US recently introduced sanctions against Caracas, Venezuela’s capital,
“block the possibility of continuing to trade using the US dollar on the Venezuelan exchange market,” that according to Tareck El Aissami, the country’s Vice President for Economy are “illegal and against international law.”
It has been posted on Twitter stating (rough translation),
“All transactions in the national market, including auctions of @ dicomve, will be referenced with euro, yuan or any other convertible currency.”

#ANUNCIO || Vicepresidente Sectorial de Economía @TareckPSUV: Todas las transacciones del mercado nacional, incluyendo las subastas de @dicomve, van a estar referenciadas con euro, yuanes o cualquier otra moneda convertible. #RegionesEstratégicasProductivas pic.twitter.com/jVYeoM4Aj3
— Vicepresidencia Vzla (@ViceVenezuela) October 16, 2018

The vice president further shares the “financial blackdae” by the US affects the country’s public as well as private sector including agriculture and pharmacy. He also said the floating exchange rate system, Dicom of Venezuela,
“will be operating in euro, yuan or any other convertible currency and will allow the foreign exchange market to use any other convertible currency.”
The sanctions imposed by the US has put a pressure on the country contributing to its social and economic crisis resulting in a shortage of basic necessities, hyperinflation, and devaluation of a national currency. This led to over 2.3 million people to leave the country this summer, according to the UN.
Meanwhile, P2P Bitcoin trading volume reaches heights
It is no surprise that Venezuelans are moving towards Bitcoin and cryptocurrencies as the country goes through a severe economic condition. According to the Coindance, the P2P bitcoin trading volume is making records at over 903 million bolivars in October.
Source: Coin.dance
With country’s hyperinflation reaching record heights and its own currency devaluing, cryptocurrencies are becoming a popular alternative method. Recently, Coincola, a crypto exchange partnered up with Dash, a cryptocurrency actively in use in the country, to target the Venezuela market.
Cryptos are gaining traction amidst the government’s attempts to float the petro cryptocurrency which doesn’t have much presence in the country. Recently, the government mandated the use of petro for passport payments.
The post Venezuela Drops US Dollar for International Transactions while Posting Record Bitcoin Trading Volume appeared first on Coingape.
Source: CoinGape

United Capital CEO: Blockchain Will Eventually Impact Every Financial Transaction

Although blockchain is still clearly in its early stages of adoption, it is becoming increasingly clear that the technology underpinning Bitcoin and cryptocurrency will ultimately affect the daily lives of all individuals.
This sentiment is shared by Joe Duran, the founder and CEO of United Capital, who expressed his confidence in the blossoming technology while speaking to CNBC, explaining that non-tech savvy investors can look at blockchain as being a high-tech immutable library book log, that keeps track of everyone who borrowed a book, and information regarding how long the book was borrowed.
Duran also expressed confidence in how far reaching the impact of blockchain would be, saying:
“Blockchain itself is going to be part of every transaction that occurs in the world. It’s going to take a decade before it’s there.”
Blockchain is already seeing increased utilization across a broad spectrum of markets, and the charge is undeniably being led by U.S. tech giant, IBM.
As previously reported, IBM recently released its blockchain-based Food Trust product, which allows retailers, wholesalers, and suppliers, to track the origins and logistics of perishable food items in order to better verify the freshness of these items.
Notable companies signed on the use this blockchain product are Nestle, Kroger, Unilever, and Tyson foods.
Will Adoption of Blockchain Affect That of Cryptocurrency?
In addition to being optimistic about blockchain technology, Duran also expressed his thoughts on the future of digital currency, telling CNBC that “Digital currency is the future of money — there is no doubt about it.”
Despite believing that cryptocurrency will be widely adopted in the future, Duran explained that he believes that cryptocurrency as we know it today may not be widely adopted, with governments and central banks offering digital versions of fiat currencies, like a digital USD or a digital Yuan.
“There will be a U.S. dollar crypto; there will be a Chinese yuan crypto. It will just be exactly what we know today, but in a digital version that gives governments the ability to oversee where the money is going,” he said.
That being said, Duran believes that digital currency won’t be hoarded as an investment asset, but as a utility to pay for daily purchases and things like rent and utility bills.
The main question surrounding Duran’s thoughts on the issuance of digital fiat currencies from governments is whether or not citizens will prefer those to decentralized digital currencies, that are free from the risks that are incurred when utilizing a state-backed currency.
An example of this can be seen in Venezuela, where citizens are turning to privately developed cryptocurrencies, like Dash and Bitcoin, to conduct transactions, rather than using the country’s state-issued cryptocurrency, the Petro.
Regardless of how cryptocurrency usage develops in the future, Duran is tremendously excited about the future of blockchain technology, exclaiming that:
“It’s unimaginable just how broad the impact is going to be to our lives, but there is no doubt in my mind that 10 years from now, blockchain will be as big as the internet is in our lives.”
Featured image from Shutterstock.
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