Max’s Corner: NYC Blockchain Week and Questions in Venezuela

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Max’s Corner: NYC Blockchain Week and Questions in Venezuela
This edition of Max’s Corner takes a look at some of the themes touched upon during Blockchain Week in New York City and how they reflect larger trends and questions currently in play in the industry.
Max’s Corner: NYC Blockchain Week and Questions in Venezuela

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Source: CoinSpeaker

Bitcoin Will Become a Factor in Turkey as Hard Cash Disappears – Max Keiser

Keiser Report host Max Keiser is as bullish and hopeful as ever that Bitcoin will take over the world. Earlier today, Keiser in response to a post by Zerohedge on Twitter, said Bitcoin will soon become a factor to Turks as cash disappears.
The Turks know what is coming
According to Zerohedge, Turkish residents have been buying and storing hard currency since the beginning of the year. Turks have amassed up to $20 billion in the hard currency because “they know what is coming”, according to Zerohedge. The purchase of hard currency could be a means of survival from a recession that may hit the nation in 2019.
According to CNBC, experts predict a recession that is about to hit Turkey since 2018. The prediction has to do with a downgrade from rating agencies Moody and S&P that id moving Turkey’s debt closer to junk territory, the report says.
“The downgrade reflects our expectation that the extreme volatility of the Turkish lira and the resulting projected sharp balance of payments adjustment will undermine Turkey’s economy, we forecast a recession next year.” S&P Global Ratings said in a statement.
Also Read: Bitcoin SV [BSV] Up 100%; Craig Wright Makes Another Attempt To Cause FOMO?
Other countries have turned to Bitcoin
Countries like Venezuela whose currencies have failed have turned to cryptocurrency, majorly Bitcoin and Dash. The Venezuela Bolivar had suffered from hyperinflation for years until it became useless even for domestic purchases. Bitcoin airdrops were made as a donation to the country’s citizens to help them get on their feet despite the launch of their own oil-backed cryptocurrency the Petro.
Venezuela has also faced the same sanctions Turkey is facing with right now and with a massive recession forecast for a nation of 80 million people, citizens storing hard cash for the days to come. However, Keiser believes cash will go away and Bitcoin will become the only way out for Turks, just as it is for the Venezuelans right now. Should the Turks be buying and storing Bitcoin instead of cash?
The post Bitcoin Will Become a Factor in Turkey as Hard Cash Disappears – Max Keiser appeared first on Coingape.
Source: CoinGape

Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

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Venezuela Turns to Crypto and Rubles to Bypass US Sanctions
Venezuela and Russia are discussing an option to use the Ruble and the Petro in their mutual trade settlements.
Venezuela Turns to Crypto and Rubles to Bypass US Sanctions

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Source: CoinSpeaker

Dash More Popular Than Bitcoin and Litecoin in Venezuela: CEO of Dash Core Group

Dash is a privacy-focused cryptocurrency, aimed towards providing low-cost remittances around the world. The Dash Core team under CEO Ryan Taylor, responsible for the development and adoption of Dash has made a lot of progress in Venezuela. They have made it their primary focus as they continue to offer other low-cost solutions to improve the technology infrastructure in Venezuela.
Recently, in an interview with Fred Schebesta of Crypto Finder, Ryan noted that,
“Dash is actually used more often at the point-of-sale in Venezuela than Bitcoin and Litecoin combined… We have two-three thousand merchants in Venezuala acception Dash.”
Dash has also been integrated by MasterCard earlier this year to provide feasible crypto-to-fiat payments. Taylor also talked about Dash integrated cell-phones which have dash wallets in-built in them. According to him, they have shipped a hundred thousand of those phones.
The Dash Core group is also establishing partnerships with existing remittance providers and financial institutions to reduce the overall cost of remittance and decrease the “monopolistic” effect of big firms in the remittance industry.
Price Surged by Almost 40% Over the Week
Dash recorded a price surge of 23% on 19th May 2019, as the price broke above resistance levels. The price of Dash at 5: 00 hours UTC on 20th May 2019 is 166.9. It is trading 10.92% higher on a daily scale.
DASH/USD Daily Chart on TradingView
Dash corrected slightly as it met resistance near $170. On a weekly scale, the price has surged over 38% as it began last week at around $125. The total market capitalization of Dash also touched $1.5 billion as it gained a couple of ranks to cement 13th position w.r.t. Mcap.
DASH/USD 1-Week Chart on TradingView
The All-Time High Price of Dash is above $1400. While it was achieved during the bubble of 2017, Dash has improved its reach and adoption tremendously.
Do you think the bull run on Dash will be back? Please share your fundamental and technical viewpoints with us. 
The post Dash More Popular Than Bitcoin and Litecoin in Venezuela: CEO of Dash Core Group appeared first on Coingape.
Source: CoinGape

Why Bitcoin Cannot Fix the Socioeconomic Crisis in Venezuela [For Now]

Venezuela has seen its national currency become practically worthless after undergoing one of the worst economic crisis in history. The inflation is all-time high – all the essential goods such as medicines and even toilet papers have soared in value. More citizens are leaving the country every day, while the ones who cannot afford to migrate are protesting on streets against the government.
As a result, many Venezuelans are turning to cryptocurrencies like bitcoin as a haven against the super-weak Bolivar – at least those who have the technical knowledge to access an Internet-based economy. And given the price of bitcoin, which has dropped from $20,000 to $5,200 in over a year, it is the evidence of how despondent Venezuelans have become.
Venezuelans Can’t Access Bitcoin
The popularity of bitcoin in Venezuela is highly exaggerated, according to regional cryptocurrency reporters that has witnessed the “true” crypto adoption on the ground. José Rafael Peña Gholam of LongHash wrote about how a large section of Venezuelans remain clueless about cryptocurrencies and how to access them. Most of them see bitcoin as a scam. Atop that, people’s potential to learn about the cryptocurrency becomes lesser due to lack of internet connectivity.
“Venezuela’s Internet continues to deteriorate, as the government manages most of the country’s telecommunications concessions,” writes Gholam. “Once you get far from the big cities, it is even harder to get a good Internet connection. Smartphones, which tend to be priced in dollars, are even more expensive for Venezuelans now.”

Bitcoin can't happen fast enough in Venezuela. Most important country for adoption for humanitarian reasons. https://t.co/ASuOzHH5p0
— Erik Voorhees (@ErikVoorhees) December 29, 2016

Diana Aguilar, a Venezuelan crypto reporter, shares a similar firsthand account. She talks about issues of people’s weak “computer and financial literacy,” which disallows them to access anything the cryptocurrency world has to offer. Her insightful article also discusses how people who don’t have a clue about Venezuela’s ground issues speak broadly about its potential to adopt bitcoin.
“The crypto industry needs to stop viewing Venezuela as a testing ground for wild ideas and start viewing us as what we really are: irreplaceable partners in the financial revolution,” Aguilar wrote in her latest CoinDesk column.
The Solution
The Venezuelan crisis has given bitcoin supporters evidence that a decentralized economy can, at least, mitigate the problem, if not resolve it entirely. But to truly boost the crypto’s widespread adoption, there is a need for an excellent infrastructure. New governments need to take charge and create better intragovernmental relationships with the US and the rest of the world.
More investments need to come into Venezuela to put its economy back on tracks. Bitcoin, for all its technical finesse, is still a protocol without a president, a CEO, or a prime minister. Only an organization with top leadership could normalize the situation in Venezuela.
The actual bitcoin adoption comes later – when people have the means to learn and practice it in the real-time. A stable government can pave the way by providing access to better infrastructure – at least faster internet and cheaper smartphones to allow people to start their bitcoin course. Until that happens, let’s not project bitcoin as the Messiah that could solve Venezuela’s economic crisis single-handedly.
The post Why Bitcoin Cannot Fix the Socioeconomic Crisis in Venezuela [For Now] appeared first on NewsBTC.
Source: New feedNewsBTC.com

Venezuela: Bitcoin [BTC] Weekly Trade Volume is at an All-Time High

Bitcoin has no doubt seen a significant increase in volume that is practically pushing its price up. In Venezuela, Bitcoin has reached its all-time high Bitcoin trade volume this week according to Bitcoin weekly charts.
Venezuela Bitcoin Trading Volume | Source: coin.dance
Bitcoin saving Venezuelans
The Venezuelan economy has crumbled due to its nation’s hyperinflation which is said to have increased to 1,300,000 percent annually. This has forced Venezuelans to turn to cryptocurrencies especially Bitcoin for relief. Also coupled with the U.S sanctions on the country, Bitcoin has become its major currency for international trade on the global market and as a store of value.
Also Read: Bitcoin [BTC] and Alts Ethereum, Litecoin, and XRP Looking At Opposite Ends of a Break-out?
A Bitcoin airdrop was also recently held to help Venezuelans get by after what inflation did to their currency the Bolivar. The airdrop raised up to $1 million dollars as an aid for Venezuelans by wallet platforms AirTM and artist crypto graffiti. All these have significantly contributed to raising the Bitcoin volume and encouraged trading in Bitcoin which eventually raised the volume to the all-time high this week.
What it means for Bitcoin
Although Bitcoin has gained substantial acceptance, the increasing volume in Venezuela alone is an indication that more countries will soon turn to the asset when their currencies fail. It also shows that Bitcoin has a very high chance of growing substantially in the future thus increasing the chance of a bull run that has already been predicted by many experts and experienced traders. If inflation continues, Bitcoin may eventually become Venezuela’s main currency in the near future.
The post Venezuela: Bitcoin [BTC] Weekly Trade Volume is at an All-Time High appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC]: Venezuela transacts record number of BTC trades as Petro fails to get support

Venezuela’s economy has been under constant strain for a while now as the country’s fiat currency continues to plummet in valuation. A massive hyperinflation rate of 2 million percent crippled the country to its core and according to reports, the situation might get worse as the rate is expected to reach 8 million percent by the end of 2019.
In an attempt to salvage something, President Nicolas Maduro urged his fellow countrymen to invest in the highly controversial cryptocurrency, Petro, and indicated that it was the last beacon of hope for the country to consistently run its operations.
However, the plea did not work in Petro’s favor as reports suggest that the citizens of Venezuela have more confidence in the stability of Bitcoin [BTC].
Source: Coin Dance
According to data released by Coin Dance, Venezuela transacted the highest amount of hyper-inflated bolivars for Bitcoins on Localbitcoins exchange, surpassing the previous high which was witnessed two weeks prior to the current development.
The data was monitored after resources were tracked on the trading volumes of Localbitcoins, Paxful, and Bisq. The released data showed that a total volume of around 36 billion in Venezuelan Bolivars [VES] was traded for Bitcoin on the exchange. The current volume exceeded the 31.3 billion VES achieved earlier this month.
In terms of worldwide adoption of Bitcoin [BTC], the trade volume implosion is huge for the largest cryptocurrency in the world.
As reported earlier by IIB, the US issued strict international sanctions against Petro, preventing the US population from investing in the Venezuelan cryptocurrency. Petro is identified as a fraud virtual asset by many as it suffers a lack of liquidity.
The post Bitcoin [BTC]: Venezuela transacts record number of BTC trades as Petro fails to get support appeared first on AMBCrypto.
Source: AMB Crypto

Bitfinex responds to New York AG’s allegations, Bitrue collaborates with Wietse Wind and more

Crypto News – 26 April – Bitfinex responds to New York AG’s allegations, Bitrue collaborates with Wietse Wind and more
Do follow us for our daily video#Bitfinex #USDT #Bitrue #XRP #CraigWright #Poloniex #cryptonews pic.twitter.com/IZTPSaDHUW
— AMBCrypto (@CryptoAmb) April 26, 2019

Crypto News – 26 April
Ripple crosses new frontier: In a major development, Ripple partnered with Saudi British Bank to launch international instant remittance service to India
Read more at https://bit.ly/2L6kRTj
Gab chooses Bitcoin LN over BAT: Gab, the free speech-focused social network is considering replacing BAT with Bitcoin’s Lightning Network integration for its new browser
Read more at https://bit.ly/2IKdtdY
Bitfinex exec on financial problems: New reports suggest that a Bitfinex executive claimed in 2018 that monetary issues could pull the price of Bitcoin to below $1000
Read more at https://bit.ly/2vlKQer
Nicholas Maduro on Petro: Venezuela’s President urged his citizens to purchase Petro over rising number of users adopting cryptos in the region
Read more at https://bit.ly/2UHkBcD
Ripple-SBI Holdings partnership strengthened: SBI Holdings’ Yoshitaka Kitao has joined Ripple’s Board of Directors
Read more at https://bit.ly/2UDoRKt
Ran NeuNer on cryptocurrency market: Popular crypto influencer, Ran NeuNer, is in the news after he claimed that crypto bull run had begun since most coins’ YTD returns had surged
Read more at https://bit.ly/2vkSRAs
Nike joins crypto-race: Iconic sports equipment company was the latest to join the crypto bandwagon after it filed a trademark application for ‘CRYPTOKICKS.’
Read more at https://bit.ly/2IVrwwI
The post Bitfinex responds to New York AG’s allegations, Bitrue collaborates with Wietse Wind and more appeared first on AMBCrypto.
Source: AMB Crypto

Dash Scores 15.2% Higher Citing Zero-Fee Dash Purchase on ATM Network

April’s first day looks too greener for Dash cryptocurrency, the 13th largest cryptocurrency at the moment. The coin has surged 15.2% higher on April 01, 2019 and stood as the hottest altcoin of the day.
According to the data from Coinmarketcap, Dash is valued at $114.72 against US Dollar and sits with an average marketcap of $1,000,367,597 USD after marking the rise of 15.2 percent within a couple of hours.
1 hr Chart Source: TradingView
The rise was quickly followed by the latest partnership between Latin America’s exchange, Cryptobuyer, and Venezuelan department store giant Traki which also accept cryptocurrencies including Dash.

Operating as both, a network of ATMs and merchant point-of-sale solutions, Crytobuyer is already supporting Dash and couple of other cryptos. Per the partnership, Cryptobuyer is rolling out ‘zero-fee Dash buying’ to help quicker access of Dash altcoin as remittances to Venezuelan. To make it clear, Dash can be purchased without any fee in Panama, Country in Central America (where Cryptobuyer is located) and then send it to Venezuelans to assist them to buy anything directly at Traki.
Moreover, the offer is valid until May 1, 2019, which might have created a huge buzz around using Dash within a limited span of time.
Concerning the announcement, CEO of Dash Core Group, Ryan Taylor states that;
“Dash usage is growing at a rapid rate in Venezuela, as it provides an alternative that is a more reliable payment method and store of value. We’ve anticipated this initiative from Cryptobuyer, as it provides the everyday person a seamless and efficient way to access Dash and lowers barriers to entry.”
What do you think of Dash running with new volume? let us know your thoughts in Comment below.
The post Dash Scores 15.2% Higher Citing Zero-Fee Dash Purchase on ATM Network appeared first on Coingape.
Source: CoinGape

Petro and Venezuela: The arrival of United States and the South American country’s crumbling economy

This is Part 2 of our article on Petro and Venezuela.
As discussed in Part 1 of the article, the launch of Petro in Venezuela created a massive wave of apprehension among the world community, with many leaders condemning the Nicolas Maduro government for launching a cryptocurrency over focusing on improving the country’s failing economy. The United States was not far behind either, and has been heavily involved in Venezuela recently. This article looks at the steps taken by the US to oversee and check Venezuela, as well as the current scenario in the financially ravaged South American country.
The United States Point of View
Venezuela and the US have had a tumultuous relationship in the past, with the first clear line of animosity drawn in 2015 when the then-President Barack Obama signed sanctions halting crude exports from within Venezuela. This decision formed the backbone of Nicolas Maduro’s animosity towards the US, with the South American country making it clear at the World Trade Organization that the sanctions against it were ‘discriminatory’.
Obama’s successor, Donald Trump, has widened the chasm between the two countries by backing Juan Guaido, the leader of the Venezuelan Opposition party. Guaido also received support from other countries like Canada and Germany, forcing Maduro to speculate about a grand coup orchestrated by the world’s most powerful nations. The sheer amount of opposition did not stop the Venezuelan government from boosting its Petro prowess though, as the government established its own cryptocurrency regulatory authority called Sunacrip.
Since its inception, Sunacrip has released multiple decrees and articles to integrate Petro into the workings of the Venezuelan economy. One of the official decrees from Sunacrip says,
“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.”
The developments around Petro peaked on 11 March, 2019, when the US government reportedly discovered that there were Russian links in money transfers to Venezuela. Evrofinance Morasbank, a bank jointly owned by Russian and Venezuelan state entities, had assisted and provided support for the PDSA, said the United States Treasury. Steen Munchin, the United States’ Treasury Secretary, had said,
“The United States will take action against foreign financial institutions that sustain the illegitimate Maduro regime and contribute to the economic collapse and humanitarian crisis plaguing the people of Venezuela.”
The bank did not retaliate to the comments made by the Treasury, promising to continue working for its clients. However, Russia made a strong statement, stating that it will fund the bank if the US continues its clampdown.
Venezuela right now
With the intervention of multiple countries into the grand scheme of things, it is hard to ignore who the real victims are: the people of Venezuela. They were supposed to be relieved off their financial troubles with the launch of Petro, but all it has done is broken the system even more. It is not like Petro didn’t take off due to the lack of cryptocurrency knowledge in the country. In fact, the truth is far from it.
During the launch of Petro, Dash, another popular cryptocurrency, was already being used in public and private transactions. The country also had its own Bitcoin ATMs, with some speculating that Venezuela was so involved in the cryptospace that a dip in transactions resulted in a significant dip in the total BTC transactions volume.  
The integration of Petro into the financial system of Venezuela was supposed to be a landmark move, aimed at arresting the country’s degradation. Looking at the factors mentioned earlier, it is clear that the state-backed cryptocurrency has not done anything to save the country. Last year, when Maduro spoke about the cryptocurrency, he claimed that it will change the way citizens live in the country. In some twisted way, that is exactly what has happened.
With the latest blackout, Venezuela has fallen deeper into the chasm. Schools were closed, communications were negligible, and food and water resources were depleting. In the midst of all this, Maduro’s main focus has been to curb Juan Guaido’s ascendancy. On 28 March, the incumbent government banned Guaido from holding any public office for the next 15 years, a rule brushed off by the interim President who stated,
“It doesn’t matter. We will continue to raise our voice from the streets.”
Despite the aloofness of the government and the President, organizations such as the Red Cross have been trying to protect the citizens of Venezuela. Just recently, the humanitarian organization managed to broker a deal within the country to allow delivery of aid to the affected people. Red Cross claimed that the scale of operations was similar to the Syrian situation in terms of people affected.
Petro’s failure was again evidenced when Venezuelan citizens continued to use fiat money and credit cards for their day-to-day activities, instead of Venezuela’s own cryptocurrency. The movement of Petro within the country has also been scarce as only a handful of people have reported to having used it. Links with Russia have only hurt Petro’s reputation, with reports still waiting to confirm Vladimir Putin’s involvement in the creation of Petro.
Venezuela is now a playground for Russia-US geopolitics and the only victims are the citizens of the South American country. Cryptocurrencies have provided some hope though, with on-ground reports showing that people have actually used Bitcoin and Bitcoin Cash for ‘much needed financial freedom.’ Right now, Venezuela is holding on for dear life, with help pouring in from different quarters of the world. However, one thing is for certain: Petro is not the country’s savior.
The post Petro and Venezuela: The arrival of United States and the South American country’s crumbling economy appeared first on AMBCrypto.
Source: AMB Crypto

Petro and Venezuela: The origin of a cryptocurrency that was supposed to save the country

This is Part 1 of our article on Petro and Venezuela.
Episodes of wars and conflict have long been tools by which empires have risen and fallen. With the onset of the new age and the Industrial Revolution, a key component of what makes the world tick was revealed – money, or more specifically, the value of money. The importance of this essential cog was first revealed back in 1929 with the Great Depression, which destroyed communities and livelihoods, leaving millions unemployed and even more out on the streets.
In the ninety years since, some countries have witnessed scenarios being replicated to the point of crushing economic debt and hyperinflation that could statistically not be calculated [Eg. Zimbabwe]. Out of all those countries, one nation stands out as the victim of one of the world’s most brutal economic downfalls since the Great Depression: Venezuela.
A country that was previously known for its wonderous exports, is now in the midst of a civil war and increasing hyperinflation rates that threaten to tear the country apart. In this article, we will discuss Venezuela’s tragic backstory, the inception of Petro and the massive backlash it has received since then.
Venezuela’s story
After the death of Hugo Chavez and the rise of incumbent President Nicolas Maduro in 2013, Venezuela underwent a rapid shift in dynamics, be it on the political or economic front. Last year, it was reported that Venezuela’s inflation rates hit an all-time high of 80,000%, a figure that came to be because of the reversal of a lot of regulations put forth by Chavez, as well as reports of money laundering from within the country.
A key marker in Nicolas Maduro’s reign was formed in February 2018, when the Venezuelan government put forth the whitepaper for a state-backed cryptocurrency called Petro. It was launched at a time when the native Bolivar was falling to sickening lows and there was rampant unrest among the masses.
Petro
The introduction of a state-backed cryptocurrency was seen as a risky move in a country where the citizens were paying close to 500,000 Bolivars for a loaf of bread, but that didn’t stop Maduro’s government from listing out the details. To build the value of the cryptocurrency, the government allocated 5 billion barrels to it, a move immortalized by a lot of oil-rich nations.
Sources had claimed that the economy would recover because each Petro coin would be worth a barrel of oil, a sentiment drawn from Venezuela’s oil-rich history. The release was announced to the people by Maduro, who said,
“As of next Monday, Venezuela will have a second accounting unit based on the price, the value of the Petro. It will be a second accounting unit of the Republic and will begin operations as a mandatory accounting unit of our PDVSA oil industry.”
Another key player in the release of Petro was the Petroleos de Venezuela, the state-owned petroleum company marred by allegations of corruption, insider trading, and fraud. Since Maduro’s announcement, Petro and the country’s economy in general, have been on an accelerated downfall, punctuated by public outcries, sanctions against the government and a new interim president.
Issues
Before talking about Petro, one should look at the events that transpired in the world of cryptocurrencies at the time. The entire world was just coming out of the Bitcoin high where the world’s largest cryptocurrency rocketed to trade at $19,500, which was followed by people attacking the viability of such a volatile asset.
When Petro launched, the fire was stoked again, with a lot of financial analysts criticizing the Venezuelan government’s decision to place faith in a cryptocurrency to save its unstable economy. Some even called Maduro a “fool” and a “madman,” for risking the lives of its 32 million-odd population.
Even cryptocurrency CEOs and enthusiasts pitched in with their opinion, with some even trying to make the best of the situation. Justin Sun, the Chief Executive Officer of the Tron Foundation, directly engaged with Nicolas Maduro on Twitter by saying,
“If you really care about your people and want them to put Petro to actual use, at least build on some faster technology like Tron and not Ethereum [ETH].”
This was just the tip of the iceberg as reports suggested that Maduro and his associates were directly involved in a massive money laundering scheme. The allegation was connected to the $735 million raised a few hours after the launch of Petro, money which was supposed to be used for building the foundation of the Petro network.
Alas, in a technical audit conducted by a Latin American exchange firm last year, it was reported that none of the specified funds ever existed on the blockchain. The report, 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].”
The barrage of news against Petro continued when Nicholas Maduro gave multiple private organizations access to the seven main oil fields in the country. The list involved two companies based in France and Italy as well, a direct reversal of the Chavez-era rule that curbed the sale of oil in Venezuela by foreign private companies. On top of this, it was the much despised PDVSA that set the framework for the workings of these organizations by, 

Giving the companies a 6-year quota to boost sales and production
Asking them to establish contracts to increase output and ensure proper payments

The same PDVSA was recently hit by sanctions by the United States government, a move aimed at curbing crude exports from Venezuela as well as removing Maduro from power. The United States’ entry into this volatile mix was the catalyst that triggered global powers to take action against the Maduro regime.
The inherent issues were just a start as multiple interventions from countries such as the United States also rocked the very foundation on which Petro was built. And as it turned out, the cryptocurrency that was supposed to save the economy, turned out to be a wolf in sheep’s clothing.
Part 2 of the article will address the entry of the United States into the troubles political waters of the South American country, and the impact it has had on Venezuela and its citizens.
The post Petro and Venezuela: The origin of a cryptocurrency that was supposed to save the country appeared first on AMBCrypto.
Source: AMB Crypto

Venezuelan Claims Bitcoin Better Than Banks – Despite Blackout BTC Was Up 

As Bitcoin hovers over $4000, crypto enthusiasts across the world staring at the new bull market. While BTC starting to pick the long-awaited figure, one cannot forget the energy it consumes during mining– however, the case of Bitcoin transaction in terms of electricity is quite different. As such Venezuelan claims that the recent massive power outages didn’t affect the BTC network.
Bitcoin Better Than Centralized Banks
Frances Coppola, financial author, and famously known Bitcoin critics took to Twitter on March 16 and claimed that ‘Bitcoin needs electricity’. She quoted a tweet of Professor Steve Hanke who discussed the use of Bitcoin in Venezuela that had suddenly dropped 40% due to blackout according to some reports. Quoting the tweet of Steve Hanke, Coppola said;

Since the “blackout” began in #Venezuela, the use of #bitcoin has dropped 40%, heightening the country’s money problems: a lot of inflation, but no money. #Socialism has returned VNZ to the days of barter. https://t.co/ObbeneVHzg
— Prof. Steve Hanke (@steve_hanke) March 16, 2019

But behind the scene, the claim is proved wrong. On March 18, 2019, a redditor from Venezuela who seems to be a bitcoin enthusiast – published a post taking Coppola’s statement from Twitter. Redditor strongly claimed that ‘My whole country didn’t have electricity, all banks were down. Bitcoin was still up.’ The post was quickly explaining the blackout does affect Banks, Debit and Credit cards but doesn’t affect Bitcoin network.
My whole country didn’t had electricity, all banks were down. Bitcoin was still up. from Bitcoin

Coppola has long been critics when it comes to Bitcoin and often Anthony Pompliano, founder of Morgan Creek used to respond her, explaining how her sentiment seems wrong in his view. As such, this time too, he took Twitter and commented on Coppola’s claim. He said, “Bitcoin is simply superior money’,

The power in Venezuela was down.
People had no access to their $$.
The ATMs weren’t working.
The banks were down.
But Bitcoin was running.
It is always running.
Bitcoin is simply superior money.https://t.co/TLKn8ccsQi
— Pomp 🌪 (@APompliano) March 19, 2019

Although electricity was down in Venezuela, the scene of Bitcoin interest among Venezuelans is opposite – while responding to a question, Reddit user said that Cryptocurrency interest in Venezuela is growing every day and more people are interested. Similar to the increasing interest, Bitcoin’s value is also taking a leap with almost 0.30 percent over the past 24 hours. At present, the value of Bitcoin sits at $4028 against US dollar.

Since Venezuela often appeared with the poor economy and infrastructure issues, Dash Text Wallet is reportedly addressing a part of such issues. As coingape reported, an SMS wallet from Dash helped 50 students via its new charitable donation model. To note, the model is internet free, means that anyone/doner can send a donation to the specific Bitcoin address without internet and beneficiary receive the same without having to connect the device with the internet.
As such, it marks Venezuelans to access cryptocurrency such as Dash without internet. Moroever, the recent claim of a Redditor clearly indicate bitcoin doesn’t need electricity for the transaction. However, the case is different when it comes to mining Bitcoin.
What do you think readers? Share your thoughts with us.
The post Venezuelan Claims Bitcoin Better Than Banks – Despite Blackout BTC Was Up  appeared first on Coingape.
Source: CoinGape

Dash Ranks Higher After Boosting Internet Free Charity Model for Venezuela

For the first time, Dash cryptocurrency is moving beyond crypto ecosystem. The SMS based Dash Wallet or Text Wallet has launched a new charity system which is completely automatic and helps the needy immediately. Following the launch, trading volume of Dash cryptocurrency is picking up the positive figures.
Dash Took New Move
At press time, the value of one DASH coin against the US dollar is trading at $94.31, surging with 3.13 percent over the past 24 hours. Per the average market cap, Dash is sitting comfortably at 15th spot with a little difference by IOTA which has lost 1.53 percent during the past 24hours.

Internet Fee Blockchain Charity System
Dash Text Wallet’s distributed charity model is one of the recent strong pointers that likely influenced the total volume of DASH cryptocurrency. As claimed officially, it is one of the ‘world’s first distributed charity model’ – which is an automated, irrespective of the place where a doner resides.
This is powered by DASH coin and works simply without an internet connection. The doner can send DASH cryptocurrency to a specific donation address using SMS-based Dash Wallet. All such Donations will then be evenly and instantly distributed among the people who really need it. At the same time, recipients will also have Dash Text wallets which let them send/receive SMS using its official wallet and access to the funds in need.

📣 @dash_text has launched a new pilot #cryptocurrency service which might be the world’s first distributed #charity model at a school in Caracas, #Venezuela! 👨‍👩‍👧‍👦❤️🙏 Children have used #Dash donations to buy over 1,000 lunches & 900 beverages.Learn more: https://t.co/nFGz4IWjPI pic.twitter.com/ApdqLj4fuY
— Mark Mason (@StayDashy) March 18, 2019

However, such donations will help beneficiaries buy food, medicines and other essential items along with enabling them to learn how to use cryptocurrencies.
At the moment, the charity program is in a pilot phase, majorly focusing on helping poor students at the School in Caracas, Venezuela. The pilot project was considering 50 students who reportedly used donations to buy 1000+ lunches and 900 beverages. This was possible with donations of at least 60 transactions made every day. A donation initiative by DASH text wallet contributes a major boost for the Venezuelans, especially for those who are battling with poor economic and infrastructure within the country.
Following the success of inception and ongoing effort of this program, Lorenzo Rey, the Dash Text Wallet Co-founder says;
“Whenever someone makes a donation through our system, the money gets immediately and equally distributed amongst the people you’re donating to, this is completely transparent and traceable on the blockchain, the money is never touched by a human third party inside our system, it is all automated and happens in just a few seconds. Recipients receive a confirmation SMS which might include the name and country of the person who donated. There is no system like this in the world today, all charity donations, including crypto charities, right now require some sort of human intermediation,”
Beside this, DASH has also partnered with Bitrefill which is a mobile top-up and a gift card service provider. The partnership would help DASH’s donation campaign in terms of reducing the top up cost of mobile phones.
So readers, what do you think about DASH helping Venezuelans? share your opinion with us.
The post Dash Ranks Higher After Boosting Internet Free Charity Model for Venezuela appeared first on Coingape.
Source: CoinGape

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.”
The post Bitcoin [BTC]: Following mega-blackout in Venezuela, BTC volume domino drops in neighboring countries appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC]: Venezuela approaches cryptocurrency nation status; Patria platform to enable Bitcoin and Litecoin payments

Venezuela has been the focus of Bitcoin adoption over the past few months, with the country struggling with price inflation of over 1,000,00%. President Maduro also refused to provide aid to Venezuelan citizens as he retaliated against the citizens by burning resource trucks on bridges and standing convoys.
However, according to reports from Medium, Venezuela is set to unveil a cryptocurrency remittance service called Patria. This is a beacon of hope for the citizens of Venezuela who have been recently suffering through a hyper inflated economy under the ruling of President Maduro.
After repeated efforts to push forward for the adoption of their own cryptocurrency “Petro”, the government of Venezuela is finally offering the citizens a platform to make efficient Bitcoin and Litecoin payments in the country.
The new remittance service platform would allow people of Venezuela to receive Bitcoin and Litecoin payments from users based across the world.
This is a major milestone for the people of the South American province as earlier, the citizens were threatened by the government with significant fines and jail time if they refused to back their native cryptocurrency.
The government laid down a set of rules that would be necessary for the acceptance of cryptocurrencies in Venezuela:

The recipient must be a Venezuelan citizen, be of legal age, and lives in Venezuela currently.
The recipient can receive crypto-assets up to the value of ten Petros per month but the recipient can request to receive up to fifty Petros equivalent.
The sender must pay a commission of up to 15% of the total amount sent and a minimum amount to the equivalent of 0.25 Euro per transaction.
Senders will need to give details about their national identity card, date of birth and who you are sending the crypto to.
Give the currency you’re sending and the amount.
Use the crypto wallet address indicated by the Patria platform.

The post Bitcoin [BTC]: Venezuela approaches cryptocurrency nation status; Patria platform to enable Bitcoin and Litecoin payments appeared first on AMBCrypto.
Source: AMB Crypto