Bitcoin ATM to be launched in Venezuela amidst Petro commotion

The Venezuelan government is pushing state-backed cryptocurrency, Petro, which was created by the Nicolas Maduro-led Venezuelan government. However, the cryptocurrency has been largely criticized by its citizens mainly because of the lack of oil that Petro is supposed to be linked to.
However, the people have shown interest in using the world’s largest cryptocurrency, Bitcoin. The people of the country have been using Bitcoin at various places, as they lose faith in their banking system and their own currency, reported blockmanity. The only thing lacking is an ATM which is about to change as the country is installing a BTC ATM.
Cryptocurrency ATM manufacturer, CryptoBuyer is preparing to install Venezuela’s first Bitcoin ATM. The publication reported the announcement made by the company’s Chief Executive Officer [CEO], Jorge Farias on a Union Radio podcast. This ATM will be installed in Caracas and will be inaugurated in the coming two weeks. Farias said:
“We are going to install the first cryptocurrency ATM in Venezuela, in the course of the next two weeks (…), we already have the equipment physically installed in Venezuela, in Caracas and they are in their final tests and we will be announcing them in social networks”.
The users will put the cash amount in the ATM, which will then transfer the value of that cash to the user’s crypto wallet instantly. The company will be undertaking the job of educating Venezuelan people about Bitcoins and the operations of the ATM. The CEO added:
“These tools are much easier to use than regular ATMs”.
Recently, the government had announced to raise the value of the state-backed cryptocurrency to 36,000 sovereign bolivars. According to the statement made in a video, the increase and a higher minimum wage are aimed to combat the “criminal dollar”.
The post Bitcoin ATM to be launched in Venezuela amidst Petro commotion appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] trading volume increases exponentially in Colombia, Venezuela and Peru

Venezuela has shown a massive increase in Bitcoin adoption over the last year when compared to the data from the past. The data also shows that the trading volume for BTC has also increased drastically.
Venezuela, Argentina, Colombia, and Peru are some countries that are affected a lot by inflation and government policies that have caused widespread panic and rejection of the government currencies. People of these countries tried to find respite in US dollar but since its inception, Bitcoin has gained more attraction and affection by developing countries.
As per the data obtained from Coin Dance, the weekly local Bitcoin volume for Colombia has increased more than twice in the past four months.
Source: Coin Dance
In a comparison of the weekly volume of January 2017 to that of January 2019, it can be seen that the weekly Bitcoin volume has increased from a mere 135 BTC to 364 BTC. However, the BTC trade weekly trade volume reached a maximum of 759 BTC in the last week of 2018.
The same can be observed in Columbia’s neighboring countries which are affected by hyperinflation causing the fiat currencies of the country to lose its value.
Source: Coin Dance
Venezuela’s weekly Bitcoin Volume has increased 11 BTC in the first week of January 2017 to a staggering 190 BTC in the first week of January 2019. However, a similar trend can be observed in the weekly Bitcoin volume in the last week of December 2018, where the trade volume was at 252 BTC.
Source: Coin Dance
The weekly Bitcoin volume for Peru can be as seen in the chart below. The weekly Bitcoin volume in the first week of January 2017 was 17 BTC but the volume has risen to 190 BTC in the first week of January 2019.
@toyhousevzla, a Twitter user commented:
“here is the answer,,, 1 december bolivar 430 per $. 1 january bolivar 750.. today 2800 bolivar per $, the inflation is brutal, If you can’t find dollars to buy on the street the easiest way is through btc and is more expensive like 20%”
Another user, @cryptoNinja35 commented:
“Imagine how much wealthier they’d of been if they had been buying stable coins?”
The post Bitcoin [BTC] trading volume increases exponentially in Colombia, Venezuela and Peru appeared first on AMBCrypto.
Source: AMB Crypto

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

CoinShares Exec: China Crypto Plan Could Make Dystopian Future a Reality

Bitcoin was designed in the wake of the 2008 global economic crisis as a way to take control over money away from central authorities such as governments, banks, and other traditional systems. The decentralized design could also prevent communist countries like China from establishing control over their citizen’s money.
However, the very technology powering crypto may be arming central authorities with even more control over the population and their money, which CoinShares Chief Strategy Officer Meltem Dimirors says may “slowly” be making her “dystopian nightmares” a “reality.”
Government Control Undermines Crypto’s Original Intention
In a tweet this morning, CoinShares Chief Strategy Officer and Head of Treasury Meltem Demirors shared her fears that recent moves by governments like Venezuela and China, could be bringing her “dystopian nightmares” closer to “reality.”
Related Reading | Venezuelan President Orders Banks to Adopt Petro
Demirors is referencing both Venezuela forcing its citizens to transact with the country’s native, oil-backed cryptocurrency token, and China’s plan to introduce its own digital currency that it will use to monitor and control the usage of its citizens.
China To Eliminate Cash, Control The Public Through Digital Currency
Not only will China begin using their own digital currency, but according to Fan Yifei, the deputy governor of China’s central bank, the People’s Bank of China (PBoC), the new digital currency will also entirely replace cash. Without fiat paper currency Chinese citizens will have every transaction closely monitored and will be subject to the government’s control.
Former PBoC governor Zhou Xiaochuan set the project in motion before retiring earlier this year, as a means to avoid China relying on Bitcoin or other current cryptocurrency protocols. Since then, the PBoC has registered nearly 80 patents related to the native cryptocurrency they are developing.
Related Reading | China Could Destroy Bitcoin to Make an Ideological Statement
Patents suggest that both businesses and individuals alike will have to convert all of their yuan into the new native digital currency using a mobile wallet. Yifei published an article earlier in the year that outlined that banks would be required to submit a daily log of transactions, which would allow the Chinese government to keep tabs on every transaction every individual or business makes, even capping the amount of transactions any individual could make on a given day.
China’s control extends beyond their own native cryptocurrency as the country has outright banned cryptocurrency exchanges, events, and more.
China has even been said to have “strong motive” and “capabilities” to destroy Bitcoin entirely. In a frightening report, researchers from Princeton University and Florida International University called China the “most powerful potential adversary to Bitcoin.”
Since Bitcoin is in “ideological opposition” to China’s communist policy, the country could be motivated to attack it. Worse-yet, much of the Bitcoin network’s hash power is centralized in China due to the abundance of miners there taking advantage of low energy costs.
The post CoinShares Exec: China Crypto Plan Could Make Dystopian Future a Reality appeared first on NewsBTC.
Source: New

BTC/USD Price Analysis: Fundamentals Diverge From Price, Positive for Bitcoin Bulls

Fundamentals are extremely bullish and with regulators amending/formulating new laws, it’s clear that Bitcoin is here to stay. That could explain the increasing level of use, institutional interest and more funds for infrastructure development.
Latest Bitcoin News
Thing is, poor policies can cause irreparable damage for an economy. Unfortunately, then ordinary citizens bore the full brunt but not anymore. Crypto and specifically Bitcoin continue to be a safe haven for many. Drawing from what’s happening in Venezuela and how citizens are shifting their value to a global coin that is immune to poor economic policies, sanctions or hyper-inflation, it’s a new dawn that mesh well with Bitcoin’s objectives.

Bitcoin is down 80% since last December. The only currency that's performed worse is Venezuela's bolivar.
— Los Angeles Times (@latimes) November 26, 2018

Read: Bitcoin Falls below $4,000 Yet Again, What are the Factors?
Generally speaking there has been a spike of Bitcoin activities. Considering how cheap it is to pseudonymously move large sums, there is a lot to benefit in a space that is still evolving as infrastructure is being built to support the next wave of disruption.
Also Read: What Is Bitcoin? Crypto Featured as Category on Jeopardy
Bitcoin is adoption is rising that year-to-date, close to $2 trillion dollars worth were moved over the platform. That’s a massive 61 percent increase from 2017 but a slowdown from 2016 when use rose by 96 percent. What’s interesting is that all this is printing at a time when the market is experiencing one of the longest draw-down in the coin’s history. This not only shows that the market is maturing but the depth and increasing adoption levels hints of acceptance across the board.

Despite being a year long bear market, over $2 trillion worth of bitcoin was traded in 2018. #RealMoney @CoinMarketCap
— Satoshi Capital Research (@chartingbitcoin) December 1, 2018

BTC/USD Price Analysis
Weekly Chart

Price wise and price is pretty stable at spot prices. Though we expect a bounce and close above $4,700 as bulls build on last week encouraging gains and rejection of lower lows, it would be ideal if buyers maintain BTC/USD prices above $4,000 and more specifically above $3,700.
If not then we shall recommend trading in line with previous BTC/USD price analysis because drops below Nov 2018 lows could see drops to $3,000 crashing miners’ profitability and participation in general.
However, assuming there are gains above $4,700 and $6,000 then it is likely that prices will snap back to trend and rally towards $8,500 and $12,000. For this to happen then there must be catalysts as China allowing exchanges back and giving the green lights for BTC/CNY purchases.
Daily Chart

Here, it’s clear that BTC/USD is trending within a bear breakout pattern thanks to the near perpendicular fall of BTC after Nov 15.
While the past week’s rejection of lower lows could provide the impetus for BTC to rally above $4,700, there are risks of BTC dropping below our $1,000 range at $3,700 as it is the path of least resistance.
This will be against Fibonacci retracement rules and could be depending for market participants. But we cannot discount it from printing because BTC/USD has been on a steady decline since the beginning of the year.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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Source: New

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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Source: New

Venezuela’s Parliament Issues Framework to Boost Investment in Country through Cryptocurrency

A lot of countries have been moving to cryptos ditching their sovereign fiat currencies for safety against the looming economic crises. The country that has been at the forefront of this adoption is Venezuela as its economy is currently in tartars with inflation skyrocketing and Peso being worthless.
Legislation to provide businesses confidence to carry out transactions in cryptos
Asamblea Nacional Constituyente or the Constituent National Assembly of Venezuela passed on a  new legislation that gave a framework to local businesses to use cryptocurrencies for carrying out the daily transactions as well as for investment. The Assembly also progressed in legal projects with a motive to strengthen and promote national and international cryptocurrency Petro.
According to the report published in the local mouthpiece Prensa Latina, The legislator of the plenipotentiary body for the business sector and member of the Commission of Diversified and Productive Economy, Gerson Hernandez, put forward that the progress in legislation is focused on strengthening the Program for Recovery, Growth and Economic Prosperity promoted by the Executive.
The Legislator also mentioned that the new amendment to the Anti Money Laundering Law was announced to promote investment in Venezuela and revive the economy. This amendment also authorized that the house of exchange can carry out foreign exchange operations legally with the inclusion of the digital currency.
The report also stated Hernandez telling the press that
“the basic objective of the legislation is to give greater support and confidence to the business sectors to invest and carry out their transactions through cryptocurrency, in order to avoid international controls that seek to bloc Venezuela’s economic and financial development”
Venezuela is experiencing the worst economic crisis in its history, with an inflation rate of over 400 percent and a volatile exchange rate. Heavily in debt and with inflation soaring the citizens of Venezuela have relied on cryptocurrencies as a safe haven against the falling Argentinan peso.
This legal framework will definitely boost the use of cryptocurrency in the country and hope this helps Venezuela improve its economic condition and strengthen its economy.
Will Cryptos help Venezuela improve its economic condition? DO let us know your views on the same.
The post Venezuela’s Parliament Issues Framework to Boost Investment in Country through Cryptocurrency appeared first on Coingape.
Source: CoinGape

After Venezuela’s ‘Petro’, Iran Set to Launch Rial Backed National Cryptocurrency Soon

Iran and its state-owned cryptocurrency have long been in discussion and it’s likely that Iran will soon launch a national cryptocurrency backed by fiat currency, Rial. As soon as the Central Bank of Iran (CBI) approves its application, this national cryptocurrency will be issued to Fintech organizations for testing purposes. However, the name of Iran’s new cryptocurrency is not yet revealed but the testing process to ensure internal and interbank settlements in on the go.
Why a state-owned cryptocurrency?
The state cryptocurrency is still in pilot phase and will mainly be used to run stress less financial payments, bank-to-bank settlements, and retail banking.
On top of all, the new cryptocurrency will be used in a direct transfer. Significantly, it will employ in a distributed and one-to-one framework” for transferring without the involvement of any institute, said country’s central bank, chief executive officer of Informatics Services Corporation (ISC) Seyyed Abotaleb Najafi.
Nevertheless, Najafi’s company is in contract with CBI to develop the national cryptocurrency whilst ensuring its use across banking system services and to evade the prowling US economic sanctions against the oil-rich Middle East country.
He moreover claimed that;
After getting Central Bank of Iran’s approval [it] will be used in the country’s banking system … in the first phase the blockchain banking infrastructure will be granted to Iranian commercial banks to use it as a token and payment instrument in transactions and banking settlement.
Launching this new cryptocurrency at earliest would be the most critical decision for Iran and probably help bypass certain sanctions through untraceable banking operations.  Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization points that state cryptocurrency is a “great opportunities”
What do you think, will CBI approves the new state-backed cryptocurrency? Or will Iran continues to fall out from the list of receiving services from cryptocurrency exchanges? Let us know
The post After Venezuela’s ‘Petro’, Iran Set to Launch Rial Backed National Cryptocurrency Soon appeared first on Coingape.
Source: CoinGape

Venezuela’s economic crises forces it to use cryptocurrency for exchange with Brazil

Venezuela is in deep economic crises and its fiat has gone for a toss. This has forced the government to officially launch the first state-backed “cryptocurrency” in the form of the Petro coin. And now, according to reports, Venezuela is using its state-backed cryptocurrency as an economic exchange with Brazil.
Petro to be used for buying good and services from Brazil
As the official launch of Petro coin is behind us, Venezuela is now promoting economic exchange with the northern zone of Brazil through transactions with the cryptocurrency Petro, announced the governor of the state of Bolívar, Justo Noguera
The digital asset will be used for the purchase of supplies, medicines, and food that are regularly carried out by companies and owners of the Venezuelan jurisdiction to companies located in the Brazilian border state of Roraima, the official said
In this way, the government of Bolívar assumes the Petro as a trade tool with northern Brazil, which validates the success of the first digital currency of Venezuelan origin that this week began its digital sale and at the box office.
Noguera also announced that the initiative facilitates the purchase of spare parts and supplies for the basic companies producing iron, steel, and aluminum located in Ciudad Guayana, located in the state itself. To quote him from a local news mouthpiece
“This currency will guarantee the operations of our companies, against the economic blockade that the United States intends to implement against Venezuela”. His this statement was in reference to the substitution of the dollar for the purchase of machinery, spare parts and raw materials in those sectors.
Starting this week, Venezuela, began the sale of the new form of payment in two forms, in person with convertible currency at the box office and via the web with other digital assets such as Bitcoin, Ethereum, NEM, among others.

#Enterate || El Petro podrá ser adquirido por personas jurídicas y naturales desde su portal web #PetroNuevaEraEconómica
— Vicepresidencia de Economía (@ViceEconomia) October 29, 2018

The Petro is the first virtual currency in the world backed by energy and mining reserves of a nation, which makes it a solid, reliable and safe investment, said the president of the country, Nicolás Maduro.
Although Venezuela is forced to use cryptocurrency due to its economic condition, it is laying a roadmap of how the world would behave when cryptocurrencies take over fiat across the globe. Let’s see how swiftly it happens
Is Petro coin answer to Venezuela’s economic problems? Do let us know your views on the same?
The post Venezuela’s economic crises forces it to use cryptocurrency for exchange with Brazil appeared first on Coingape.
Source: CoinGape

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
— 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.
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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Source: New

Bitcoin Volume Surges in Argentina, Venezuela, Peru & Philippines

Bitcoin volume has taken a rise in countries like Venezuela, Argentina, and Peru along with the Philippines. These countries seem to take a liking to Bitcoin due to a number of reasons like fiat devaluation, the economic crisis among others.
Economic & fiat currency issues driving Bitcoin volume rise
Bitcoin might be inactive for the past one month now as it maintains stability above $6k mark, trading between the range of $6,100 and $6,800. With the Bitcoin volatility dropping 17-month low, many are speculating the hype just might be dying down.
However, this is not the case, especially in certain countries like Venezuela, Argentina, Peru, and the Philippines. According to the LocalBitcoins data, Bitcoin Volume in some of these countries has surged to its highest.

Venezuela is going through an economic crisis including devaluation of its national currency Bolivar and hyperinflation. According to the International Monetary Fund (IMF) report, the inflation rate of the country will reach 10 million next year.
The constantly deteriorating situation of the country is driving the people towards Bitcoin as one Redditor shared,
“Venezuelan here, a lot of people are getting into bitcoin everyday. With the crisis, everyone is looking for a way to have a stable kind of money (since the money here is useless).”
The Redditor further shared on Petro cryptocurrency introduced by President Nicolas Maduro,  “Nobody I know is using petro or even knows how to obtain it. The government is using the petro as a way to laundry all the narco money in my opinion, since it cannot be traceable.”
Also, read: Binance Coin (BNB) Adoption gets a Swift Kick with 3 New Announcements
With country suffering from high inflation that is expected to end the year at 44.8 percent, the currency is further expected to plummet against Dollar. Meanwhile, the central bank issuing peso-denominated debt with high interest rates that started with 70% as an attempt to solve the issue, according to economists is going to worsen the situation.
Recently, we shared the surge of Bitcoin ATMs in Argentina as Bitcoin exploits the fiat volatility and people turn to cryptocurrencies. Now, the Bitcoin hits highest 8.8 million in volume in the country.
Peru also saw a surge in Bitcoin volume in recent times, touching highest at over 3 million by the end of September.
Over the last few days, the Philippines is favoring the Bitcoin as in mid-September the trading volume hits about 37.5 million.
In 2017, Bloomberg reported Philippines peso predicted to be Asia’s worst-performing currency in 2018. Since the beginning of the year, inflation in the country has steadily risen. It has also been expected that in the coming months, the central bank of the country will consider increasing the interest rates that only works against the economy in the long run.
The post Bitcoin Volume Surges in Argentina, Venezuela, Peru & Philippines appeared first on Coingape.
Source: CoinGape

Venezuela Formally Releases Petro, Will It Aid the Country’s Economic Recovery?

Venezuela’s oil-backed cryptocurrency, the Petro, will be released to the global markets this Monday, marking one of the first cryptocurrencies in the industry to be created and administered by a government.
The cryptocurrency is part of the government’s “Economic Recovery, Growth, and Prosperity Program” that came about after the country fell into economic turmoil following a messy political switch to socialism.
While speaking to the country during a televised address, Nicolás Maduro, Venezuela’s president, said that the Petro is practical because it is backed by physical assets, including the country’s oil and precious metals, reports Venezuelanalysis.
“The Petro, unlike other digital currencies, doesn’t need to be mined because it already has a value, it is shielded with Venezuelan oil and mining wealth,” Maduro said.
The country has notably forced banks and businesses to accept the Petro and to treat it the same as the country’s fiat currency, the Bolívar, which has been the victim of hyperinflation over the past year. The government now requires the Petro to be a legal substitute to the Bolívar for everything ranging from real-estate to groceries.
Maduro clearly has high and unrealistic hopes for how impactful the Petro will be to Venezuela’s economy, expressing that their openness to nascent technologies, like cryptocurrency, will be the incubator for a new and robust economy.
“All Venezuelans will have access to the Petro and through it to make international purchases…The National Plan of Cryptoactives of Venezuela, will last 10 years. This is going to be the epicenter of the development of a new economy in the country,” Maduro added.
In addition to turning a new leaf for the Venezuelan economy, the government expects the Petro to neutralize threats of illicit activities in the country. This includes the black markets and money mafias, which the government blames for the Bolívar’s hyperinflation and the country’s economic troubles.
Petro Not Being Utilized by Venezuelan Citizens, Bitcoin the Most Popular Substitute
Despite the government’s efforts to mandate the use of the Petro, it is not being widely used by the country’s citizens, who are turning to Bitcoin and other cryptocurrencies in order to protect their money from the Bolívar’s inflation.
According to volume tracker Coin Dance, Venezuelan Bitcoin trading reached an all-time high last week, and is already close to surpassing last week’s high in the first couple of days this week alone.
Last week, Venezuelan’s exchanged approximately $620 billion Bolívar’s for Bitcoin last week, and have already traded approximately $640 million Bolívar’s for Bitcoin this week alone.
In addition to Bitcoin surging in popularity, the cryptocurrency Dash has seen increasing Venezuelan adoption in the past few months, making Venezuela Dash’s number two market in the world.
Ryan Taylor, CEO of the Dash Group, spoke about the growing popularity of Dash in the economically tumultuous country, saying:
“We are seeing tens of thousands of wallet downloads from the country each month… Earlier this year, Venezuela became our number two market even ahead of China and Russia, which are of course huge into cryptocurrency right now.”
Although U.S. citizens are banned from buying the Petro due to sanctions from the White House, it is unclear how well international investors will take to the state-backed cryptocurrency.
Featured image from Shutterstock.
The post Venezuela Formally Releases Petro, Will It Aid the Country’s Economic Recovery? appeared first on NewsBTC.
Source: New

The First SMS Wallet Service Launches Enabling Dash Remittance Payments

A Venezuela-based company has introduced the first SMS wallet service exclusively for Dash transactions, enabling payments to be sent and received in the country without a smart phone or internet connection.
Venezuela Turns to Dash
Last month, Ryan Taylor, CEO of Dash Core Group, said that it was “seeing tens of thousands of wallet downloads from the country each month.” Hyperinflation and economic instability within Venezuela is forcing many citizens to turn to currency alternatives.
As a peer-to-peer digital currency for payments, with over 1,000 per cent year-over-year growth in both value and trading volume since 2015, Dash is providing an inexpensive and fast alternative to Venezuela’s bolívar. Yet, while Dash is becoming a popular choice not everyone is able to take advantage of it.
Figures from Newzoo, a global market intelligence company, found that as of September Venezuela only has a near 41 per cent smartphone penetration rate. This means that a significant number of people aren’t able to access Dash even if they wanted to.
In order to solve this Dash Text was launched. The platform was created by Alejandro Echeverría and Lorenzo Rey, who is also the company’s CTO. By sending the organisation a text message, even from a non-smartphone, it creates a wallet for the phone user straightaway. This is controlled by a phone number and doesn’t require internet access to set up.
Speaking to NewsBTC, Rey said that the response so far has been “extremely good.”
“This service is a real necessity because millions of people do not have good smartphones or internet connectivity,” he added. “We want to expand to other countries and that is something that is in our roadmap, but for now we want to focus on the users in Venezuela.”
Once set up a user can send and receive Dash with simple user commands and actions performed. This is particularly handy when it comes to remittances. According to reports, it’s estimated that Venezuelans who have left the country send at least $1 billion to friends and family back home. Even so, a change in remittance rules is seeing many struggling to receive the money they need.
“At Dash we understand that cross-border transactions are expensive and take long, and in Latin America, there is a clear possibility to help millions of people that need to send money home in any one of the remittance corridors,” said Ernesto Contreras, Dash’s business development manager for Latin America.
For the secure savvy, though, the use of a text message to send and receive Dash payments may not seem very secure. Rey, however, stated that Dash Text is as secure as any messaging app found on a phone, which, in most cases, people share a lot of private information.
“By keeping your phone locked with pin or password even if someone steals your phone they won’t be able to access your funds,” he added. “However, if you are not careful with your phone’s security someone could steal your funds just like they could steal your private pictures or messages.”
He goes on to state that they don’t advertise these SMS wallets to be used as a primary storage. Instead, they should be used for convenience and utility with small amounts.
“Similar to how you shouldn’t carry your life savings in your physical wallet, you shouldn’t carry your life savings in Dash Text either,” Rey said.
The company is hoping that with the adoption of Dash Text it will be a perfect solution to monetary barriers currently seen in Venezuela.
Featured image from Dash Text.
The post The First SMS Wallet Service Launches Enabling Dash Remittance Payments appeared first on NewsBTC.
Source: New

Bitcoin Is Replacing Bolivar As Venezuelan Economy Crashes

Whoever Satoshi Nakamoto is, he/she might be deserving of the Nobel Prize in economics for inventing Bitcoin (BTC), the nascent digital coin that is currently rescuing crypto-adopting Venezuelans from the abyss.
Fiat cash has long been problematic because of their unsustainable, long-term value: Central banks and governments can simply turn on the printing press to print notes that are not backed by gold or anything of fungible value. In Venezuela, which has a population of 32 million, the bolivar has become unusable and the local economy has arrived at a grinding halt: Suppliers have stopped producing; workers have stopped working; and grocery shelves are empty because nobody can get paid given that the medium of exchange (bolivar) has lost all value.
Continue reading Bitcoin Is Replacing Bolivar As Venezuelan Economy Crashes at Crypto Daily™.
Source: Crypto Daily