mass adoption of cryptocurrencies – Breaking News

A country that lives under restrictions and faces the greatest devaluation of its currency. Venezuela should be a fertile ground for the mass adoption of the cryptocurrencies. But, what is it? How is Bitcoin in Venezuela? In accordance with the activity of the country on LocalBitcoins, the level of movement of the Bitcoin is immense. Until December, the business of Venezuela ranged between 14.2% and 15.4% of the total volume that you move the site. Positioning itself as the fourth country in the table of classification of “What a country trades more with Bitcoin”.

The case of Venezuela and the cryptocurrencies

The government of Venezuela has decreased its policy to control changes this year. Which has been in force since 2003, one of the decisions most important to taken by Chavez. A way to protect themselves from foreign intervention and control the population at the same time. However, be assured that the control is still standing, but not as deep as before. Because, currently, you can buy foreign currency in banks and exchange houses, but in limited quantities. And you have to declare what you’ll use. On the other hand, credit cards in venezuela are not yet accepted outside the borders of the country. And don’t even think about withdrawing money from an atm while you are on the outside.

Statistics of cryptography in the country

In a survey from Statista, which aims to measure the adoption of cryptography. Asked Internet users aged 18 – 64 years of age if used or currently possess cryptocurrencies. And the results in the statistics gave three south american countries among the top five: Brazil, Colombia, and Argentina. Venezuela is not even on the list, which does not seem to make much sense with regard to the transactions recorded by LocalBitcoins. Despite the fact that Statista says that the survey was for global consumption, they do not indicate exactly if Venezuela was taken for the study. However, an author of Hackernoon conducted a survey on cryptography in Venezuela to verify if really there is a massive adoption of the cryptocurrencies in the country. Communicated with 411 people through the social network Twitter. Certainly, this is not a representative sample of the venezuelan population, but may represent a portion of venezuelans, more inclined to technology. The survey was based on a question with 4 options to answer, “Considering that Venezuela suffers from a regime of exchange control and inflation is most devastating in history why not make use of cryptocurrencies to safeguard your money?”. Option 1 “lack of information” had 43% of the results. Option 2 “too volatile” won 27% of the results. Option 3 “Difficult to use” got 20% of the results. And finally option 4 “I don’t trust the technology” had a 10% of the results.

The cryptography within Venezuela

Are no other answers, because the available options came to the community that makes use of cryptocurrencies within the nation, and their comments were that they give a to use cryptography on a daily basis. However, the most common responses to the general public were: “we don’t have money to safeguard”, “fear of change or the new thing”, “they are almost useless as methods of payment.” Now, we must take into account the case of the Dash in Venezuela. Some entrepreneurs venezuelans learned about the marketing budget included in the protocol of the Dash, and organized a movement around them. This includes lectures, training workshops, large events, etc according To Kryptomoney:

“Although most of them we named Bitcoin, the leading crypto of the country is the Dash. Because of their low transaction costs and rapid time of confirmation, it attracts the traders of the country.”

The information on the Dash has spread. But the statistics of other criptos in general, have not had the same success. What that indicates to us that the cryptography is still a topic to be archaic in Venezuela. Putting all the cards on the table, Venezuela is in a position to push for the mass adoption of the cryptocurrencies. Because the country is living one of the economic crises toughest of all times. Despite this, the relationship of Venezuela with cryptography is very vague and unknown. A large part of the population has fear of the new, and the lack of information about it does not help at all to encourage the opportunities and the world crypto in the nation.

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