Each New Constraint Pushes Venezuelans Towards Cryptocurrencies


Venezuelans do not have freely convertible with local currency, the Bolivar. Venezuela is the second country with the largest monthly volume of transactions in Local Bitcoin. It is difficult, if not impossible, to predict the future. However, from Venezuela, are clear signs that the adoption of the Cryptocurrencies will continue to grow. Not so much by desire but by necessity. At least it was in my case.

Source: openbanking.org.uk

The freelancers that work from Venezuela receiving international payments, we face multiple obstacles to managing your money, which Bitcoin and other Cryptocurrencies can help to overcome. Particularly, a long time ago I decided to use the least possible services as PayPal, Payoneer, and Transfer wise or similar. Basically, the reasons are two: very high commissions for receiving money and the brokerage that gives to foot to locks of funds or services, as happens now with Transferwise, which will cease to deliver their services to the clients from Venezuela. The restrictions to the users, Venezuelans, services payments, transfers and even international cards are not new. The announcement of Transferwise does nothing but add to the limitations to international transactions, in the context of the exchange control imposed by the government and the sanctions issued by the United States government and multilateral for a such as the European Union against the country.

Source: cdn.merchantmaverick.com

With Bitcoin, I only need a portfolio to control the movements of my funds. Provided that you appropriately safeguard the seeds, I will be able to access or recover my Bitcoin in the event that it is necessary, even if some software that you are using restricts your access to the Venezuelans. But still there are many in the country use centralized services, modeled as banks that manage the money. The aforementioned are just a few of those services. However, all have clear limitations in the scenario of Venezuela.

Source: coindesk

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