Bitcoin
$3,251.14 -1.83%
BTC · 4w

LocalBitcoins Volume in Venezuela Is Going “To the Moon”

Over the past month, more and more Venezuelans are turning to bitcoin as a store of value.

Activity on peer-to-peer bitcoin service LocalBitcoins shows just how much the trend is growing. Very likely caused by the rampant inflation in the South American country, the surge in bitcoin interest comes as Venezuelans search for a currency that won’t depreciate as much as the Bolivar.

LocalBitcoins is what’s called an “over-the-counter” cryptocurrency exchange. Users post what amount of Bitcoin (or other cryptocurrency) they’d like to buy, for how much, and their location. Once the buyer finds a seller that matches their order, the two parties meet in person and make the exchange of cash for bitcoin.

The chart below shows that LocalBitcoins volume in Venezuela is exploding:

Source: LocalBitcoins, Coin.Dance

However, this chart above is measured in Bitcoins. It could be that Venezuelans are buying the same number of coins, but since the price of BTC has gone down, they’re buying more coins. The following chart shows the LocalBitcoins volume in USD across Latin American countries:

Source: LocalBitcoins, CryptoGlobe

As the chart shows, Latin Americans in general have been increasing their LocalBitcoins use, but Venezuela's volume is growing enormously, Argentina, Venezula, Peru, Columbia, Chile and Mexico make up almost 20% of global LocalBitcoin volume, this is at an all time high. In contrast these six Latin American nations comprise only 0.126% of global bitcoin spot volume according to data from CryptoCompare.

Crypto Continent

South and Central America have always been a hotbed for Bitcoin adoption. As many countries in this area suffer rampant inflation, their citizens use Bitcoin as a store of value. Venezuela is the worst culprit of this, with estimates placing President Maduro’s inflation rate over 800,000% for 2018. This is orders of magnitude greater than the United States,...

Continue on cryptoglobe.com
Recent news
BTC -1.83% · localcoin.ca · 14h

Localcoin Expands to Nova Scotia and New Brunswick!

Localcoin is now in the Maritime Localcoin, Canada’s largest Bitcoin ATM network, has expanded to Nova Scotia and New Brunswick. With the placement of 9 machines in key population centres, residents o...
BTC -1.83% · twitter.com · 15h

BTCPay merchants can now easily convert to fiat!

Awesome! @blockonomics_co provides auto-forwarding service to static address.It is one less step to sell to fiat.Just one question @blockonomics_co why are you using P2PKH over P2SH-P2WSH ?https://t.c...
BTC -1.83% · streamable.com · 15h

Bitcoin Vets Right Now

Check out this video on Streamable using your phone, tablet or desktop.
BTC -1.83% · medium.com · 16h

The EVM is Fundamentally Unsafe

Over the past three years of smart contract development, the cryptocurrency community has seen smart contracts written in Solidity subverted by a variety of bugs and exploits (the DAO exploit, the…
BTC -1.83% · youtu.be · 18h

Saifedean Ammous on Bitcoin hype.

It turns out the best book on Bitcoin was written by someone who thinks the cryptocurrency is not a particularly good form of payment, not particularly anony...
BTC -1.83% · whatbitcoindid.com · 19h

Alex Gladstein on Why Bitcoin Matters for Freedom

In this episode, I talk with Alex Gladstein, Chief Strategy Officer at The Human Rights Foundation. We discuss how Bitcoin and cryptocurrencies increase freedom under authoritarian regimes and how...