Post
Topic
Board Economics
Re: Why are Venezuelan not switching to Bitcoin?
by
ChuckSRQ
on 12/05/2016, 02:33:52 UTC
Because you can't buy your groceries and gas with buttcoin

Technically you can, but this is assuming you aren't aware of the bitcoin debit cards thats provided.

Its been out for that last 5 months now or close to being a year almost. But what youre saying is right in some sense, if they just heard about bitcoin it`ll take them a couple reading around to find the debit card option.

The problem is that any transaction with current debit cards is that they are denominated in USD or EUR. There is the govt exchange rate and the black market exchange rate and they are hugely different.  

Govt Exchange Rate: 1 USD = 6.30 VEF
Black Market Rate: 1 USD = 1,050 VEF

VISA/Mastercard would convert the bitcoin at the govt rate and now everything is hugely expensive.