Post
Topic
Board Speculation
Re: The weekly trading volume of bitcoin in Venezuela reached $ 55 million.
by
Pursuer
on 25/04/2018, 06:00:01 UTC
Which was another round of fake news with no support.
Those claims about Zimbabwe using bitcoins for purchases appeared when the average tx for a bitcoin transaction was over 10$. How could somebody in a country that has a media wage of 300$ pay 10$ for a purchase?

but about this I have to say the way I have heard Venezuelans are using bitcoin is to use it to import stuff like food to their country. they mine bitcoin with cheap electricity and in some cases underground and then use the rewards to purchase goods and have them sent to a place nearby and them bring it in their country and sell it to people.
$10 or even more fees don't matter for them because the profit is good enough to cover that.

good catch on the volume thing by the way but it is worth mentioning that this volume has grown from 0-20 bitcoin in one week at 2017-12 to 500-800 bitcoin per week in past 4 months. that is a huge growth.