Tag Archive: Venezuela

  • Altcoins, Blockchain Technology, News, News teaser

    Venezuela’s National Cryptocurrency ‘Petro’ Expected to Go Global

    According to a Venezuelan official, Tuesday’s Petro pre-sale will have international reach, drawing potential investors from the US, Europe and the Middle East. It was just over two months ago that Venezuela’s president, Nicolás Maduro, announced his bold plan to introduce the country’s first state-controlled cryptocurrency. The Petro would act as a way to circumvent US-imposed sanctions, as well as combat hyperinflation in the country. In the case of the former, US financial institutions have

    · February 18, 2018 · 2:00 pm
  • Altcoin News, Mining, News, News teaser

    President Maduro: Venezuela to Launch ‘Petro’ Pre-Sale on February 20

    In a move that the government hopes will bring much needed economic relief, Venezuela’s President Nicolas Maduro announced earlier this week that the pre-sale of the country’s new ‘petro’ cryptocurrency will begin on February 20. A Cryptocurrency Backed by Crude For years, Venezuela has been struggling with rising economic and political problems. The South American country has under heavy international sanctions due human rights abuse and corruption and, thanks to extreme hyperinflation, the bolivar has lost 97%

    · February 3, 2018 · 2:30 am
  • US Treasury Warns Investors: Venezuela's Petro Could Violate Sanctions Altcoin News, Blockchain Technology, Emerging Markets, Ethereum, Mining, News, News teaser

    US Treasury Warns Investors: Venezuela’s Petro Could Violate Sanctions

    The US Treasury Department has cautioned investors that Venezuela’s Petro could be in violation of Washington-imposed financial sanctions. In December last year, Venezuelan president Nicolás Maduro announced that his government would be creating a digital currency, the Petro. In a country that is rapidly spiraling into a financial abyss, Maduro sees the state-controlled cryptocurrency as a sanction workaround and subsequently, a way to improve the country’s deep economic problems. During his annual message on the

    · January 18, 2018 · 1:00 am
  • Altcoin News, Legislation, News, News teaser

    Venezuela’s Parliament: Maduro’s Petro Cryptocurrency ‘Illegal’

    Venezuela’s president may have to put his Petro plans on hold as the country’s opposition party has outlawed the proposed state-controlled crypto. As decentralized cryptocurrencies continue to shine and grow in interest, certain governments are becoming aware of the benefits that virtual currencies have. Countries like Russia and Venezuela are reportedly aiming to introduce their own state-controlled cryptos soon, with latter seeming to make great progress in doing just that. In a bid to fight

    · January 10, 2018 · 11:30 pm
  • US Treasury Warns Investors: Venezuela's Petro Could Violate Sanctions Altcoins, Emerging Markets, Mining, News, News teaser

    Venezuela Petro Cryptocurrency ‘Will be Worth $5.9B’ Says Maduro

    Crisis-hit Venezuela will issue its own oil-backed cryptocurrency, Petro, with an implied value of $5.9 billion as its economy continues to decay. 100 Million Petros ‘Ordered’ At $59 A Piece In what appears to be a last-ditch attempt to circumvent US sanctions and keep cash flowing into the country, President Nicolas Maduro announced 100 million units of its Petro cryptocurrency would enter the market. The announcement, according to Reuters, came during the President’s appearance on

    · January 6, 2018 · 11:45 am
  • Petro Altcoin News, Altcoins, Emerging Markets, Mining, News, News teaser

    Over 860,000 Have Signed Up to Mine the Venezuelan Petro

    President Nicolas Maduro announces that 860,811 young people have registered to mine the Petro, the new national cryptocurrency of Venezuela. Paper Virtually Worthless Economically, Venezuela has been in terrible shape for a number of years. The failed socialist policies of Hugo Chavez and Nicolas Maduro have destroyed the national economy, caused massive hyperinflation, and led to a humanitarian crisis where food and medicine are in short supply. In such times, many have turned to mining

    · January 4, 2018 · 6:30 am
  • Crude Oil to Support Venezuela’s Petro Cryptocurrency Altcoin News, Mining, News, News teaser

    Crude Oil to Support Venezuela’s Petro Cryptocurrency

    Venezuela’s first state-run cryptocurrency will be backed by three of the country’s major natural resources. Venezuela previously announced their intention to step into the crypto spotlight by creating their own digital currency, the Petro. The country’s president, Nicolás Maduro, noted that the creation of the state-controlled crypto is a way to “innovate toward new forms of international finance for the economic and social development of the country.” Sidestepping Those Sanctions It could also be due to

    · December 28, 2017 · 2:00 pm
  • Bitcoin, Legislation, Mining, News, News teaser

    Venezuela Now Requires Bitcoin Miners to Register with the Government

    Bitcoin mining has exploded in Venezuela due to the country’s massive hyperinflation. Now the Venezuelan government is requiring bitcoin miners to join an online registry. It seems that the misery of the Venezuelan people knows no end. The South American country’s economy has been hammered by massive hyperinflation due to the policies of the authoritarian government, now headed by President Nicolas Maduro. Many people, both poor and rich, have turned to mining Bitcoin in order

    · December 14, 2017 · 3:15 am
  • Bitcoin, Bitcoin Acceptance, Bitcoin Investment, News, News teaser

    Wealthy Families in Latin America Snapping Up Bitcoin

    The average citizen in many Latin American countries has turned to Bitcoin in order to survive, and now many wealthy families are becoming a believer in the cryptocurrency and are buying as much as they can. The economic situation in many Latin American countries is extremely dire. Hyperinflation has hit Peru, Bolivia, Argentina, Venezuela, and Brazil, with some countries in worse shape than others (Venezuela). Many normal residents began to turn to Bitcoin when the

    · December 9, 2017 · 3:15 am
  • Localbitcoins Bitcoin, Bitcoin Exchange, Bitcoin Investment, Companies, Emerging Markets, News, News teaser

    Localbitcoins Sets Biggest Gain Ever As Venezuelans Exit Fiat

    Bitcoin’s price spike and increasing adoption have fuelled a Localbitcoins trading surge that has dwarfed any in the cryptocurrency’s history. $90 Million In A Week Data from Coin Dance tracking trading on popular p2p trading platform Localbitcoins shows that for the week ending Saturday, December 2, almost $90 million passed through worldwide. The huge uptick puts last week clear ahead of Localbitcoins’ previous busiest week, which occurred mid-September and saw it handle $71 million. As

    · December 4, 2017 · 5:30 am
  • Altcoins, Bitcoin, News, News teaser

    Venezuela Launching Oil-Backed Cryptocurrency – the Petro!

    President Nicolas Maduro of Venezuela has announced the creation of a new national digital currency – the Petro. He believes that this cryptocurrency will fight off the effects of the US-led sanctions. The economic situation in Venezuela is in total freefall. The once-prosperous South American nation has descended into chaos over the last few years as the central government has become more authoritative. The national currency, the bolivar, has fallen in value by a staggering

    · December 4, 2017 · 2:45 am
  • Nobel Laureate Economist Claims Bitcoin is a Bubble that 'Ought to be Outlawed' Bitcoin, Bitcoin Investment, Markets and Prices, News, News teaser

    Nobel Laureate Economist Claims Bitcoin ‘Ought to be Outlawed’

    As Bitcoin’s price continues to climb past $10,000, one Nobel Laureate Economist says Bitcoin is a bubble, lacking in all social usefulness, and should be outlawed. Nobel-prize winning economist and one of Time Magazine’s 100 most influential people in the world (2011) Joseph E. Stiglitz has provoked the ire of the cryptocurrency community with his recent comments on Bitcoin. Refusing to mince words, in a recent interview with Bloomberg Television Stiglitz declared: Bitcoin is successful

    · November 29, 2017 · 12:00 pm
  • Currency Bitcoin, Bitcoin Investment, Bitcoin Price, Emerging Markets, News, News teaser

    Top 30 World Currency Bitcoin is Now Bigger Than ‘Korea’s Nasdaq’

    As Bitcoin prices hover below the magic $10,000, the virtual currency has already surpassed Venezuela’s currency and asset value. One More Reason For Venezuela To Go Bitcoin… Using a homemade comparison, BitGo engineer Jameson Lopp showed that Bitcoin’s current market cap of $163 billion is now higher than Venezuela’s ‘M1’ currency value. M1 specifically computes figures based on “the total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national

    · November 27, 2017 · 6:00 am
  • Bitcoin, Bitcoin Acceptance, News, News teaser

    People Turn to Bitcoin During Times of Crisis

    The ongoing turmoil in Zimbabwe reinforces the fact that people around the world are increasingly turning to Bitcoin in times of crisis. In times of crisis, individuals look to a number of things to help support them through the troubled times. Some of these items include faith, family, and a belief that better times are just around the corner. Another article that people are turning to during a major crisis is Bitcoin. Uncertain Times Lead

    · November 20, 2017 · 5:00 pm
  • Bitcoin, Mining, News, News teaser

    Bitcoin Thrives as Chaos Worsens in Venezuela and Zimbabwe

    As the economic crises in Venezuela and Zimbabwe further deepen, more and more citizens are turning to Bitcoin mining in order to survive.  Bitcoin is taking over Venezuela and Zimbabwe   In the last couple of months, the economic crisis in Venezuela has affected more and more citizens. The current financial situation in Venezuela was mainly caused by the rapid rate of inflation that got out of control. As the hyperinflation caused a huge value loss

    · October 25, 2017 · 4:30 pm
  • Bitcoin, News, News teaser

    One Satoshi Now Equal To One Venezuelan Bolivar

    Venezuelan hyperinflation has now reached the level where one satoshi unit is now equal to a single Venezuelan bolivar. Black market prices for Venezuelan bolivar are now equivalent to 1 satoshi of a Bitcoin. One satoshi, the name given to the 8th decimal place of a Bitcoin, written as 0.00000001 ฿, is the smallest unit of Bitcoin that is transferable. In dollar terms, a satoshi is currently worth $0.0000420842. Further information on the exchange of

    · September 28, 2017 · 1:30 pm
  • Venezuelan Hyperinflation Makes Bitcoin An Ideal Way To Transact Bitcoin, Mining, News, News teaser

    Venezuelan Hyperinflation Makes Bitcoin An Ideal Way To Transact

    Hyperinflation in Venezuela has made a reality of having to carry suitcases of money in order to buy meals. Bitcoin could replace low denomination notes in the country, prevent the privacy perils of a cashless society and potentially see the first Bitcoinization of a sovereign state. Venezuela, once the highest wealth per capita country in South America, now has the highest inflation rate in the world with speculation that inflation in the country could potentially reach

    · September 25, 2017 · 7:00 pm
  • Starving Venezuelans Turn to Bitcoin Mining in Desperation Bitcoin, Ethereum, Mining, News, News teaser

    Starving Venezuelans Turn to Bitcoin Mining in Desperation

    Many people in the troubled South American nation have turned to Bitcoin mining in a desperate attempt to fend off starvation and keep their families alive. The once thriving South American nation of Venezuela has been sliding into an economic apocalypse over the last few years. The socialist regime of Hugo Chavez has been followed by current President Nicolás Maduro, and the economic policies put in place has transformed a country with more oil reserves

    · August 9, 2017 · 10:45 am
  • Bitcoin, Bitcoin Businesses, Bitcoin Technology, Mining, News, News teaser

    Despite Risk of Arrest, Venezuelans are Turning to Bitcoin Mining

    In a troubled economy, more and more Venezuelans are turning to Bitcoin mining despite risk of arrest by police for theft of electricity. Bitcoin as an Exit in Venezuela In 2005, when Randy Brito and his family fled Venezuela, he was only 14. The country’s economy was booming, but many middle class families such as Brito’s chose to leave the country because of widespread nationalizations of private enterprises. Brito moved to Spain with his family and

    · April 24, 2017 · 3:00 pm
  • Venezuela Bitcoin Surbitcoin Bitcoin, Bitcoin Exchange, News, News teaser

    Venezuela’s Only Bitcoin Exchange to Resume Operations

    Venezuela Bitcoin exchange SurBitcoin has announced it intends to start operating once more within a week. Legal Bitcoin Exchange in ‘Around One Week’ In a statement on its Facebook page, the exchange, which was forced to close at the request of banking partner Banesco, said that the process of finding a replacement had taken “longer than expected.” “Based on the procedures carried out so far and the ongoing discussions with the bank’s management, it is

    · February 23, 2017 · 5:30 am
  • Big Macs Bitcoin, Bitcoin Acceptance, Bitcoin Businesses, Bitcoin Investment, Uncategorized

    Big Macs in Caracas, Prawns in Lagos are Cheaper for Bitcoiners

    Travel much? Bitcoinist discovered that using Bitcoin instead of local currency gives you more Big Macs for your bits, particularly in places like Venezuela and Nigeria. Attn: Travelers & Digital Nomads It’s common knowledge that buying Bitcoin might make a great investment. It can also save you money when you use it to buy products at Amazon via Purse.io. Less well known is that using Bitcoin can slash your travel costs as well particularly in places like Venezuela and Nigeria. Both these countries

    · February 14, 2017 · 12:00 pm
  • Surbitcoin Bitcoin, Companies, News, News teaser

    Venezuela Shuts Down Bitcoin Exchange, Arrests More Miners

    Venezuela’s largest Bitcoin exchange Surbitcoin is no longer trading locally after its bank suddenly suspended withdrawal and deposit services. Surbitcoin To ‘Establish New Business Structure’ In a statement Thursday, the exchange said it would be forced to cease operations for at least two weeks while it “establishes a new business structure with new improvements and security measures.” Users had only one day to withdraw funds, the February 3 deadline having already passed. Any capital still held

    · February 4, 2017 · 12:00 pm
  • crisis Bitcoin, Bitcoin Education, Bitcoin Service, Emerging Markets

    Nigeria: An In-Depth Look at Using Bitcoin in a Currency Crisis

    This case-study will focus on Bitcoin’s rise in Nigeria. It was partially inspired by a question from Bloomberg’s Joe Weisenthal about what benefits does Bitcoin bring to people living amid a currency crisis.   Economies with Currency Black Markets There is a currency crisis in the Nigerian economy, and using Bitcoin remittances offers real, measurable financial benefits to its population of 173 million. In the event that President Trump blocks remittances from the US to Mexico (which is a form of capital control

    · February 2, 2017 · 11:00 am