Bitcoinization, what is it and is it happening already? by jrcornel

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bitcoin · @jrcornel · Sep 25 '17

$234.61

Bitcoinization, what is it and is it happening already?

<html>
<h1>https://s26.postimg.org/qvt8jyxe1/shutterstock_554244451.jpg</h1>
<h1>Bitcoinization refers to Bitcoin taking over as a primary means of exchange.</h1>
<p>We have seen it as a legalized method of payment in Japan and we may be starting to see it taking over in another place as well...</p>
<p><em><strong>Venezuela.</strong></em></p>
<p>The authorities in Venezuela have not been overly accommodating to Bitcoin and Bitcoin miners as of late. Actually that might be a huge understatement as there have been talks of miners being jailed in the country for mining Bitcoin and other cryptocurrencies.</p>
<p>However, apparently that might not be a problem.</p>
<h1>Authorities may not have a choice.</h1>
<p>People and businesses have been left scrambling for any way to preserve their wealth with the Venezuelan Bolivar plummeting seeming on a daily basis.</p>
<p>How much has it fallen?</p>
<p>Check out this chart:</p>
<p>https://s26.postimg.org/v67wfk2h5/venezuela_bolivar.jpg</p>
<p>The Bolivar has lost roughly 99% of it's value against the greenback since 2012.</p>
<p>And it's not done yet...</p>
<p>Authorities are projecting that prices in Venezuela will rise by roughly another 1,100% over the course of the next year.&nbsp;</p>
<h1>Which is where Bitcoin comes in...</h1>
<p>In an interview on CNBC with Daniel Osorio of Andean Capital Advisors, Osorio stated that we might be seeing the beginnings of a country (Venezuela) "Bitcoinizing" completely.</p>
<p>Why might Daniel Osorio think this?</p>
<p>For several reasons actually.</p>
<p>Osorio spends roughly a week every month in Venezuela so he has a pretty good understanding of what is actually taking place on the ground.</p>
<p>Osorio said that people are having a hard time dealing with the constant inflation of the local currency and are seeking alternative currencies.</p>
<p>The main one being Bitcoin.</p>
<h1>Why Bitcoin, as opposed to say, the dollar?</h1>
<p>According to Osorio, a lunch in Venezuela now costs roughly 200,000 Bolivars.</p>
<p>For that reason, locals are beginning to accept Bitcoin (and other foreign currencies) in exchange for goods and services as opposed to the local currency.</p>
<p>In other countries where hyperinflation has taken hold, locals and business have moved to transact primarily in dollars. However, Venezuela is unique in that it doesn't have access to dollars in the amount needed to sustain its local economy, therefore other means are being sought out.</p>
<p>Plus, with Bitcoin making new highs seemingly every month Bitcoin seems very attractive to people who are used to seeing their purchasing power drop every month.&nbsp;</p>
<p>For this reason Osorio states:</p>
<blockquote>"We may be witnessing the first Bitcoinization of a sovereign state."</blockquote>
<p>This isn't the first place where adoption is spiking for Bitcoin, but it might be the first where it completely establishes itself as THE form of payment for its citizens.</p>
<h1>https://s26.postimg.org/bytyafyx5/cash_venz_1.jpg</h1>
<h1>Conclusions:</h1>
<p>People in Venezuela are tired of watching their purchasing power erode on a daily basis.</p>
<p>Since dollars are not available in the amounts needed to sustain local economies, people are starting to use Bitcoin and other virtual currencies.</p>
<p>Currencies that are insulated from whatever happens with local governments.</p>
<p>This could be the start of a sovereign state becoming Bitcoinized.</p>
<p>Sources:</p>
<p>https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html</p>
<p>https://cointelegraph.com/news/first-bitcoinization-of-a-sovereign-state-is-happening-now</p>
<p>Image Sources:</p>
<p>http://www.altcointoday.com/first-bitcoinization-sovereign-state-happening-now/</p>
<p>https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html</p>
<p>http://www.zerohedge.com/news/2016-05-25/maximum-amount-cash-you-can-take-out-venezuela-atm</p>
<p>Follow me: @jrcornel</p>
</html>

👍 gavvet, timsaid, cryptoctopus, jrcornel, sweetsssj, donkeypong, trafalgar, xeldal, slowwalker, damarth, dragonslayer109, analisa, bleujay, hanshotfirst, sauravrungta, ayusor, enki, teamsteem, romangt87, gigolo82, emilhoch, nanzo-scoop, geoffrey, ajvest, jacor, justtryme90, toxic, kevinwong, goldmatters, the-alien, thecryptofiend, davebrewer, bigram13, jondoe, grandpere, mrwalt, mandela, cryptomancer, nasgu, sportsncoffee, jonathanyoung, thegoldencookie, crazymumzysa, rmach, slider2990, ikigai, teammo, bluehorseshoe, fricibacsi, jademont, melip, mod-tamichh, herpetologyguy, sneakgeekz, vandrei.razvan, mauricemikkers, guttormf, mdquixil, voiceofreason, randr10, mantishands, jlufer, cristi, steem-samiam, and 421 others

`author`	jrcornel
`permlink`	bitcoinization-what-is-it-and-is-it-happening-already
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin","cryptocurrency","venezuela","life","blog"],"users":["jrcornel"],"image":["https://s26.postimg.org/qvt8jyxe1/shutterstock_554244451.jpg","https://s26.postimg.org/v67wfk2h5/venezuela_bolivar.jpg","https://s26.postimg.org/bytyafyx5/cash_venz_1.jpg"],"links":["https://www.cnbc.com/2017/08/30/venezuela-is-one-of-the-worlds-most-dangerous-places-to-mine-bitcoin.html","https://cointelegraph.com/news/first-bitcoinization-of-a-sovereign-state-is-happening-now","http://www.altcointoday.com/first-bitcoinization-sovereign-state-happening-now/","http://www.zerohedge.com/news/2016-05-25/maximum-amount-cash-you-can-take-out-venezuela-atm"],"app":"steemit/0.1","format":"html"}
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properties (23)vote details (485)

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berkah	9,150,257,106	3%
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enki	560,802,549,083	30%
boy	99,300,107	100%
bue-witness	121,079,711	100%
ajvest	406,880,295,616	100%
bue	27,273,114,920	100%
mini	53,074,259	100%
proctologic	2,288,757,922	2%
healthcare	59,337,482	100%
drifter1	7,008,687,822	100%
donkeypong	2,773,716,655,623	22%
steem-samiam	66,321,705,643	100%
pnc	10,946,927,284	3%
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ppitonak	14,872,683,755	100%
nomoreheroes7	25,678,290,096	100%
jademont	101,251,399,214	50%
gavvet	16,064,783,697,688	100%
bryner	200,039,409	100%
teamsteem	555,443,214,256	3%
cryptoctopus	5,343,340,477,359	100%
nanzo-scoop	453,529,999,689	10%
jerome-colley	8,379,817,454	100%
steve-walschot	27,953,384,273	100%
mummyimperfect	4,819,452,350	10%
kevinwong	333,008,809,490	11%
murh	0	1.1%
dragonslayer109	1,723,923,719,975	100%
ak2020	2,899,034,408	10%
thecryptofiend	293,301,675,035	25%
justtryme90	380,026,849,755	25%
spartanza	20,978,900,022	100%
the-alien	308,900,683,584	100%
ikigai	117,060,718,693	30%
grandpere	236,236,767,028	100%
mark-waser	51,068,036,034	25%
geoffrey	437,056,369,290	26%
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juanmora	14,030,171,945	100%
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hitmeasap	363,408,116	1.5%
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jacor	404,925,825,839	100%
gikitiki	2,866,730,744	20%
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bycz	65,655,260,990	100%
fiona777	207,566,378	100%
selfishinvesting	1,396,789,831	100%
jens84	51,517,644,754	25%
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emilhoch	472,945,643,931	50%
gavinthegreat	11,818,180,258	100%
brianphobos	30,551,427,321	37%
youngkim	29,461,138,013	80%
craigslist	53,534,085	100%
french.fyde	17,374,472,540	100%
cryptoninja	254,394,209	2%
toxic	349,925,250,486	100%
timsaid	6,964,741,958,635	100%
havok777	20,854,764,403	17%
cristi	69,259,924,799	20%
jrcornel	3,057,058,638,979	100%
hanshotfirst	888,861,973,007	29%
rmach	122,857,237,386	100%
thegoldencookie	137,190,055,926	100%
lamech-m	598,687,099	3%
almerri	595,079,480	100%
fred703	17,469,017,753	100%
cryptomancer	178,579,372,384	20%
sweetsssj	2,981,957,258,234	10%
runridefly	38,182,183,154	9%
jlufer	69,920,315,305	30%
ivet	18,137,215,728	50%
uwelang	50,784,191,654	15%
davidjkelley	2,398,463,423	25%
aggroed	2,368,919,715	5%
enjay	518,283,309	100%
mscleverclocks	11,275,015,138	29%
randr10	75,942,463,662	100%
digital-wisdom	21,129,601,922	25%
ethical-ai	1,840,890,596	25%
jwaser	12,830,198,440	25%
kyusho	8,308,746,815	5%
bluehorseshoe	107,456,132,273	100%
profitgenerator	3,014,964,599	100%
jonathanyoung	150,231,284,914	100%
damarth	1,849,998,650,700	30%
bwaser	3,010,715,770	25%
bitcointr	196,137,357	100%
funnyman	49,233,286,674	20%
t-bot	12,378,735,057	10%
ellepdub	1,622,262,343	25%
rynow	14,133,738,976	5%
herpetologyguy	98,425,952,354	25%
jennswall	2,755,706,362	100%
morgan.waser	5,317,481,067	25%
aksinya	29,639,163,461	70%
handyman	2,383,751,789	25%
strong-ai	5,972,657,619	25%
anasz	8,322,763,420	100%
astronomicus	749,723,442	100%
apothecae	1,529,718,822	100%
mgibson	8,472,098,149	42%
goldmatters	328,813,764,203	100%
bleujay	1,219,365,181,982	100%
wakeupworldnews	5,635,575,120	40.14%
rishi556	3,544,898,347	100%
slider2990	117,146,249,622	100%
graviton	31,137,150,081	100%
keuudeip	2,203,774,837	10%
janashby	44,793,496,360	97%
olga.maslievich	3,505,072,695	11%
tritonx	445,136,740	100%
m3rcos1ty	139,676,938	100%
fratheone	125,901,214	100%
ruthofisrael	22,280,945,454	100%
technoprogressiv	5,747,245,314	25%
mafeeva	6,698,710,531	10%
guttormf	80,354,867,556	100%
qeysolutions	7,389,547,960	100%
steemsex	1,099,785,649	100%
fricibacsi	105,757,819,132	100%
saeryn	4,960,621,795	100%
nspart	6,960,465,292	5%
harferri	4,449,330,018	100%
the3i1	1,882,969,993	100%
dragon40	1,387,674,353	5%
sebastianjago	28,913,752,522	5%
corvuscoraxx	133,980,490	18.97%
dr00min	1,134,679,516	20%
hyzi0	350,879,780	100%
cryptoeconomics	1,095,285,457	100%
vidallia	15,646,325,990	65%
kiran27	332,207,655	100%
sebhofmann	30,211,561,817	100%
alevale1010	6,330,528,242	100%
middle-theory	13,012,058,560	25%
stenonotes	12,408,078,294	100%
teammo	107,551,579,246	50%
mandela	182,065,279,025	100%
voiceofreason	76,145,256,624	100%
romangt87	543,454,111,791	100%
melip	99,770,220,098	50%
cryptores	1,409,563,432	100%
samstickkz	4,232,698,214	50%
nasgu	175,556,412,567	100%
trafalgar	2,587,326,721,731	13%
oluwoleolaide	5,787,484,337	10%
vitirio123	26,103,923,562	100%
eirik	14,843,520,623	33%
ayusor	757,936,916,005	100%
sandstorm	12,852,208,612	20%
taspingo	16,117,028,483	100%
leggy23	149,912,462	100%
prakashghai	25,569,333,866	100%
aismor	603,976,575	100%
steveitt	9,115,628,571	100%
hammadakhtar	807,175,586	10%
greenstar	1,470,119,531	3%
contentguy	4,202,663,256	100%
ghostgod	1,220,206,744	100%
buster544	9,493,079,103	100%
treetoptennis	13,631,298,140	100%
gordonovich	994,148,756	5%
aarkay	473,205,108	100%
mdquixil	76,152,499,168	100%
tutial	16,547,218,576	100%
karenulloa93	3,760,425,901	100%
redpill	38,728,438,178	100%
mrwalt	194,920,950,776	50%
dreamon	675,754,798	100%
sv67216721	4,539,702,026	5%
swenger	19,755,502,619	50%
popponayashelly	12,383,177,235	100%
sacred-agent	42,406,908,579	43%
gamersclassified	13,497,377,042	100%
palog	286,744,849	60%
sportsncoffee	169,277,614,734	100%
yacov	21,748,666,685	60%
tellall	524,804,494	100%
mandagoi	20,111,876,583	31%
belleontherocks	16,594,204,226	100%
cryptojaxx	14,633,237,809	100%
me-do	214,460,352	1%
emble	3,171,457,218	100%
indiantraveller	1,035,600,187	6%
davy73	142,011,399	100%
drakkomaximo1234	3,990,188,244	100%
sneakgeekz	96,511,464,239	35%
angelgarz	4,535,300,877	100%
bigram13	265,613,441,377	100%
jkkim	20,259,226,953	10%
arqetype	16,527,071,731	100%
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thethreehugs	5,637,807,887	100%
ericarthurblair	4,706,147,945	10%
eajob	4,453,614,051	100%
gaissa	3,663,970,528	100%
spenzoar	9,076,774,195	100%
krypto101	9,922,385,865	100%
ccoindigger	33,024,669,550	100%
revelim	7,594,432,510	30%
josearteaga	134,487,716	100%
ferrit18	603,068,798	100%
cryptohustler	4,986,602,867	100%
marketing-guy	621,340,000	100%
autonomysystem	654,528,819	20%
orbitalqq	16,194,232,141	54%
suitablybored	300,255,471	100%
masterthematrix	35,386,926,418	30%
the1blitz	828,143,692	100%
michaelwilshaw	1,476,426,529	10%
robertvogt	23,713,791,872	100%
justiceak	3,868,887,013	100%
lqss64	2,895,152,221	100%
samuelwealth	589,770,973	100%
ammonite	8,492,770,797	53.41%
welovegaming	7,118,929,407	100%
scottybuckets	15,391,755,456	100%
slon21veka	1,115,435,999	100%
brian.rrr	1,961,247,556	100%
cryptotem	30,295,342,361	50%
hotsauceislethal	7,754,098,466	100%
davebrewer	269,706,690,029	33%
fproductions	1,144,957,399	100%
cryptocharts	2,575,957,320	100%
javybar	599,708,917	100%
lewis831	13,444,568,856	100%
kingmotan	4,580,350,625	100%
rafine	24,572,289,548	100%
acrowder37	652,469,975	100%
monzcourt	575,036,165	100%
nezbong	39,718,646,355	100%
candymza	319,052,800	100%
jomeszaros	11,288,160,711	100%
cheeto.blue	3,575,194,594	10%
shahmeer	619,520,000	100%
brensonttt	610,634,794	100%
devilcat	578,779,699	100%
jammey	4,301,309,910	100%
thatdude	108,696,346	10%
croat	2,019,011,592	100%
simonpeter35	274,587,259	100%
cutris01	2,075,660,894	100%
vibvir	4,173,825,384	100%
travel-cuisine	13,367,603,394	50%
imth3best1	622,949,481	100%
savana	811,035,694	100%
camilomango	561,262,882	100%
gigolo82	539,299,839,226	100%
crazy-daisy	1,002,775,654	100%
g-hoks	582,348,800	100%
jaibirsingh	140,374,976	100%
littlejoeward	631,375,746	100%
queency	374,685,314	100%
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cryogenikz	519,885,182	100%
mantishands	71,529,011,140	100%
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secora	14,748,297,587	100%
tech-nomad	3,060,896,432	100%
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duekie	593,621,316	100%
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walaoeh	698,727,355	100%
investoranalysis	1,120,752,464	100%
unrared	11,607,288,754	5%
vandrei.razvan	96,313,912,853	100%
otage	3,410,433,773	100%
davidalexander	4,167,781,747	100%
arifulsms	1,621,825,516	100%
kxp	11,758,346,410	100%
modemser	9,613,105,824	100%
mhdi	406,407,372	100%
fr3eze	16,266,423,821	80%
mephentis	1,007,964,984	33%
mrs.ginger	5,052,896,110	100%
bilqis07	375,932,010	100%
sizikir	486,720,104	100%
rabeel	589,105,878	100%
alekoako2	1,073,612,831	100%
tom74	1,985,463,821	100%
cryptoeagle	43,398,440,436	50%
santigs	725,526,172	100%
karaziatrue	773,265,057	100%
colinmac99ca	52,393,194,363	100%
laciprian	610,227,200	100%
hatemelpop	284,256,927	100%
sanjib	504,242,306	100%
bardanmie	640,203,168	100%
kelborhal78	574,696,723	100%
emmy4great	686,222,347	100%
spunkpuppet	4,061,659,193	100%
minecrew	1,055,051,742	100%
turymenecier	70,141,072	30%
monkeydluffy9891	719,599,486	100%
wombleoftherock	2,959,463,732	100%
my2coins	5,905,507,894	100%
fthelyof8	1,079,397,131	100%
canter212	1,015,560,638	100%
err0rist	436,745,061	100%
voskcoin	1,114,213,012	100%
cryptotrade007	1,481,801,755	6.67%
miguelfiguera	1,160,638,361	100%
aristondo	1,073,589,606	100%
ansisltd	72,637,296	100%
anirock	0	100%
kanashimi	83,146,933	5%
taskmaster4450	7,165,676,655	15%
swissclive	1,079,390,560	100%
ryoplasmic	1,532,516,014	100%
henrylo	1,044,571,268	100%
thesloopjohnb	1,573,337,790	100%
masterofcoin	49,852,828,031	50%
alishannoor	1,301,873,030	100%
ahmedkamel2000	369,544,705	100%
criptorafa	9,830,799,320	49.3%
iwasthemorning	1,160,630,689	100%
pajero	8,396,449,967	100%
billsurf	2,006,004,938	100%
space-man	383,125,421	1%
eliashanna	80,418,474	3%
xoxois	358,612,540	100%
crypto-guru	362,112,032	1%
hiiru	1,146,058,976	100%
mecherine	1,133,879,728	100%
omgrofl	1,261,356,239	100%
sarcastic.man	603,285,382	100%
casinobonusclub	1,160,623,049	100%
steemedchitty	5,312,524,377	100%
lingopablo	1,800,919,145	100%
learngerman	1,380,027,975	100%
torosan	977,731,720	100%
ghayas	1,040,056,249	100%
rollsman	140,909,959	100%
kezonsteem	1,141,197,186	100%
dalesatoshi	1,160,619,894	100%
tunjex12	276,390,252	100%
debecki	1,137,407,091	0%
afukichi	201,598,099	100%
haxmat	1,073,254,625	100%
asatu	229,967,155	100%
jimmylin	1,370,078,351	100%
movieperminute	6,168,800,971	100%
jondoe	244,923,181,719	100%
mrdjb	21,426,063,893	100%
andr33ty	655,770,565	100%
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vandadream	378,455,569	100%
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chap820	1,143,199,303	100%
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kylecox	1,160,593,476	100%
marlowe	957,489,617	100%
osama-rodriguez4	940,080,714	100%
sstallyb	1,160,593,472	100%
turek27	1,119,972,696	100%
tav.one	1,160,593,467	100%
itisnow	818,218,391	100%
st4rg4ze	1,160,593,457	100%
jubilantharshaw	1,119,972,683	100%
miprox	1,096,760,813	100%
rost1989	1,079,351,911	100%
shanicelouis	789,203,546	100%
bakabobi	1,160,593,444	100%
bwells	1,056,140,033	100%
tonomoshia	1,160,593,433	100%
sandor11500	1,119,972,661	100%
charafeddine	1,073,548,915	100%
salmanmahmud	1,050,337,037	100%
slimedini	1,137,381,540	100%
andrewkim1	1,009,716,252	100%
knightcoin	1,073,548,885	100%
kisame	911,065,803	100%
cryptoman98	992,307,319	100%
louieanne14	1,073,548,800	100%
dratin	1,032,927,916	100%
ah-2002	116,059,315	100%
awalud	951,686,376	100%
rajaayaz	522,266,899	100%
rajn	893,656,677	100%
thesomeone	1,119,972,225	100%
mwaqar786	934,277,308	100%
bitcoinbabe	1,137,381,015	100%
andrekweku	702,158,666	100%
huzaimi	1,160,592,780	100%
metalsnake	1,102,562,958	100%
marnet	1,160,592,572	100%
mhern074	969,094,796	100%
stinvest	1,056,139,199	100%
debster9ster	1,160,592,478	100%
princeeliot	1,143,183,568	100%
asir	1,073,547,998	100%
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evj	1,160,591,592	100%
fredx45	1,137,379,660	100%
aaronler	1,073,546,978	100%
iammax93	1,137,379,192	100%
cryptoyash	957,486,416	100%

@adviser · Sep 25 '17

thanks for share

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@akeem22 · Sep 25 '17

$0.38

Bitcoin is just amazing and the way it is been globally accepted makes it even more fun to acquire it... I've reblogged and upvoted... great

👍 good-karma, bitcoiner, esteemapp, feruz, lingopablo, peak.endrule, knightcoin, meysam, phaarmakone, bounties, steempoll, demo, tipping, mysteem

properties (23)vote details (14)

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peak.endrule	1,096,763,534	100%
phaarmakone	742,781,221	100%
knightcoin	1,050,337,017	100%

@alekoako2 · Sep 26 '17

very interesting post!

properties (22)

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@alirazaamjad · Sep 25 '17

This might be an open door for bitcoin to wind up something valuable and not only brief comment swarmed. Yet, with its enormous exchange charges it will be a troublesome offer.

👍 alirazaamjad

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properties (23)vote details (1)

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@ammonite · Sep 25 '17

$0.59

This may be an opportunity for bitcoin to become something useful and not just something to be horded. But with its massive transaction fees it will be a difficult sell.

👍 good-karma, geronimo, boydman, bitcoiner, esteemapp, feruz, etfbitcoin, shanicelouis, meysam, bounties, steempoll, demo, tipping, mysteem

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@etfbitcoin · Sep 26 '17

SegWit address and set fees manually should be able to reduce transaction fees. If you don't need fast confirmation, you can set the fees below 80 satoshi/byte.

👍 etfbitcoin

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properties (23)vote details (1)

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@geronimo · Sep 26 '17

$1.37

Exactly! Fee´s are still too damned high. I hope the adoption of Segwit will change that. There are currently so much better cryptocurrencies out there, but I understand why they picked Bitcoin.

👍 geronimo

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@fthelyof8 · Sep 28 '17

Segwit WILL eventually help reducing fees, but it's going to take time.  Users need to xfer funds to the legacy "1" bitcoin addresses to the segwit "3" format addresses.  It would be helpful if the exchanges and payment processors (I'm looking at you Shapeshift) sped up their adoption.  Last I checked, segwit txns were now around 5% of the blocks.

Fees are important, but the main positive of Segwit is that it paves the way to 2nd layer protocols like Lightning, etc.

properties (22)

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@swissclive · Sep 26 '17

Hi Geronimo,  how much fees are you paying to transfer bitcoin?   When I transferred some bitcoins before the last fork my fee was several dollars.  When I transferred some a two weeks ago, the fee was just $0.04.    The second fee is probably low enough for BTC to be used in day to day transactions, like buying coffee - at least in the richer countries.

I am not sure how or why the fee fluctuates like this.

👍 marnet

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5 replies

@hotsauceislethal · Sep 26 '17

That is where the lightning network and atomic swaps come in :)

properties (22)

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@jrcornel · Sep 25 '17

$0.14

Perhaps they need to be introduced to Steem... ;)

👍 geronimo, lingopablo

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@ammonite · Sep 25 '17

Exactly :)

properties (22)

@geronimo · Sep 26 '17

$1.34

I don`t see STEEM as a currency to buy groceries, do you ? :)

👍 geronimo

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3 replies

@tom74 · Sep 26 '17

$0.05

How about BitShares add a Hero fund to help Venezuelans. Ultimately this would be a great place to show the cost per transact fee differences and boost awareness of Steem as well.

👍 ppitonak

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@ansonoxy · Sep 26 '17

The specific reason for arrests surrounding Bitcoin mining was due to miners sucking too much power off the grid when power, which may lead to power outages for everybody in the vicinity, as such it is definitely understandable why that would be the reason for the prohibition on mining off the main power grid. Venezuela in particular, is a great case for a situation where bitocin, and cryptocurrencies alike can provide a means for a country under major duress, where the black market consists of everyday items to the likes of bread and milk! Nonetheless, to presume that Bitcoin is going to overtake the dollar in use is still far from the matter-of-fact, in more stable economies, Bitcoin's price is still simply too volatile for everyday transactions and is still and will still be seen as an asset-class as opposed to an currency for day to day use. I am of the belief that cryptocurrencies will eventually knock off the dollar, be it by sheer utility, or when the dollar crashes, however, it simply isn't today.

properties (22)

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@argelida1 · Sep 27 '17

Recientemente se ha hablado mucho desde el gobierno de Venezuela sobre el uso de monedas alternativas al dolar para transacciones debido a la escases de $. .Yo como Venezolana me pregunto estamos educados y familiarizados con el bitcoin lo suficiente para comerciar con ella? porque sabemos tasar  en $, pero en satoshi?

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@aymen.mazhar · Sep 25 '17

$0.03

The pace at which this trend is growing is alarming and certainly to be seen taking strength as time passes by. I mean, the value for Bitcoin has increased almost 560% since last year. That kind of progress is not to be taken lightly. And right now its Venezuela, tomorrow it'll be half of the world. This looks like the future in the monetary perspective.

👍 davebrewer, mahamriaz, zaidi

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@beulahlandeu · Sep 26 '17

Hello @jrcornel

I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash. upvoted and following you. please do same

👍 beulahlandeu

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@brian.rrr · Sep 25 '17

Wow, I knew things were bad in Venezuela but that is worse that I imagined - 200,000 for lunch and a constant eroding of your hard earned money. I can understand why many people would move to bitcoin- easy to do and is actually appreciating instead of holding something that is becoming irrelevant. Thanks for sharing.

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@jrcornel · Sep 25 '17

$0.12

I had no idea it was that bad either... Cryptocurrencies are particularly attractive to the unbanked.

👍 davebrewer, tonomoshia

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@brianphobos · Sep 25 '17

It is certainly going to happen in the countries that are having the most issues with their fiat currencies.

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@buster544 · Sep 25 '17

People all over the world are tired of watching their purchasing power erode on a daily basis, all the while banks making all the money and charging you to access it, they have been pushing us into a digital system for years now, such as places that won't take cash, business all using direct deposit now, but with crypto you become your own bank, Along with silver and gold, bitcoin isn't going away.

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@caita · Sep 26 '17

Yes! 
Regardless, Bitcoin has immense potential to allow us to bypass central sovereign governance and bureaucracies altogether.

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@colivingclub · Sep 27 '17

Bitcoins definitely become more and more popular every single day, especially when more and more companies start accepting crypto.

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@cryptoforce · Sep 25 '17

I really like this article. Bitcoin is taking hold if you don't see it you are blind like Jamie Dimon.

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@cyberblock · Sep 25 '17

$0.34

Triangle as been broken, time to buckle up!
https://media.giphy.com/media/3b6pYadlJLyDe/giphy.gif

👍 cyberblock, yonny

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@davebrewer · Sep 26 '17

$1.68

Could be an interesting precedent.  Any state on the verge of currency collapse and moving into hyperinflation, has the citizenry decide to abandon fiat ad move to BTC as a better store of value.

I wonder if Greece is far away from this result?  or Argentina?  South Sudan?  Suriname?

Which country could be up next?

👍 davebrewer

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@demotruk · Sep 26 '17

$0.03

How can Bitcoin be taking over as a primary means of exchange when there are fewer transactions per day than in mid/late 2016?

👍 ammonite

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@doncollins · Sep 26 '17

Nice one bro.. Am a very huge fan of yours.. 
Bitcoin increases by huge % daily.. And still remains the best trustworthy crypto currency in existence

properties (22)

@everittdmickey · Sep 25 '17

government is shooting itself in the foot...again.
that's crazy.

properties (22)

@f3nix · Sep 26 '17

![1wkebl.jpg](https://steemitimages.com/DQmQQTQJQgvzvLQyQSNaUuzCc71wtqMXU7W1xg4GNTo4qED/1wkebl.jpg)

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@financialfsc · Sep 26 '17 (edited)

Hello
http://financialfreedomshop.onlinesalespro.com/financial2
Fell Free To Drop Bye Anytime

properties (22)

@fproductions · Sep 25 '17

$0.08

https://thebitcoinhustler.files.wordpress.com/2017/06/gordon-gekko-phone-get-me-in-on-that-bitcoin.jpg?w=869

👍 boydman

properties (23)vote details (1)

@jrcornel · Sep 25 '17

$0.08

Bluehorseshoe loves Bitcoin... and steem. :)

👍 boydman

properties (23)vote details (1)

@gamzeuzun · Sep 25 '17

$0.08

Thank you for getting this out. @jrcornel

👍 boydman

properties (23)vote details (1)

@haejin · Sep 29 '17

Bitcoin's Pathway to $9,000:
![](https://steemitimages.com/DQmQqE7Tc6TPTVJkRDfyvB74DmHxH3NMsRWrsr54vWssKva/image.png)

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@harismunandar · Sep 25 '17

thank you @jrcornel you have provided information about bitcoin. if you are not too busy, visit my blog to look around :)

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@havok777 · Sep 25 '17

That is super interesting and intriguing! Bitcoin is an interesting socio-economiic experiment getting real world results. How many more countries will go the route of bitcoininization.

properties (22)

@jrcornel · Sep 25 '17

$3.04

Hopefully a lot. It is an interesting experiment. Better than that one out in California where people are being gifted free money to see what they do with it...

👍 sauravrungta

properties (23)vote details (1)

@barber86 · Sep 27 '17

I'd buy bitcoin with it hehe

properties (22)

@tom74 · Sep 26 '17

Hey @jrcornel that is right on the money. I am disabled on workers compensation from California. I am pretty bad off and my family relies on California dollars. It is scary to think that I will not get my money that I bled for because a person who entered the State and Country illegally, will now get an expensive free education. It's scary as hell.  I try to learn as much about investments as I can and put away everything I can into various ventures trying to get ahead so I won't loose more sleep over this serious problem. Furthermore, I live in a small town in Florida. I put a lot of money from my pension and workers compensation into my local economy. There are people who make good retirements distributed throughout the US that rely on those California dollars. The economic cycling in the rest of the US is significant. It is a big mess. When it tanks the shock waves may be deafening.

👍 swissclive

properties (23)vote details (1)

@heymattsokol · Sep 25 '17

Steem is a much better fit... 3 second no-fee transactions will be a way easier way to buy lunch than sitting around and hoping that the BTC clears within the first 10 minutes.

properties (22)

@hotsauceislethal · Sep 26 '17

I would think they'd just create their own state issued crypto that is only partially decentralized.

properties (22)

@hozzaraphaed · Sep 25 '17

Bitcoinization!!! sounds good

properties (22)

@imwatsi · Sep 26 '17

$0.17

The country's situation presents a perfect opportunity for STEEM to enter the scene. Imagine people flocking to buy STEEM and using SBD to transact! I know @ned knows how STEEM can easily be adopted there. It's just a mobile app away from happening. The future looks good for STEEM and Steemit

👍 davebrewer, imwatsi

properties (23)vote details (2)

@davebrewer · Sep 26 '17

Would be big for STEEM.  How far away is that mobile ap?

properties (22)

@imwatsi · Sep 27 '17

Well, the 2017 roadmap says it'll be out sometime in Q4, so I'd say by November or December at most, but I wouldn't be surprised if it comes out sooner. I can't wait!

properties (22)

@investoranalysis · Sep 26 '17

Great article! I think this is only the beginning. Soon we will see more adoption from the broad public and it will be a frenzy happening. Hopefully people who are new to crypto stay away from the scam and shit coins out there with no utility or value.

properties (22)

@janashby · Sep 26 '17

Interesting.  And sort of EXCITING!

In a Nutshell:
  Your statement:

"However, Venezuela is unique in that it doesn't have access to dollars in the amount needed to sustain its local economy, therefore other means are being sought out."

Did not know that the dollar is NOT an option for the Venezuelans

properties (22)

@joshvel · Sep 25 '17

This is good news to all Bitcoin holders. Thanks for sharing...This will encourage other nations to look into Bitcoin as an alternative to their currencies.

properties (22)

@karlin · Sep 25 '17

$0.11

very good friend, I am Venezuelan and as a citizen I live daily this horrible chaos of the devaluation of our currency, that is why I have seen in the need to resort to the criptomonedas and I have faith that I will do well with this same that there are many who have been saving and investing in them. Greetings from Venezuela.

👍 buster544, ammonite, allowisticartist, wombleoftherock, karlin, lingopablo, tonomoshia, marnet, swissclive

properties (23)vote details (9)

@swissclive · Sep 26 '17

Karlin, I feel your pain in Venezuela.  I hope your people can find a way to survive the chaos.  You need to feed your children.   What is the preferred crypto in Venezuela for a daily transaction like lunch or coffee?

properties (22)

@karlin · Sep 26 '17

thanks for your concern, we are really having a hard time, I have little time in the world of the criptomoneda, I have an account that believes in bittrex I only have a few sbd and 0.01 btc saved. I'm starting in this world and I want to get ahead.

👍 karlin, swissclive, spiry-btc

properties (23)vote details (3)

13 replies

@kezonsteem · Sep 27 '17

This an example of how powerful and useful cryptocurrencies are becoming. They will in the coming years replace the currencies of weak economies due to their comparative stability. When this will happen in bigger more established economies is far harder to predict however. Perhaps after the next big recession when the general public's trust in banks dwindles once again. Thanks for sharing. Upvoted.

properties (22)

@kyubiner96 · Sep 25 '17

How to make bitcoin ??

properties (22)

@louieanne14 · Sep 25 '17

plsss like my blog too

properties (22)

@marnet · Sep 26 '17

The primary barriers for adoption in Venezuela are education and availability of exchange.    Venezuelans will augment their currency pool with bitcoin as soon as they can pay for basic necessities with it, mainly food and transport.  Rent is apparently not an issue which reduces the barrier for entry. They will still need to pay for government control services, power, gas, public transportation in Bolivars.  For almost everything else, Venezelans should be able to interact in Bitcoin or other crypto currencies as long as they can trade back and forth between Bolivars and their crypto of choice when needed.  This is not an easy thing to accomplish without the support of banks and the active persecution of the government but I'm looking forward to seeing someone pull it off.

properties (22)

@maxdevalue · Sep 25 '17 (edited)

$0.51

The way am seeing it, bitcoinization will hit many countries by surprise! Am just worried about my die-hard country because what is happening in China might happen here if government try to stop the trend of cryptos not just bitcoin.

Many folks in China has declared abandoned ship 🚢 to their country and has joined in the great exodus just because of the restrictions on bitcoin.

The world 🌎 should understand that at some point it's good to allow things to revolve in their own natural ways, going cryptos is a way of life and should be giving a chance.

My advice is that instead of government taking back seat ; let them (countries) come together and make or allow the era of cryptos go good for humanity.

👍 good-karma, geronimo, bitcoiner, esteemapp, feruz, lingopablo, etfbitcoin, cryptoeconomics, knightcoin, meysam, bounties, steempoll, demo, tipping, mysteem

properties (23)vote details (15)

@mscleverclocks · Sep 26 '17

$0.14

Aaaww it's so cute how you still think governments want to do good for humanity. The truth is they only want power, control, and oppression of humanity. Crypto will make them obsolete. People in the crypto community have no interest working with governments. Why would we? This technology will get rid of them to give us a prosperous and peaceful world.

👍 geronimo, robertmiller777

properties (23)vote details (2)

@etfbitcoin · Sep 26 '17

$0.03

Not every governments are evil, in fact few governments already legalize and accept bitcoin.

👍 maxdevalue, etfbitcoin

properties (23)vote details (2)

@geronimo · Sep 26 '17 (edited)

$1.34

Aaawww it´s so cute that you think it will be that easy for crypto to make them obsolete. If people do not want to work with the government, they will (like you saw it in China) ban it. So I don`t think it is a smart move to disrupt almost everything without the government.

👍 geronimo, maxdevalue

properties (23)vote details (2)

@mdf-365 · Sep 26 '17

Really great article. I'm just starting to see how Bitcoin and other cryptocurrencies fit into the global currency market. Will follow your account and hope to learn more. Thank you

properties (22)

@mecherine · Sep 26 '17

Yes you are correct but most people from poor countries in Africa can not afford to buy Bitcoin now the price is higher.

properties (22)

@mustayani · Sep 25 '17

> In an interview on CNBC with Daniel Osorio of Andean Capital Advisors, Osorio stated that we might be seeing the beginnings of a country (Venezuela) "Bitcoinizing" completely.

Great interview @jrcornel.

properties (22)

@nicholas83 · Sep 26 '17

$0.12

@jrcornel. As you wrote in a previous post. The genie is out of the bottle. It is only a matter of time. In fact, it is here. I hope that more people will read posts like these and get with the program. It took only 3% of the American public to have a revolution. Bitcoin use is under one percent. Interesting days ahead my friend.

👍 davebrewer

properties (23)vote details (1)

@ordinarydaze · Sep 25 '17

Thanks for sharing this; it's great to learn more about crypto in terms that are easy to understand!

properties (22)

@osama-rodriguez4 · Sep 25 '17

I'm new in steemit. afraid of long comments. the post you share is very good thank you for sharing. success always ya friend!

properties (22)

@otage · Sep 25 '17

Interesting. Venezuela is banning Bitcoin for similar reasons to China but it's not working for them because they have lost control of their currency. When gold was rising Venezuela called back all its foreign gold reserves to bolster their own currency. Now that oil and gold have plummeted and the socialist government has mismanaged their finances, Venezuela is broke and selling off it's gold reserves for dollars. If they had converted all their gold to Bitcoin they would be doing mighty fine right now but then again that would have been a very risky move for any nation. China's central bank has also been accumulating lots of gold and some speculate to make a challenge to the supremacy of the petro dollar. So with their ban on Bitcoin and crypto exchanges it looks like China just like Venezuela is banking on their massive gold reserves to keep the government and the Yuan going strong. Unless they are working behind the scenes on their own version of a controlled crypto as I suspect many governments are doing right now. In fact, every government in the world with a department  for National security should be running models on Bitcoin and other crypto currencies to assess the adoption rate and the very real threat to their sovereign currencies.

properties (22)

@swissclive · Sep 26 '17 (edited)

Otage.  The evidence is that many countries are buying gold.  Russia, for example, bought 201 tons last year.   So far, I have not heard of any country buying bitcoin for their reserves.  Maybe that's because the $12 billion Russia spent on gold exceeded the entire market cap of bitcoin last year.  The trouble with gold is that the more you buy, the higher the price.  The higher the price, the more it encourages miners, which then increases the supply.   

On the other hand, bitcoin's supply is capped at 21 million coins, whatever happens.   

I guess central banks will start buying bitcoin when the price reaches a billion dollars.

👍 otage

properties (23)vote details (1)

@otage · Sep 26 '17 (edited)

Thanks for your reply. Yes, although there is a finite supply of gold in the earth's crust we probably have only just scratched the surface. Its like "peak oil." A few years ago when prices shot up people declared that we had reached "peak oil" and we were on a worldwide downward trend of discovery and production. The world would be thrown into chaos without enough oil to meet demands. New finds and new extraction methods have proved that that is not the case and oil prices have declined again. As you point out the Bitcoin market cap is still in it's infancy so it will be interesting to see where it goes and which central bank is going to be the first one to jump in and reap the rewards.

👍 swissclive

properties (23)vote details (1)

4 replies

@peak.endrule · Sep 25 '17

very interesting post ! great job

properties (22)

@protoken · Sep 25 '17

$0.03

The people in Venezuela need bitcoin for basics such as purchasing food. How will us bitcoin speculators influence the Venezuelan people's ability to keep being able to buy food - will our actions make the bitcoin price so volatile that they'll choose to opt out and look elsewhere.

👍 protoken

properties (23)vote details (1)

@rabeel · Sep 25 '17 (edited)

thanks @jrcornel, many informations in your article about bitcoins. i think after next there is Bitcoin in every where, hpe for the best and my support for the peoples of venezuela.
Upvoted.

properties (22)

@randr10 · Sep 26 '17

Hell yeah man.  I wish the Venezuelan people luck in their journey to be free of their corrupt government.  Hopefully they find some comfort in the wealth preserving power of crypto.

properties (22)

@renardo · Sep 30 '17

great even falling state won't fall...

👍 renardo

properties (23)vote details (1)

@robertoblasoni · Sep 25 '17

Apparently that might not be a problem XD

properties (22)

@sacred-agent · Sep 25 '17

"Necessity is the Mother of Invention"...

Venezuela is the FIRST of many more countries to come... 

AND it will be out of Necessity...

Thanks Cornel 4 Sharing !!

Cheers !!

properties (22)

@jrcornel · Sep 25 '17

$0.03

Yes I couldn't agree more. Some will adopt it because they have to, which in turn will help spur others to adopt it.

👍 sacred-agent

properties (23)vote details (1)

@sames · Sep 25 '17

Bitcoin for life!!

properties (22)

@sanjib · Sep 25 '17

bitcoin are amazing cryptocurrency . bitcoin as like a future  aset.

properties (22)

@santigs · Sep 25 '17

This is a clear example of an incompetent government with an economy totally linked to the oil price. After oil price has fallen, the economy has collapsed. But just organically people have started to use bitcoin more and more as the way to be able to do they daily living transaction needs.
It is a clear evidence that Mr. Dimon, JP Morgan CEO is absolutely incorrect on his speech.

👍 tonomoshia

properties (23)vote details (1)

@buster544 · Sep 25 '17

Or doing what the do best and that is to discourage bitcoin and any crypto while they buy it up. 
Always manipulating the market, and crypto is huge!

properties (22)

@sizikir · Sep 26 '17

Thanks for yoir information

👍 sizikir

properties (23)vote details (1)

@spunkpuppet · Sep 25 '17

$0.12

IMO it's about time the world had a genuine international currency that isn't reliant on a specific state or its economics. As far as I'm aware the new regulation in China is about uncontrolled and fraudulent IPO's/ICO's. Given that their economy is driven by bribes (Oops sorry gifts. If you are planning on doing business there you need to give a lot of people gifts) they'll soon find a new way round the new regulations. Just like they'll still be secretly trading with North Korea despite the sanctions (or more accurately because of them).

👍 davebrewer

properties (23)vote details (1)

@steemcreations · Sep 25 '17

$0.37

We will see more and more of this in future because the house of cards they call "monetary system" is about to fall apart because of hyperinflation and many other reasons. Imagine if the people in Greece bought BTC when they had their crisis. All would drive lambos now (:

👍 davebrewer, runicar

properties (23)vote details (2)

@steemedchitty · Sep 25 '17

Your numbers aren't exactly accurate. I can tell you that from Venezuela. However, the point you make is still accurate. I know people making a living just from steemit, and it has certainly helped me improve my living standards. You have no idea the difference it makes to have an income in currencies other than Bolivares, however small. 

As to Bitcoin taking over, it's farfetched yet possible. There are already many businesses operating exclusively with dollars, but I do know a couple people making transactions in Bitcoin. It's untraceable, so the government can't keep up with you, and in Venezuela, that's literally the best thing you can hope for.

👍 cryptick

properties (23)vote details (1)

@steemit.lover2 · Sep 26 '17

Hi @jrcornel, When it comes to Bitcoin, your posts are the ones I like the most. Your analysis is to the point and very practical. Keep posting and serving man.

properties (22)

@steveitt · Sep 25 '17

"V" is for...Venezuela? Okay, got to start somewhere.

properties (22)

@taha84 · Sep 28 '17

I think

properties (22)

@tamas.buza · Sep 26 '17

Thanks for sharing. I learned a lot from crypto currencies. I think the crypto currencies are changing the global economy.

properties (22)

@taskmaster4450 · Sep 26 '17

Houses bought with bitcoin...countries like VZ and JPN accepting BTC as payment.

I think the horse is out of the barn....the banksters know they cant stuff it back in.

We are seeing a major turning point in the 100+ year enslavement of humanity.

Cryptocurrencies are only going to become a larger part of people's lives.  There is no way to outlaw or control them in my opinion.  People now have the ability to create wealth out of thin air just like the bankers have done.

properties (22)

@techwizardry · Jan 5 '19 (edited)

$1.34

New weekly record almost every week. This trend started at the beginning of 2017.

👍 gridcoinman, davebrewer, allowisticartist

properties (23)vote details (3)

@davebrewer · Sep 26 '17

$1.64

What is the link you used to get this data?  This is a huge signal.  Would like to look at the raw data if could please assist.

👍 davebrewer

properties (23)vote details (1)

@davebrewer · Sep 26 '17

Coindance.com    Thanks

properties (22)

@techwizardry · Jan 5 '19 (edited)

$0.93

It's Coindance.

👍 gridcoinman

properties (23)vote details (1)

@thatsprateep · Sep 27 '17

Nice

properties (22)

@vaerospace · Sep 25 '17

yip Im BITCOINISED !!!

properties (22)

@yemmy4eva · Sep 25 '17

$0.06

Bitcoin to the moon baby! Thanks for sharing..

👍 yemmy4eva

properties (23)vote details (1)

@jrcornel · Sep 25 '17

$0.06

Getting a nice bump today on geopolitical turmoil. :)

👍 yemmy4eva

properties (23)vote details (1)

@zoidsoft · Sep 26 '17

I think I heard Andreas Antonopoulos say that Kenya was the first country to go full crypto, but I might be mistaken.

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voter	rshares	pct
buster544	8,781,098,170	100%
ammonite	8,495,348,905	53.41%
wombleoftherock	3,019,860,951	100%
swissclive	1,102,603,260	100%
karlin	2,108,667,869	100%
lingopablo	1,391,619,339	100%
allowisticartist	4,521,972,886	100%
tonomoshia	1,119,972,663	100%
marnet	1,119,971,832	100%

voter	rshares	pct
spiry-btc	597,847,469	10%
swissclive	1,021,358,809	100%
karlin	2,271,652,615	100%

voter	rshares	pct
good-karma	100,092,650,458	0.5%
geronimo	37,597,578,148	10%
bitcoiner	3,867,909,515	0.5%
mysteem	84,110,067	1%
demo	162,295,936	1%
feruz	1,521,508,815	1%
esteemapp	2,495,467,744	1%
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bounties	172,474,655	1%
steempoll	167,421,006	1%
cryptoeconomics	1,073,232,730	100%
tipping	152,152,984	1%
lingopablo	1,438,396,460	100%
etfbitcoin	1,126,428,168	100%
knightcoin	1,032,928,116	100%

voter	weight	wgt%	rshares	pct	time
geronimo	0 B		39,809,200,392	10%
robertmiller777	0 B		1,154,793,643	100%

voter	weight	wgt%	rshares	pct	time
maxdevalue	0 B		8,483,904,231	100%
etfbitcoin	0 B		1,056,391,183	100%

voter	weight	wgt%	rshares	pct	time
geronimo	0 B		380,399,025,969	100%
maxdevalue	0 B		8,322,817,442	100%

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davebrewer	84,283,340,634	10%
allowisticartist	4,421,484,600	100%

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