In the world of peer-to-peer Bitcoin trading, LocalBitcoins is all of the rage. This platform is incredibly popular all over the world. Some regions are far more susceptible to higher trading volume compared to others, though. Venezuela has proven to be one of the hottest LocalBitcoins regions in this regard. Just last week, the country set a new all-time high trading volume record.
That in itself is pretty spectacular, to say the very least. No one should be surprised by this development, though. The economy in Venezuela is still very unfavorable in every possible way. Consumers and even businesses are flocking toward alternative solutions. Bitcoin is of keen interest to the population, to say the very least. More specifically, Venezuela has seen massive growth in the LocalBitcoins department for quite some time now. It seems this trend will only grow as more time progresses.
Venezuelans Love LocalBitcoins
Compared to June of 2017, LocalBitcoins trading has increased fourfold in Venezuela. That is a more than impressive number, to say the very least. It also highlights the growing need for cryptocurrency in regions where financial hardship has become the new normal. People are willingly parting with their Venezuelan Bolivar in exchange for something with a lot more promise. It seems Bitcoin checks all of the right boxes in this regard.
At the same time, one has to keep in mind the future of cryptocurrency in the country remains unclear. We have seen the local government crackdown on mining activities for some time now. Even though people are willingly buying and selling Bitcoin, the situation remains somewhat dire. Despite the odds, more and more people launch their cryptocurrency mining operation as we speak. It is an interesting paradigm to keep an eye on, for obvious reasons.
It will be interesting to see how the cryptocurrency situation in Venezuela evolves. After all, the government wants to get rid of this activity as soon as possible. Consumers and businesses can hardly imagine a world in which Bitcoin doesn’t exist. In the end, the government will have to admit they cannot prevent cryptocurrencies from being used. Nor can they tell people whether or not they can get their hands on Bitcoin. Rest assured we will see some more interesting reports coming out of this country in the future.