Venezuala Becomes One Of Biggest Cyptocurrency Markets.
Venezuala, a nation that has been faced with the issue of high inflation since 2014, the nations primary currency grew upto 57 percent in February 2014. This caused a lot of problems in the venezuelan market, problem to investers and businesses operating in the country. It was so bad that the inflation rate in the country grew upto 100 percent making it to be among the world’s worst inflation rate ever recorded. The nations currency lost its value making it hard for both investers and businesses to operate smoothly. The country could not access foreign currencies due capital control, a measure that was enforced since 2003. This paved way for cryptocoins like Bitcoin and Altcoins and more especially Dash to enter the nations economy. The cryptocurrency became a means of doing business, for exchange etc. And trading cryptocurrencies became a popular thing in the country for both businesses and ordinary venezuelans. For the past few years now the use of cryptocurrencies has increased giving the opportunity for several crypto currencies to establish themselves in the country.
The use of Bitcoin in venezuela has become so popular thereby increasing the growth of bitcoin share in the cryptocurrency market, bitcoin is more prefered choice in venezuela as trading means followed by Altcoins and Dash. in 2014 when the nation was heating up with the hyper inflation, about two bitcoins were traded for the VEF at the LocalBitcoins Exchange, now in december the hyperinflation became more intense seeing 64 bitcoins traded. As at then the value of bitcoin was up at $311 when it previously stood at $932 at the start of the year.
In 2015 the story changed for bitcoin, however it was still a bad year of the government and people of Venezuela, in June 2015, the nations inflation rate increased to about 335 percent truely worst than expected.
This inflation rate in venezuela has also helped in raising the growth of bitcoin, as of 2016 bitcoins of over 8,624 was traded via LocalBitcoins exchange representing an increase from the previous year and the total value of bitcoins traded via LocalBitcoins increased again to the sum of 21,556.
The nations economy was so bad that ordinary people on the street could not afford to purchase food, some businesses were winding off. A report by Coindance stated that about 14,886 bitcoins were purchased with VEF at the LocalBitcoins Exchange from the beginning of this year to August 2018.
Dash on the other hand was later added as a tradable currency to the caracas based Cryptobuyer exchange and was in high deman as at that time.
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