Tether: The Story So Far

Re:Tether: The Story So Far by ALittleLight on Monday October 28, 2019 @07:45PM (#21382993)

How do the people receiving your remittances cash them out to something usable? Is there a Venezuelan local bitcoins thing?

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Re:Tether: The Story So Far by wp381640 on Monday October 28, 2019 @08:08PM (#21383109)

Yes there is, sometimes they don't even remit but rather use btc. I send $10 a month to ~5 people in Venezuela and it's one of the only ways now to help out and/or live there

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Re:Tether: The Story So Far by kmonsen on Monday October 28, 2019 @09:25PM (#21383505)

Can you provide more detail on how they actually use the bitcoin? Genuinely curious as in most countries the use cases are very limited, and there is a large cut when converting into/out of bitcoin that doesn't make it worth it.

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Re:Tether: The Story So Far by brendanw on Monday October 28, 2019 @09:37PM (#21383568)

There was solid episode of Odd Lots on cryptocurrency usage in Venezuela.

https://www.bloomberg.com/news/articles/2019-07-29/here-s-ho...

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Re:Tether: The Story So Far by rafaelm on Monday October 28, 2019 @09:25PM (#21383509)

Yep, Localbitcoins is usually the way.

There are also a few shops (even one very large shop) accepting some cryptos now, like BTC and Dash. I'm not sure what volume they are seeing in sales though.

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