Re:Blackballed by PayPal, Sci-Hub switches to Bitcoin
by waynenilsen on Friday June 26, 2020 @07:39AM
(#23650869)
It is important to look at the axis and see there is no major growth right now it is floating around at 500 BTC per week which is about 4 million usd or approximately zero. This transaction volume is a rounding error for a country of that size
Re:Blackballed by PayPal, Sci-Hub switches to Bitcoin
by jpkoning on Friday June 26, 2020 @07:29AM
(#23650806)
Yes, it is. My understanding is that some people use bitcoin as a bridge for remitting funds into Venezuela.
But this is a niche usage. What locals really want are dollars. Something like 50-60% of all Venezuelan transactions are now being conducted with U.S. paper money and Zelle.
Re:Blackballed by PayPal, Sci-Hub switches to Bitcoin
by kemonocode on Friday June 26, 2020 @02:31PM
(#23655297)
It's true, most transactions that involve USD are done with paper money in Venezuela (which is why I mentioned I used BTC when it wasn't physically feasible to transact because coming by such paper money is not straightforward) but when it comes to electronic solutions it's a constant cat-and-mouse game. You mention Zelle which was up until very recently [0] the most used option, but people are now seeking alternatives- cryptocurrency just being one of them- and I ought to clarify that not everybody has a trusty acquaintance/family member with an US-based bank account (or a bank account themselves) to use these solutions.
[0] https://www.archyde.com/wells-fargo-eliminates-access-to-zel...
https://coin.dance/volume/localbitcoins/VES