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Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)

Venezuelans traded more bolivars for Bitcoin (BTC) than ever before last week, but the statistics say more about fiat than cryptocurrency. Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)

Yet Another Bitcoin Volumes Record For Venezuela

Data from Coin Dance, which tracks trading activity on P2P exchanges Localbitcoins, Paxful and Bisq, confirmed the seven days to July 20 were Venezuela’s biggest on record.

During that period, users on LocalBitcoins alone generated volumes of over 57 billion bolivars, beating the previous all-time high of 49 billion, which appeared in the previous week.

As Cointelegraph reported, Venezuela’s currency continues to suffer from runaway inflation, which estimates claim has reached 10,000,000%, leading citizens to resort to alternative means of storing value.

The country’s official alternative, state-issued digital currency Petro, was declared a failure by a United States nonprofit this month.

But There’s A Catch

Yet as the bolivar count on Localbitcoins keeps growing, in Bitcoin terms, the number is falling. The 57 billion figure for last week equated to just 574 BTC — considerably less than in some previous weeks earlier this year.

Underscoring the weakening bolivar, Venezuela’s cryptocurrency trading is not supported by the government, which also imposed embargoes on foreign currency.

Earlier this year, the Lightning Torch transaction relay raised 0.4 BTC ($4,000) in funds among Bitcoin users for Venezuelans unable to escape the country. Venezuela Sets New Bitcoin,Venezuela Sets New Bitcoin, Venezuela Sets New Bitcoin

After Multiple False Starts, Venezuela May Have Its First Bitcoin ATM

According to data by Coin ATM Radar, Venezuela has finally gotten its very first Bitcoin ATM.

Multiple Attempts To Install Bitcoin ATM

Venezuela’s first crypto ATM was installed on Sept. 10, in the city of San Antonio del Táchira, according to data by Coin ATM Radar, a website that facilitates the online search for the nearest Bitcoin ATM.

Latin American firm Panda BTM installed the Bitcoin ATM inside a small convenience store, called Viajes e Inversiones HC. The machine supports cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), and DASH, as well as the official currency of Venezuela and Colombian pesos.

Apparently there have been previous attempts to install a Bitcoin ATM in Venezuela. At the end of January, crypto firm Cryptobuyer announced the coming installation and testing of a new Bitcoin ATM in the city of Caracas. However, due to unknown reasons the ATM never went live.

Columbia Has The Largest Number Of Crypto ATMs

Neighboring Columbia currently has the most crypto ATMs of any country in Latin America. That number is set to rise thanks to a partnership between the global peer-to-peer Bitcoin marketplace, Paxful, and Medellin-based blockchain company, CoinLogiq, who are bringing 20 new crypto ATMs to Colombia.

5400+ Crypto ATMs Installed Worldwide

The world’s first Bitcoin ATM opened in Vancouver, Canada in late 2013. Since that day, the total number of cryptocurrency ATMs around the globe has continued to increase.
According to statistics from Coin ATM Radar, the total number of crypto ATMs around the world went from 501 in 2016 to more than 5400 in 2019.

 

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