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Petro Ignited: Venezuela Launches Pre-sale Of Oil-backed National Cryptocurrency

Petro Ignited: Venezuela Launches Pre-sale Of Oil-backed National Cryptocurrency

Petro Ignited: Venezuela Launches Pre-Sale Of Oil-Backed National Cryptocurrency Venezuela launched the pre-sale of the worlds first national cryptocurrency Petro (PTR). The Venezuelan government launched the pre-sale of the worlds first national, oil-backed cryptocurrency Petro (PTR), Financial Times reports Tuesday, Feb. 20. 82.4 million Petros are already available for purchase for fiat currencies and top cryptocurrencies, although not for Venezuelan Bolivars. The government intends to attract foreign investors from countries like Poland, Denmark and Norway, as well as skirt the US and EU sanctions, according to Venezuelas Minister of Foreign Trade and International Investment Jos Vielma Mora. Previously, President Nicolas Maduro had ordered the issue of 100 million Petros with the value of a single barrel of oil each. The president hopes to raise a total of just over $6 billion via the sale of PTR. To buy and trade in Petro, investors need to download a digital Petro wallet , developed by the Venezuelan government. Once acquired it will generate an address you can provide to anybody who wants to transfer PTR to you. The catastrophic drop in the value of the Bolivar made the countrys government search for alternative ways to save the economy from a meltdown. In the last 12 months, the inflation in Venezuela totaled 4,115 percent and the Bolivar lost up to 96 percent of its value, which sent the country's economy into a downward spiral. What do you think? Will Venezuela be able to outperform the entire ICO market of 2017 by securing $6 bln during the sale of Petro? #CT_questions Venezuela has officially launched the pre-sale of its #Petro cryptocurrency, first such issuance done by a government. The value of all tokens is equal to $6 bln, more than all 2017 #ICOs com Continue reading >>

The Cheapest And Most Expensive Countries To Mine Bitcoin

The Cheapest And Most Expensive Countries To Mine Bitcoin

It costs $26,000 to mine one bitcoin in South Korea and just $530 in Venezuela Mining just one bitcoin in South Korea costs $26,170, according to data released by lighting and furniture firm Elite Fixtures. The Elite Fixtures data also showed that Venezuela is the cheapest country in which to mine bitcoin. Haobtc's bitcoin mine site manager, Guo-hua, checks mining equipment inside their bitcoin mine near Kongyuxiang, Sichuan, China. Bitcoin mining is costing South Koreans a lot of money. Mining just one bitcoin in one of the world's biggest digital currency markets costs $26,170, according to data released by lighting and furniture firm Elite Fixtures . So-called bitcoin miners are vital to keeping the underlying blockchain, or distributed ledger, network tick. A blockchain network is essentially a huge decentralized database that maintains a continuously growing record of transactions or other data. Miners solve complex mathematical problems to validate transactions and add them to the blockchain. The Elite Fixtures data also showed that Venezuela is the cheapest country in which to mine bitcoin. It costs $531 to mine the world's best known virtual currency there. Some Venezuelans have turned to bitcoin mining for survival in the economically struggling South American country. Continue reading >>

Can Bitcoin Save Venezuela?

Can Bitcoin Save Venezuela?

By Antonio Graceffo |Feb 12, 2018 | Americas , Economy , News & Analysis | 0 | US hundred dollar bills and bitcoin coins ( Public Domain ) Bitcoin does not eliminate the middle man since a third party is still needed to convert the coins to dollars, and Bitcoin is not saving Venezuela. Recently, there have been a number of articles in both mainstream and alternative media, citing how Bitcoin has been used as a storage of wealth and value to defend against Venezuelas hyperinflation which has reached more than 4,000 percent. [1] This paper will examine a number of these articles and demonstrate that most of the benefits attributed to Bitcoin in Venezuela would have been achieved through the use of US dollars or ecommerce of any kind. Many of the articles claim that Venezuelans could use Bitcoin as a storage of wealth and value. Some argue that if Venezuelans had invested their money in Bitcoin in 2014, when it reached a peak of $630, their investment would be worth over $7,000 at the time of this writing, February 7, 2017. [2] This logic, however is no different than saying Venezuelans should have purchased Google when it debuted at $85, an investment which would now be worth over $3,000 today. One may also argue that Venezuelans could have put their money into Paycoin, a cryptocurrency launched in 2014 which offered a guaranteed floor of $20. After the initial coin offering, Paycoin became one of the largest cryptocurrencies in the world. By 2015, the company had folded and the founder had become an international fugitive from justice. [3] Of course, with 20/20 hindsight, it is easy to determine when one should have invested in what. The reality, however, is that no investor can tell the future and people frequently purchase the wrong investment at the wrong time. Had V Continue reading >>

Crypto Investors Should Stay Away From Venezuela's Petro

Crypto Investors Should Stay Away From Venezuela's Petro

Mar 25, 2018 at 10:00 UTC|UpdatedMar 26, 2018 at 10:23 UTC Yaya J. Fanusie is the director of analysis at the Foundation for Defense of Democracies' Center on Sanctions and Illicit Finance. Follow him on Twitter at @SignCurve . Michaela Frai is a research associate at the foundation. Follow her at @MichaelaFrai and @FDD . Venezuela has reportedly made the first state-backed cryptocurrency, the petro, available to the public. Crypto investors should just say no. For one thing, Venezuelan President Nicolas Maduro blatantly advertises this new crypto token as a tool to circumvent economic sanctions , levied due to his government's massive corruption and human rights abuses. The opacity and confusion surrounding the petro project exemplifies the tumultuous and nefarious political climate in Venezuela. Although the petro is unlikely to hold much value in today's digital currency markets, cryptocurrency enthusiasts around the world should send a strong signal to Maduro and to other rogue actors who may be learning from the petro experiment, that blockchain technology will not be used to support corruption. The poorly planned rollout of the new cryptocurrency has already given potential investors plenty of reasons to stay away. First of all, the Maduro regime has not been transparent about exactly how the petro will be acquired, traded, and managed. In January, the regime published a white paper explaining the mechanics of the petro; a few weeks later it posted a revised version which announced the petro would be built on an entirely different blockchain platform. The regime also published an anti-money laundering (AML) guide for Venezuelan cryptocurrency exchanges, but at first, it only featured a table of contents. In addition, Maduro has made outrageous claims, like saying Continue reading >>

Why Are Venezuelans Mining So Much Bitcoin? - The Economist Explains

Why Are Venezuelans Mining So Much Bitcoin? - The Economist Explains

The Economist explainsWhy are Venezuelans mining so much bitcoin? Electricity is cheap and the bolivar is worthless IF YOU want to mine bitcoin from the comfort of your own living room, you require three ingredients; some free software, a steady supply of (preferably cheap) electricity and a computer. The citizens of many nations have become devotees. But why are Venezuelans among the most avid miners of the cryptocurrency? Bitcoin provides people worldwide with the ability to exchange tokens of value online without having to rely on banks. All the necessary record-keeping is decentralised to a blockchain, an online ledger that holds the transaction history of all bitcoins in circulation. Crypto-evangelists extol the virtue of its decentralisation, highlighting that there is a fixed total supply, preventing the token from being debased by tyrannical governments. In functioning democracies with reasonable rates of inflation, there is limited take-up because there are so many other options on offer for creating wealth or for investing. Venezuelans, on the other hand, have almost no such opportunities, since the bolivar, their currency, has lost 99.9% of its value since 2016. Strict currency controls have been in place for 15 years, cutting off the supply of hard currencies, like the dollar, that retain their purchasing power. Even Jamie Dimon, a well-known banker who called bitcoin a fraud that will ultimately blow up, has admitted that, in somewhere like Venezuela, it might be useful. Venezuelans who can afford it have imported machinery such as the Antminer S9, a shoebox-sized contraption selling for roughly $2,000 on Amazon, that sucks in cool air and electricity and spits out noise, heat and freshly mined bitcoins. And in one area Venezuelans have an edge. Electricit Continue reading >>

Buy Bitcoins Instantly In Venezuela

Buy Bitcoins Instantly In Venezuela

Invest in bitcoin easily and securely. Paxful is best place to buy, sell and send bitcoin with over 300 ways to pay for bitcoin including bank transfers, gift cards, Paypal, Western Union, Moneygram, your personal debit/credit cards and many more! Over 10 000 bitcoins already sold in Venezuela! Select from top payment methods in Venezuela. Or find any other payment method from selection below top methods. Paxful is a Peer to Peer Bitcoin marketplace connecting buyers with sellers. Simply select how you want to pay and type in how much Bitcoins you need. Our mission is to give working people a simple, fair and secure platform for trading the value of their work. Often our biggest problems revolve around money, earning it and transporting it. We are dedicated to unlocking the power of people by building a global peer to peer payment logistics platform of the future. Paxful is PayPal + Uber and the peoples Wall Street. Help other people in Venezuela get bitcoin and you can earn BIG profits up to 60% on each sale. Start selling with your local bank account now, see our free guide . Paxful gets 1000's of bitcoin buyers from Venezuela every day. Know alot of people who want to buy bitcoin in Venezuela? With your Bitcoin Kiosk and Affiliate program you earn 2% on each trade forever by just sharing a link. Get started now . Bitcoin is a digital asset and a method of payment. Paxful makes it easy to convert your gift cards into bitcoins and out of bitcoin. Bitcoin has become a valuable asset in our digital world. You can think of it as an internet version of gold. Like gold, bitcoin price has been fluctuating and it's expected to see steady growth in bitcoin price, especially when economic times are fragile. After receiving bitcoins you can do whatever you like. You have option Continue reading >>

What We've Learned About Venezuela's Cryptocurrency

What We've Learned About Venezuela's Cryptocurrency

What We've Learned About Venezuela's Cryptocurrency Feb 20, 2018 at 21:30 UTC|UpdatedFeb 21, 2018 at 21:35 UTC The government of Venezuela published several guides Tuesday in support of the presale for its "petro" cryptocurrency. Announcing the oil-backed token as a form of legal tender that can be used to pay taxes, fees and other public needs, the Venezuelan government outlined its plans and expectations for the petro in a new website built for the cryptocurrency and launched today with the start of the token's pre-sale. The website is hosted by the country's Ministerio del Poder Popular para Educacion Universitaria Ciencia, Tecnologia (MPPEUCT). The petro's price will depend on the price of a barrel of Venezuelan oil from the previous day, according to the government's website. The presale, which was announced last month , launched Tuesday morning , as CoinDesk previously reported. Though more than 100 million petros are expected to be released ultimately, initially, only 82.4 million will be disbursed. It's the first digital currency to be issued by a federal government - yet the initiative itself has long attracted criticism, including from lawmakers both inside and outside of the country. It was first unveiled by Venezuelan President Nicolas Maduro in early December. The buyer's manual explains how users can set up digital wallets and purchase the token, and includes a warning to users about wallet security. For full details on how the token works, the government released the full white paper (a notable release given that the government, just over a month ago, was blasting the release of what it said were fake details). Though the third embedded document is titled "Guidelines for the internal control manual for the prevention of money laundering and financing of Continue reading >>

Demand For Bitcoin In Venezuela Still Surging Amidst Economic Turmoil

Demand For Bitcoin In Venezuela Still Surging Amidst Economic Turmoil

Demand For Bitcoin in Venezuela Still Surging Amidst Economic Turmoil Venezuela has always been a peculiar country when it comes to cryptocurrency. The locals have shown a big interest in Bitcoin and other cryptocurrencies over the years. It seems that demand will only continue to grow. This is despite the country having its own national cryptocurrency, known as the Petro. Looking at the LocalBitcoins chart , the trend in Venezuela is quite apparent. After a lengthy ramp-up period, the demand for Bitcoin is spiking. Even though there have been highs and lows, the overall trend is still in place. Just last week, a new record was set for Bitcoin trading in the country. With a total value of over 1 trillion Bolivares worth of BTC changing hands, things are looking rather promising. One has to keep in mind the country is still plagued by massive inflation . With the value of 1 Venezuelan Bolivar declining virtually every week, this volume is bound to go up for some time to come. LocalBitcoins trading volume is not the only indicator to determine the success of this optical cryptocurrency. However, it does show the demand for BTC is very strong in Venezuela, and it may not slow down anytime soon. What is surprising is how the demand for BTC is soaring despite the Petro becoming a thing. So far, Venezuelas own cryptocurrency has been met with a fair amount of criticism and concern. Its legitimacy is still a big unknown, for the time being. Even so, Bitcoin is not officially recognized in the country either. One would expect that to diminish the interest in BTC, but that is not been the case. It seems both forms of currency can co-exist without any major issues. With Bitcoin trading surging in Venezuela, something has to drive this demand. President Maduro made it clear the c Continue reading >>

Bitcoin Price In Venezuela : Bitcoin

Bitcoin Price In Venezuela : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Maduro Takes Credit For Bitcoin Price Crash Ahead Of Venezuelas Petro Offering

Maduro Takes Credit For Bitcoin Price Crash Ahead Of Venezuelas Petro Offering

Maduro Takes Credit for Bitcoin Price Crash Ahead of Venezuelas Petro Offering Venezuelan President Nicolas Maduro took credit for the recent bitcoin price decline, arguing that the impending launch of Venezuelas state-sponsored petro cryptocurrency has reduced demand for decentralized cryptocurrencies. Maduro Takes Credit for Bitcoin Price Crash Thats right, not content with having overseen the collapse of the Venezuelan bolivar, Maduro now claims to have orchestrated this months cryptoasset decline. All the cryptocurrencies of the world have been revalued after Venezuelas announcements about the creation of the petro, said Maduro in a speech broadcast on state television, according to a CNBC report. That claim is, to put it lightly, dubious. A variety of factors have contributed to the markets recent correction, which has seen the bitcoin price dip into sub-$10,000 territory after nearly breaching the $20,000 barrier in mid-December. Governments in major markets such as South Korea have ramped up regulations , while regulators in other jurisdictions also holding discussions about increasing oversight of the cryptocurrency industry. Interest among retail investors has also tapered sharply this month, as demonstrated by a notable reduction in the number of Google searches related to purchasing bitcoin and other top cryptocurrencies. Moreover, the market was due for a correction following the euphoric wave that had endured for the entirety of last years fourth quarter. Maduro, however, alleges that it stems from investor demand for Venezuelas petro, which is slated to be released through an initial coin offering-style (ICO) token launch presale discounts and all that will begin in February. Purportedly, each of the petros 100 million units will be backed by a barrel of Continue reading >>

Surbitcoin - The First Bitcoin Exchange In Venezuela

Surbitcoin - The First Bitcoin Exchange In Venezuela

We strive for simplicity. We work hard to make it easy for you to buy and sell and use advanced features like open source trading algorithms , even if you are completely new to trading. All of our deposits and withdrawals are processed instantly so that you can get your bitcoins in less than 1 minute. Our dedication to transparency includes our source code which is 100% open source so that everyone can analyze it and help us look for weaknesses in our security. Our hot and cold wallets are also public so you can do your own solvency check of our exchanges any time directly on the blockchain. We are a member of the global BlinkTrade network , that includes FoxBit in Brazil, SurBitcoin in Venezuela, ChileBit.NET in Chile, UrduBit in Pakistan and VBTC in Vietnam among other companies, market makers, remittance agencies and payment processors. Through our platform you will have access to this global network of exchanges and will be able to navigate all of them in the language of your choice We just sent a security code to your email. Bitcoin is a open source P2P digital network created in 2009 by pseudonymous author Satoshi Nakamoto. The protocol allows the user to send, store and receive value at a significant low cost and in a short matter of time. Bitcoin avoids the need for central authorities and issuers. Does the exchange buy/sell bitcoin directly? No. We are providing a service. Think on the exchange like eBay, we are just providing a service where you can find buyers or sellers. All we do is provide a safe and simple environment to trade with other users, that is all. We guarantee that buyers get their bitcoins and sellers get their money at agreed price. The exchange operator hire the service of blinktrade. Blinktrade only provides IT services for the exchange ope Continue reading >>

Venezuela's Bitcoin: Petro Raises $735 Million, Says President Maduro | Fortune

Venezuela's Bitcoin: Petro Raises $735 Million, Says President Maduro | Fortune

Despite the U.S. Treasury Department warning investors away from it, Venezuela President Nicolas Maduro says the launch of his countrys oil-backed answer to Bitcoin , Petro, raised $735 million in its first day. In a tweet late Tuesday, the Venezuelan leader said that investors had promised 4.8 billion yuan, or $735 million in a pre-sale of Petro, the cryptocurrency Maduro hopes will help boost Venezuelas ailing economy. Countries including the U.S. have imposed sanctions on Venezuela, with the U.S., at least, dubbing Maduro a dictator. That comes as the Venezuelan bolvar fuerte has been in free fall partly due to excessive printing of money, while the country still owes its creditors some $141 billion. Maduro has said that he hopes the Petro will help the country skirt Western sanctions , though the U.S. Treasury has warned that it wont be that easy. In mid-January, the department told potential Petro investors that they could be subject to sanctions against Venezuela. Available information indicates that, once issued, the Petro digital currency would appear to be an extension of credit to the Venezuelan government, the Treasury department said in a statement to Reuters . If Maduros plans pan out, the fund raise will indeed attract a much higher figure than the initial $735 million. Maduro has said that he plans to offer a total of 100 million Petros, with a starting price of $60 eachroughly the price of a barrel of oil, for a total of about $6 billion. Some 824 million tokens have so far been made available. And he doesnt plan to stop there. Following on the sale of the Petro, Maduro has said that he plans to launch a cryptocurrency backed by gold next week, Reuters reports. A grandes problemas, grandes soluciones! Desde el primer minuto el juego arranc bien, y arran Continue reading >>

Bitcoin Sells At $9.5k In Zimbabwe As Venezuela Gains 100k New Bitcoin Miners

Bitcoin Sells At $9.5k In Zimbabwe As Venezuela Gains 100k New Bitcoin Miners

Bitcoin Sells at $9.5k in Zimbabwe as Venezuela Gains 100k New Bitcoin Miners Zimbabwe and Venezuela, two countries with significant economic difficulties, are faring differently when it comes to Bitcoin. Zimbabwe continues its fight for Bitcoin security, as US dollar scarcity sees exchanges demand $9,500 per coin Monday. Analysis of local platform Golix.io reveals Bitcoin buy and sell rates which topped $10,000 in previous days. Currently, traders can buy BTC for $9,500 and sell at $9,380. The troubled state of Zimbabwes nascent cryptoeconomy reveals the economic difficulties facing the countrys population, as inflation soars again and dollar cash shortages become ever more present. Vince Musewe, a Harare-based economist, told local news publication The National: The problem is the exact opposite of what it was during hyperinflation. Then, there was plenty of cash money, but no goods in the shops. Now, there are goods on the shelves but no money to buy them with. In May, the government admitted it was importing $10 mln worth of the greenback every week to shore up availability. In more advanced Bitcoin testbed Venezuela meanwhile, its Bitcoin mining thats hitting unprecedented levels, with reports suggesting over 100,000 citizens are now involved in the practice. While the subject of a state crackdown earlier this year, using the national grid to squeeze extra profit out of the comparatively stable Bitcoin has proven too good an opportunity to miss for those whose national fiat currency is practically worthless . Electrum contributor Randy Brito, who named the figure, explained to the AFP at the weekend: "Whoever buys Bitcoins with bolivars earns money by increasing the price of the Bitcoin against the dollar, and escapes inflation. Continue reading >>

Why Venezuelans Are Turning To Bitcoin Mining - The Atlantic

Why Venezuelans Are Turning To Bitcoin Mining - The Atlantic

In Venezuela, home to some of the worst hyperinflation since the Weimar Republic, a Big Mac costs about half a months wages. Or rather, it did, until a bread shortage forced the burger off the menu. The annual inflation rate is expected to hit 1,600 percent. Life resembles an old newsreel: long lines, empty shelves, cashiers weighing stacks of bills. To survive, thousands of Venezuelans have taken to minera bitcoinmining bitcoin, the cryptocurrency. Lend computer processing power to the blockchain (the bitcoin networks immense, decentralized ledger) and you will be rewarded with bitcoin. To contribute more data-crunching power, and earn more bitcoin, people operate racks of specialized computers known as miners. Whether a mining operation is profitable hinges on two main factors: bitcoins market valuewhich has hit record highs this yearand the price of electricity, needed to run the powerful hardware. Electricity, it so happens, is one thing most Venezuelans can afford: Under the socialist regime of President Nicols Maduro, power is so heavily subsidized that it is practically free. A person running several bitcoin miners can clear $500 a month. Thats a small fortune in Venezuela today, enough to feed a family of four and purchase vital goodsbaby diapers, say, or insulinonline. (Most web retailers dont ship directly to Venezuela, but some Florida-based delivery services do.) Under these circumstances, a miner starts to look a lot like an ATM. Professors and college students have mined bitcoin; so, rumor has it, have politicians and police officers. It has become a common currency even among non-miners: Peer-to-peer online exchanges (think Venmo, but with cryptocurrency) allow everyone from shopkeepers to a former Miss Venezuela to buy and sell with bitcoin. Continue reading >>

Where Could Bitcoin Succeed As A Currency? In A Failed State

Where Could Bitcoin Succeed As A Currency? In A Failed State

Where Could Bitcoin Succeed as a Currency? In a Failed State Where Could Bitcoin Succeed as a Currency? In a Failed State When Juan Pinto gets in line at the movie theater, he takes out his phone and trades just enough bitcoin for Venezuelan bolivars to pay for the ticket by the time he gets to the counter. Pinto lives in Venezuela, but doesnt keep any of his money in the national currency. The 29-year-old quit his job as a mechanical engineer to dedicate his life to cryptocurrency three years ago, when he says he fell in love with the technology. Venezuelas crumbling economy played a part as well. Being a Venezuelan and living in the situation that Im in, I was more willing to take some risks, he tells me over Skype. In the US, bitcoin is primarily a speculative investment, whose soaring price has been compared to a bubble . But in Venezuela, where inflation topped 2,616 percent last year, cryptocurrency is a way around restrictions on holding foreign currency, and in some cases, a means of survival. Thats made Venezuela an interesting laboratory for cryptocurrency serving as both a real currency and a viable means of storing value. As the government prints more bolivars, their value plummets; the government recently released a 100,000-bolivar note, currently worth less than 50 US cents at the black-market rate. Bitcoin holders, by contrast, have something most people dont: a currency thats worth something. The national currency, officially called the strong bolivar, has lost 98 percent of its value against the dollar at the black-market rate in the last year, and the International Monetary Fund predicts that the countrys economy will shrink by 15 percent in 2018. Even President Nicols Maduros government seemed to have lost confidence in the bolivar when last month it Continue reading >>

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