Venezuela Traded High Amount Of Bitcoin In October

Coin Dance, a data monitoring platform, Bolivia’s cryptocurrency – the Bolivar – has been going through continued volatility and despite such a state, trading volume has reach an unprecedented amount in October. About 105 BTC, or $7 million, had been transacted on a P2P trading platform Localbitcoins.

The trading volume was the best since the coin’s inception and it outperformed all other trading seasons. There seem to be several causes behind the improved trading volume. Some are pointing to factors such as inflation, foreign currency shortage, capital controls, and the country’s overall ability to manage control over traditional currency. Further, the government is also forcing its citizens to transact with the new cryptocurrency, even with the troublesome stability.

There have also been mandatory Petro payments that may have led to higher prices, and also higher fees when it comes to passport applications accepting just the Petro. International pressure has also increased with the United States announcing sanctions on gold exports from Venezuela.

Further, altcoin project Dash launched a new merchant acceptance system that gives merchants the opportunity to accept Dash payments by a mobile device. This eliminates the need for a smart phone and internet connection. Venezuela has become the platform’s second-largest market. On the downside, the platform is not free from criticism – some have pointed to the company’s entrance into Venezuela as “snake oil.”

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