- Venezuelans using Bitcoin mining as a way to arbitrage their subsidized below-market electricity rates into money.
- People suggesting Venezuela as a hypothetical case for a flight to cryptocurrencies in a place undergoing hyperinflation.
- Bitcoin boosters confusing the two (perhaps deliberately) and claiming on thin evidence that Bitcoin use is widespread in Venezuela.
Feel free to correct me if I'm wrong, but I haven't found anything to indicate that real use of Bitcoin is widespread in Venezuela.
And bitcoin transactions can be relayed from any IP address, or used without the internet and broadcasted later, so we wouldn’t be able to know if transactions were originating there
Privacy feature undermining our ability to confirm our pre-existing biased, how quaint
https://twitter.com/LorePach/status/1159459121722097666?s=19
a) people in Venezuela are using anything they can get their hands on as hard currency, and
b) Bitcoin was one of those things, but it was negligible usage at best.
IIRC from listening, there are indeed some people who mine and those who use it as a store of value. And some people use it for remittance or as a portable non-hyperinflational asset. But in general, people are not really aware and dismiss it as a scam (it's understandable; even their own president tried to crypto scam them with the Petro).
It's highly probable - food or anything needed for daily life