Bitcoin in South America: Why Venezuela Has an Active Bitcoin Mining Community

Bitcoin in South America: Why Venezuela Has an Active Bitcoin Mining Community

Bitcoin use in Venezuela and Brazil is increasing, but the populations use the currency in different ways.

According to Rodrigo Souza, core developer at Blinktrade, the exchanges in both countries have more than 10,000 registered users.

At a glance: Brazil

The Brazilian exchange is FoxBit. FoxBit is a result of partnership between FoxBit Serviços Digitais and BlinkTrade Inc, a technology provider for Bitcoin exchanges around the world.

According to Blinktrade, the majority of bitcoin users in Brazil are either using bitcoin to invest in the technology, to trade for profit, or to purchase bitcoin in order to trade them for U.S. dollars, often because they have a bill to pay in American dollars or plan to travel).

In Brazil, there are four other bitcoin exchanges leading Bitcoin use in the country. The people of Brazil are generally more skeptical and curious about Bitcoin than those in Venezuela, according to Souza..

“As of now,” says Souza,”Brazilian regulators said that they won’t regulate Bitcoin because regulating also means that the government is placing a stamp of approval; they also believe the technology is currently in its

Read more ... source: TheBitcoinNews

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