P2P Bitcoin Transactions Increase in Venezuela and Russia

Bitcoin transactions have been shown to rise in volume in Russia and Venezuela, as demonstrated by the charts on popular peer-to-peer platform LocalBitcoins.

LocalBitcoins trading volume for Venezuelan bolivarsLocalBitcoins trading volume for Venezuelan bolivars

In Venezuela, hyperinflation of the bolivar, restrictions placed on the citizens’ ability to move gold and other national fiat currencies out of the country, along with capital controls imposed by the government, has led to a growing number of people finding the use of bitcoin as a viable solution. Wages are low, supermarket shelves are bare of many essential items, even after people have waited on long lines. In some cases, people have been assisted in leaving Venezuela by friends and family in the United States and other countries to relocate in places like Spain or Portugal.

Venezuelans have been acquiring bitcoin mainly through the Bitcoin exchange SurBitcoin, in addition to using LocalBitcoins or conducting private peer to peer transactions, with those whose skills lend themselves to working online, freelance writers, graphic designers, web developers and the like making arrangements to be paid for their

Read more ... source: TheBitcoinNews

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