Bitcoin Helps Venezuelan Families Avoid Starvation

Bitcoin Helps Venezuelan Families Avoid Starvation

starvation

On May 24 a cryptocurrency enthusiast revealed that bitcoin was saving his parents and sister from suffering from starvation. The U.S. resident says his family lives in Venezuela and bitcoin is giving them the opportunity to purchase food and pay bills while the economy crumbles around them.

Also read: South Korean Bitcoin Exchanges Trade $1000 Over Global Average

Bitcoin Saves a Family From Starvation and Gives Them Financial Freedom

Bitcoin Helps Venezuelan Families Avoid StarvationThere have been many reports of people residing in Venezuela turning to bitcoin to hedge against the country’s economic failures. Venezuelans have been using bitcoin because their national currency the Bolivar has been significantly devalued and citizens using the tender are suffering from over 1800 percent inflation. The enthusiast who detailed that bitcoin was saving his family from starvation wanted to let the public to know the potential for the cryptocurrency used in this fashion is way bigger than its use cases in the black market.

“I want to debunk that myth and explain how real the potential for bitcoin is and how it is so much bigger than the black market can ever be,” explains the threads author.

Bitcoin is literally saving my family from hunger and giving them the financial freedom to emigrate in the near future — Thanks to the rising price of Bitcoin and its relative stability (compared to the Venezuelan economy) my family is part of a very small fortunate minority that can afford to help feed their community and also potentially emigrate to another country.

Bitcoin Helps Venezuelan Families Avoid Starvation
Venezuelan citizens waiting in very long lines to purchase food during shortages.

‘Skeptical About Bitcoin but No Other Options Were Available’

The author states that his father lost his air conditioning job some time ago, and his neighbors around him, even the upper class cannot afford food. He explains bitcoin being used by criminals is no different than then when they use cash for illegal activities. “If you take one step back you’ll realize that the possible legitimate uses for bitcoin are far greater than the black market.” In 2014 his family discovered bitcoin but were very skeptical about the digital currency, “but we didn’t have any other options,” the author details.

The post also explains that many people are trading bitcoins underground to acquire either Bolivars or USD to purchase food and living necessities. Furthermore, some Venezuelans are using bitcoin for arbitrage opportunities as well.

Right now I can exchange 1 USD for around 6000 Bolivars. Some clever people have figured out they can sell 1 USD worth of bitcoins for 4500 Bolivars and keep 1500 as profit. They use this money to buy goods and import through towns that border with Colombia.

Many Other Countries May Face the Same Economic Hardships

The interesting post about bitcoin saving the young man’s family was well received by the crypto-community. Additionally, a few other Venezuelans revealed how bitcoin was helping them and the methods they use to convert bitcoin into USD or Bolivars.

Moreover, a couple individuals from the U.S. and other regions said that people from “well off” countries should not assume the economic situation in Venezuela will not happen to their economy. In their opinion Venezuela, Greece, and many other manipulated and centrally planned monetary systems worldwide are simply the first of many to fall.

What do you think about bitcoin helping this family from starvation? Do you believe there are more families around the world using bitcoin as a safe haven? Let us know in the comments below.


Images via Shutterstock, the WSJ, and Pixabay. 


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The post Bitcoin Helps Venezuelan Families Avoid Starvation appeared first on Bitcoin News.

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South Korean Bitcoin Exchanges Trade $1000 Over Global Average

South Korea

Bitcoin is shining brightly in South Korea as the price per BTC in the region has reached upwards of $3500-3800 across the country’s top three exchanges. Many traders are finding significant arbitrage opportunities due to South Korean spreads being over $1000 higher than the global average.

Also read: Korea Steadily Becoming a Cryptocurrency and Fintech Hub 

South Korean Bitcoin Trade Volume Is Surging

Bitcoin is very popular in South Korea at the moment. According to statistics, the country’s top three exchanges Bithumb, Korbit, and Coinone are exploding with bitcoin volume over the past few months. The trading platforms are processing roughly $200 million USD worth of Korean Won-KRW/BTC trades daily, and lately, most of these trades have been well above the global average. Alongside this, the South Korean Localbitcoins volumes and spreads have been off the charts as well.

South Korean Bitcoin Exchanges Trade $1000 Over Global Average
Korbit and Coinone KRW Prices May 24, 11pm EST.

Fintech Friendly Authorities

South Korean Bitcoin Exchanges Trade $1000 Over Global Average The region has also been blossoming with startups dedicated to bitcoin remittance and financial tech advancement. The South Korean government has been very friendly towards digital currencies, and the country is steadily becoming a technology hub. Just recently the government lowered the equity capital requirement for bitcoin companies working with remittances. The new statutes will begin on June 18 with a reduction of required capital to 1 billion KRW in contrast to the prior requirement of 2 billion KRW.

Additionally, researchers from the South Korean central bank recently released a report that detailed that virtual currencies like bitcoin can “coexist with fiat.”          

“The recent emergence of digital currency opens up a new type of dual currency regime in which digital currency, which has no intrinsic value and a government-issued fiat currency coexist,” explained the researchers from Seoul’s Hongik University and members of the Bank of Korea’s (BOK) report.

Bithumb price May 24, 2017, 11pm EST.

Korea’s Growing Bitcoin Community and Very Large Remittance Market

Besides the central bank’s and government’s friendly attitude the bitcoin community in South Korea is thriving. For instance, the Seoul Bitcoin Meetup group has over 1,200 members and has over ten upcoming meetings scheduled. This past March the group discussed the differences between soft and hard forks. South Korea is also home to three bitcoin automated teller machines (ATM) as well.

South Korean Bitcoin Exchanges Trade $1000 Over Global Average

South Korea is fertile ground for cryptocurrency use with the country’s remittance market capturing billions every year. Korean remittances have undoubtedly bolstered bitcoin as startups like Korbit has pushed crypto-settlement forward. Financial incumbents like Shinhan Bank are also looking at bitcoin’s benefits towards the large remittance market in Korea.

When it Comes to Bitcoin Korea is One Country to Watch

With all the feverish demand for cryptocurrency solutions and financial technology, Korea has positioned itself as one of the top five leading countries in bitcoin trade volume. It’s safe to say that when it comes to bitcoin adoption, Korea will be one to watch with its population of over 50 million, a multi-billion dollar remittance industry, and a government that bolsters fintech.

What do you think about Bitcoin growth exploding in South Korea? Let us know in the comments below.


Images courtesy of Shutterstock, Coinmarketcap.com, Seoul Bitcoin Meetup, Crypto Compare, and Bitcoin.com. 


Get our news feed on your site. Check our widget services. Or read our news coverage to stay up to date on the latest headlines. Or delve into statistics on our helpful tools page. When it comes to cryptocurrency Bitcoin.com’s got you covered! 

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Monaco Visa Raises $3M in 3 Days, Announces Instant Cashback Program

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

May 24th, 2017 Zug, Switzerland. Monaco Technology GMBH, the company behind the revolutionary Monaco VISA® Card and App, announced the world’s first Cryptocurrency Cashback program today. Holders of Monaco VISA® cards will be entitled to up to 10% instant cashback rewards at participating merchants.

Kris Marszalek, Founder of Monaco Technology, commented: “The Monaco VISA® Card & App gives users the ability to spend, send and exchange money at perfect interbank exchange rates, saving them EUR30-40 on every EUR500 equivalent spent. We’re doubling down on this strategy to increase the level of savings they can achieve even further by announcing the world’s first Cryptocurrency Cashback rewards program.”

After a transaction at a participating merchant, Monaco VISA® Card holders will be instantly credited up to 10% of the transaction value to their Monaco App wallets. The credit is in MCO, the native currency of Monaco Technology, which will be tradable on various exchanges starting 19 JUN 2017. Users will be able to easily convert MCOs to Bitcoin, Ether, as well as USD, EUR and other fiat currencies.

“Combining perfect interbank exchange rates and instant cashback could potentially bring the savings on a single transaction to 15-18% for our customers. It’s simply unheard of.”, continued Mr. Marszalek. “The credit for the idea belongs entirely to the Monaco user community. We’re listening to what our users want in the product and executing at a rapid pace. If there’s a merchant you would like to see participating in the program, please join our Slack channel at slack.Mona.co, where users are currently contributing and voting on a list of merchants to bring to the Monaco platform.”

MONACO ICO HITS TARGET IN 90MIN, RAISES $3M IN FIRST 3 DAYS:
• ICO launched on 18 MAY and exceeded minimum goal in 90 minutes
• 1,500+ contributors to date
• Bidding war for Limited Edition Monaco Black Card #001 continues – price already exceeding $250,000

Commenting on the ICO, Mr. Marszalek said: “We’ve launched the ICO without any pre-marketing believing that the product is so strong that it will sell itself. The community quickly understood what we’re building and immediately saw tremendous value in it. Our team are working incredibly hard to perfect the product and we’re beyond happy that it resonates with our users. We’re also humbled with the warm reception we have received from the community and the trust that over 1,500 community members have placed in us by contributing to the ICO.”

LIMITED EDITION MONACO VISA BLACK CARD

Mr. Marszalek continued: “To acknowledge and reward the early supporters, we’ve created a Limited Edition Monaco VISA® Black Card.”

Cards numbered 001 to 999 will be issued to participants of the ICO. Black Cards numbered from 001 to 499 will be assigned to Top ETH Token Contributors. Black Cards numbered from 500 to 999 will be assigned to the fastest contributors, based on the time stamp of their ETH contribution. The Black Card Leaderboard will be available at Mona.co and will update automatically in real-time during the ICO.

‘We were astounded to see that the Black Card #001 fetched over $250,000 in what appears to be a bidding war. It’s unbelievable!”, added Mr. Marszalek. “We’re looking forward to working together with this amazing community to deliver the best possible product to the market.”

To find our more about Monaco please visit: www.Mona.co
To participate in the ICO, please visit: www.Mona.co
White paper download: www.Mona.co/whitepaper
To join our Slack channel: slack.Mona.co

LEAD ADVISOR:
TokenMarket: www.TokenMarket.net

MEDIA CONTACTS:
Virginia Lam
Virginia@Mona.co

Freya Stevens
Freya@TokenMarket.net

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post Monaco Visa Raises $3M in 3 Days, Announces Instant Cashback Program appeared first on Bitcoin News.

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Consensus 2017 Advice From a Lawyer to ICOs 'Dont Be Stupid'

The legality of the ICO as a funding vehicle was discussed on day three of CoinDesk’s annual Consensus event.nSource

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Blockchain Could Move Self-Driving Cars Into the Fast Lane

With autonomous cars on the horizon, blockchain startups are eagerly building IoT systems for the fledgling industrynSource

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ICOs Going Mainstream Chat App Kik to Launch Token Sale

Messaging service Kik has revealed plans to launch its own cryptocurrency and ultimately create a new ecosystem for digital services.nSource

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Consensus 2017 Even Academics Can't Keep Pace With Blockchain Change

Universities have a role to play in developing a workforce with blockchain skills, but the rapid pace of innovation brings challenges, academics say.nSource

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This man threw away 14 of bitcoin in 2012 They are now worth 2.8m

As bitcoin passes the 2,000 mark for the first time, stories of lost fortunes are back in the news.

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Wyre Switches From High-Fee Bitcoin to Ethereum – Launches Payment Tool for Wechat and Facebook

Wyre Switches From High-Fee Bitcoin to Ethereum, Launches Payment Tool for Wechat and Facebook

Blockchain payments startup Wyre has announced the launch of a payment tool for Wechat and Facebook. Bitcoin.com spoke with CEO Michael Dunworth to find out more about Wyre Bot, which utilizes Wechat and Facebook Messenger for business invoicing.

Also read: Leading Japanese ATM Manufacturer Oki Gets into Bitcoin ATM Business

Wyre Bot Launched

WyreWyre Launches Chatbot Payment Tool for Wechat and Facebook offers cross-border payments to large scale enterprises and payment companies using open blockchain technologies. Currently operating in the US, China, and Brazil, the company began offering an API and a client dashboard to their customers in the spring of 2016. At the end of last year, Wyre raised $4.5 million in a series A round funding. The company also claims to have moved over $1 million in payments per day by the fall of last year, according to its website.

On Wednesday, May 24, Wyre announced:

We’ve built Wyre Bot — the first blockchain payments tool on Wechat and Facebook.

Wyre Launches Chatbot Payment Tool for Wechat and FacebookUsing the bot platform Recime, Wyre Bot was created for use across Wechat and Facebook to generate payment invoices as well as respond to customer support tickets via chat.

“Currently the bot’s focus is on the invoicing piece of the payment,” Dunworth told Bitcoin.com. “We’re just trying to tie the communication channel of Wechat into the westerners’ more used channels like email/Facebook,” he said, citing how this will reduce friction for businesses in China sending invoices.

Wyre Bot currently supports USD payments to China, a channel the company calls its core focus. “We’re going to be opening this up though in the near term and are already seeing some demand for new currencies,” Dunworth detailed. Additional currencies could include the Euro, British pound, Mexican peso, and Japanese yen.

Wyre Launches Chatbot Payment Tool for Wechat and FacebookFurthermore, more functionalities could be added to the bot in the future, such as the ability to execute payments directly in the bot and multi-invoicing in one request. Another expansion plan the company is considering is adding more social platforms such as Whatsapp, Slack, Line, and Viber.

How Wyre Bot Works

Wyre Launches Chatbot Payment Tool for Wechat and FacebookUsing a standard social chat window, the supplier first sends a message with the transaction details to Wyre Bot. The bot will then generate an invoice in a .pdf format which is emailed to both the supplier and the person paying the invoice.

Invoices are hashed, timestamped and stored on the Ethereum blockchain for fraud protection, according to Wednesday’s announcement. Dunworth explained to Bitcoin.com that this method is “a way for our clients to feel confident that the invoice they’re receiving was generated through our platform, instead of being from a spoofed email address that looks like it was generated by us,” adding that:

If the hash is on the chain, they can just search through it and see it there. It’s a SHA256 hash of the invoice they’re emailed.

Can’t Use Bitcoin at the Moment, but Maybe in the Future

Wyre Launches Chatbot Payment Tool for Wechat and FacebookThe CEO went on to describe why they made the switch from Bitcoin’s blockchain to Ethereum’s. The company would record these transactions on “the Bitcoin blockchain but it’s too expensive to do that,” he shared with Bitcoin.com.

The higher Bitcoin network fees restricted him from making hourly timestamps, which Dunworth said that his customers need. “So it’s either we put it on once per day,” he continued, “which means our customers can’t verify their invoice” as often, or “use a cheaper chain and do it hourly. So we opted for the latter.”

However, he hinted that in the future, Bitcoin’s blockchain may make a comeback, stating that:

RSK is super interesting and we could jump back over there if things become more cost effective.

What do you think of Wyre Bot? Let us know in the comments section below.


Images courtesy of Shutterstock, Wyre, Wechat, Facebook, and RSK Labs


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The post Wyre Switches From High-Fee Bitcoin to Ethereum – Launches Payment Tool for Wechat and Facebook appeared first on Bitcoin News.

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Bitcoin Price Blazes Past $2400 and Higher in Japan, India and South Korea

Bitcoin Price Blazes Past $2400 and Higher in Japan, India and South Korea

Bitcoin’s rising value continues to pick up steam this week by breaking a new all-time price high nearly every day. Currently, the global average is US$2400 per BTC, but the price is also trading at a premium of $2700 in Japan, $3050 in India, and $3150 in South Korea.

Also read: Bitpay’s Bitcoin Prepaid Card Now Available to 131 Countries

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily

Since our last price post just four days ago, bitcoin’s fiat value has climbed $400 higher to an all-time high average of $2405 across most global exchanges. The bull run is showing unstoppable momentum with a few pit stops along the way as bitcoin’s market cap is just a few dollars shy of reaching $40 billion. Alongside bitcoin, many altcoins are also gaining in value at an unprecedented level not seen since 2013.

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
South Korea and Japanese exchanges show huge bitcoin demand.

Additionally, there has been significant demand coming from many countries globally, but in specific regions, the price is going through the roof. For instance, at the Japanese exchange Bitflyer, the price per bitcoin is trading at an average of $2700 at the time of writing. Moreover, most BTC/JPY exchanges are trading at this level. Another country that is pushing bitcoin demand higher is South Korea as prices are significantly above even Japan. The Korean trading platform Bithumb is trading BTC at a value of $3150 at press time. In India, bitcoin is trading at a premium for the past 48-hours as well, reaching $3050 on exchanges like Unocoin. 

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Bitcoin price starts spiking again at 6 am EST May 24, 2017.

Weekly View Analysis  

Weekly technical indicators suggest the rally may test ranges between $2500-2600 over the course of the next two weeks. As usual, the 100 Simple Moving Average (SMA) is continuing to stay well above the 200-term SMA which means buyers are still in control. Over the course of the week, there have been sharp downswings intermittently ranging from $50-150 drops at times.

Fibonacci retracement trend lines show some fluctuations as bitcoin’s current trajectory could slow up and may stabilize in the $2350-$2400 range temporarily. Both Relative Strength Index (RSI) and Stochastic oscillators show some bear traps could come at any moment in the short term. However, most technical indicators and rule books can be thrown out the window these days, as bitcoin’s rising price has surprised even the most experienced traders.

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Global Localbitcoins volumes are climbing every week.

The Altcoin Fiesta Continues  

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
Even Doge is gaining value. Such Wow!!

Just as bitcoin has been performing phenomenally, there have been many altcoins doing just as well. The entire market is now valued at over $90 billion dollars, and most of the money piled up in just a few short weeks. The smart contract token Ethereum (ETH) is now commanding a $20 billion market cap as each ether is worth $220. Ripple (XRP) has stabilized and even dropped in value a touch at 34 cents per XRP and a 13 billion market cap.

Alongside the top three many other coins throughout the top 20 list are catching waves of fresh new money. The cryptocurrency NEM is ($0.25), and Ethereum Classic (ETC) jumped considerably ($20.85). Meanwhile, Litecoin is back on the uptrend ($33) and so is Dash as the token has hit an all-time high of $150 per coin. Others such as Monero, Stellar, and Bytecoin have all made considerable advances as well. Furthermore, one notable surprise comes from Dogecoin markets which now hold the 11th position. The meme token is trying to enter the top ten list, and some hope Dogecoin will one day be worth a penny.

The Verdict

Bitcoin Price Fires Up the Rocket Boosters Breaking New Records Daily
The Indian exchange Unocoin shows a premium price of $3050 USD at today’s exchange rates.

In general most of the cryptocurrency community has been very positive over the past few weeks. A lot of announcements happened this week during Consensus 2017 from startups like Bitpay, RSK, and Shapeshift. Additionally, Barry Silbert introduced a compromise that seems to have a lot of backing from both bitcoin-based businesses and the mining sector. It’s not certain whether or not the agreement will mean anything or even happen, but there are many who are hoping for some kind of solution before bitcoin grows too popular. Lastly, the demand coming from places like China, Japan, India, and South Korea doesn’t seem to be slowing anytime soon.

Bear Scenario: Seemingly there is a strong floor in the $2100 range at the moment but the price swings over the past three weeks show that floor could easily break. Over the course of the week, there is sure to be a bunch of volatility, so those making profits from intra-range and day trading will be in heaven. As said above swings have been ranging from $50-150 at times, so bears are undoubtedly playing their hands.

Bull Scenario: Bitcoin has roared a few dollars past the $2400 mark and seems to be taking a rest after all that hard work. Bulls can definitely recharge their engines as they have done multiple times over the past two weeks breaking higher price barriers. Short term technical indicators have been at odds as bulls have held the reigns for a long time. $2500 to $2600 per BTC or an even higher exchange rate is not out of the question at the current rate of growth.                

What do you think about the price of bitcoin breaking $2400? Do you think bitcoin will continue to rise to higher levels? Or do you expect a deeper correction soon? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Bitcoin.com, Coinmarketcap.com, and Pixabay. 


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