Connect with us

Bitcoin

Bitcoin [BTC] transaction numbers in Venezuela nosedive as country goes through acute power outage

Akash Anand

Published

on

Bitcoin [BTC] transaction numbers in Venezuela nosedive as country goes through acute power outage
Source: Pixabay

The turmoil suffered by the citizens of Venezuela continued to increase in momentum with the latest power outage in the country, hurting the population and the barely functioning economy. Venezuela captured multiple headlines over the past couple of months, with issues ranging from the introduction of Petro and the skyrocketing inflation rate to the internal political crisis between incumbent President Nicolas Maduro and the current interim President Juan Guaido.

Latest reports show that amid the power and communications outage in the country, the transaction rate of Bitcoin [BTC] plunged significantly from 370,000 to 240,000. The fall of more than 100,000 transactions caught the eye of analysts because of Venezuela’s heavy usage of cryptocurrencies, a usage rate comparable with Europe and the United States.

Santiment, a blockchain analysis company, gave a detailed breakdown of the transaction numbers in the country, revealing that the numbers dropped from 500,000 to 400,000 on March 9. The volume deficit was spotted on LocalBitcoin, an exchange popular with the Venezuelans. On LocalBitcoin, Venezuela recorded $8 million worth of BTC transactions compared to the total $4 million generated from Europe and $3 million from the UK.

It has not been proven that the power outage contributed to the fall in BTC transaction numbers, but many speculate it to be so. The outage has been deemed as a failure of the Maduro government by half of the population, while others think that it is a ploy by the US’ tie-up with Guaido to ruin the reputation of the existing government.



Guaido stated:

“We have been reporting the electrical crisis for years, and now, we have to alert in a responsible manner that this could also become the gasoline crisis, in addition to the water crisis we already have.”

Venezuela was also in the news earlier when there were reports of a new remittance service called Patria being launched in the country. The platform aimed to allow citizens to receive Bitcoin and Litecoin payments from anywhere in the world. The platform and the exchange is not without rules as the government has laid down specific regulations to control the crypto flow. This ranges from being a citizen to using wallets indicated by the Patria platform.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

Published

on

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending