Invest in venezuela cryptocurrency
- 05.01.2020
- Felkree
- Online betting us politics articles
- 5
Back to Jaramillo: "The marvelous thing about the world of cryptocurrency is that transfer costs and commissions tend to be zero. It's a way of democratizing financial flows, without regard to the country or social stratum of the investor. This is possible through blockchain technology, which digital assets utilize, in which the decentralization of information permits a market without intermediation or manipulation by third parties.
The reference to "decentralization" is far more misleading. To redeem an "oil-backed" petro, you must sell it on a government exchange for a government rate, an interesting approach to "a market without intermediation. Then there are the government's references to mining.
While details about the technical specifications of the petro are basically nonexistent, it's hard to imagine why the currency would need to be mined. In Bitcoin , Ethereum , and other decentralized cryptocurrencies, mining is the artificially difficult computation that nodes on the network must perform in order to add a new block to the chain. The computations per se accomplish nothing: The point is to make attacking the network too expensive to be worthwhile.
Mining prevents any one party from be able to control the network. So if the government controls all the nodes, mining serves no purpose. The petro's miners are being registered by the government. A recent promise by Maduro to "set up cryptocurrency mining farms in every state and municipality in the country" heavily implies that the network is centralized.
A centralized network can just use a database, which is much less resource-intensive. Venezuela's mining farms aren't likely to do much more than waste electricity. Everything about the petro, from its official exchange rates to its official mining operations, boils down to a government dictate: Let it be done, or in Latin, "fiat.
Update: Never mind, it's an Ethereum-based token now Except that now, petro apparently is a cryptocurrency. The white paper scraps all references to mining and says that petro will be an Ethereum-based ERC20 token. In other words, petro may be legitimately decentralized, in that the government is unable to control and manipulate transactions as it could with centralized mining—but what does that matter?
Now it's just another ICO. There have been thousands of those, most of them all but worthless. Petro has devolved into a glorified GoFundMe. Real money only. No explanation is given for this change. The white paper, meanwhile, has been updated to omit all mention of petro as an ERC20 token.
The updated white paper explains that petro will in fact be housed on its own blockchain, with NEM-based tokens acting to reserve eventual petro-based tokens. No word on the form that blockchain will take. That petro will form its own network is, though, more in line with early descriptions offered by Maduro. It also explains why the government would need miners—except, as noted above, it doesn't really: when one entity controls most or all of the nodes, mining serves no purpose.
The text has been interpreted as more than a timestamp: This was the nadir of the financial crisis, and Satoshi was likely taking a jab at perfidious financial institutions, poor governance and ubiquitous cronyism. Bitcoin, a system without intermediaries, was supposed to be immune from these problems—or at least slightly better at dealing with them.
Poor governance has in fact come to haunt Bitcoin, but the idea that Maduro—a dictator who has jailed political opponents, rewritten the constitution and neutered the legislature—would try to co-opt Bitcoin is deeply ironic. The point was to take corrupt institutions out of the picture, not to bail them out.
Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was updated, the author has no position in any cryptocurrency. Cryptocurrency risks What about volatility? Is crypto really a safe alternative? Remember, in finance, avoiding a loss is just as good as making a profit. Businesses in Venezuela have largely turned to daily conversions of bolivars to crypto in order to stay afloat.
This is exactly what crypto was designed to do. Say what you will about volatility, crypto has a very clear use case here in the midst of a slow-moving economic disaster. El Salvador recently adopted bitcoin as the national legal tender in a manner reminiscent of the gold standard. It did so even though the country already used the U. And while Argentina ranks as the second most developed country in Latin America, it has nonetheless been hit with heavy inflation as of late, making cryptocurrencies a lot more prominent in the nation.
The differences among the aforementioned countries are considerable, yet they all have the common thread of using decentralized cryptos as a way of maintaining financial stability.
PROMISING CRYPTOCURRENCY
How to Invest in Petro Petro was created to be used as the advanced form of the traditional trade by barter system. The cryptocurrency was to be exchanged for goods and services in the country and perhaps beyond. Hence, investing in Petro is done in various ways.
The asset can be purchased through a government agency, Sunacrip. This agency has with it a crypto remittance platform which supports quite a number of digital assets such as bitcoin and Litecoin. As a result, Petro can be easily exchanged with other digital currencies.
The digital currency is also available on a number of state-sanctioned trading exchanges such as Amberes, Afx. However, trading on these platforms is not easy. It requires proper authorization and identification. Bancaraexchange, for instance, can be done with a social media account alongside state-issued identification papers.
Investing can also be done by over-the-counter OTC groups also known as Petro Exchange group with authorization to sell and exchange Petro for another virtual currency. Buyers, though, are required to send dealers proper identification documents along with a selfie with the documents.
How to Sharpen Your Investment Skills Whether you are interested in investing in Petro or the wide variety of other altcoins available for investment, it makes sense to learn more about the digital asset space. Fortunately, that is easy to do. A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security. Steps to Buy Cryptocurrency in Venezuela 1. Create an account with an exchange Venezuela has 6 trusted exchanges available for you to sign up for, with the most popular being Kraken and FTX , which account for a combined 7,, active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies. Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you. The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support. Also it's important to note that you can always sign up to other exchanges later.
This is an unavoidable legal requirement for almost all exchanges in Venezuela. To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document. In most cases your verification will be approved instantly and at most can take days. Make a fiat deposit To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange. Buy cryptocurrency Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin. Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency. Send your bitcoin to a personal wallet Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
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