I interviewed 10 Venezuelans to find out what they know about Bitcoin. \ stacker news ~bitcoin

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I interviewed 10 Venezuelans to find out what they know about Bitcoin.

6654 sats \ 26 comments \ @Malos10_ 30 Apr bitcoin

@TeslaLiberty from nostr hired me me to make a video interviewing several people in my city to understand the general sentiment about Bitcoin in my city (in Venezuela).

All of these interviews are raw from the street, so draw your own conclusions!

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98 sats \ 4 replies \ @south_korea_ln 30 Apr

Can't blame people for favoring something with less volatility than Bitcoin. This perspective of course misses a big part of what Bitcoin is, but for people living from pay to pay check, running a business that still operates in the fiat world, etc, that's in the end all that matters. Long term accrual/hedge against inflation/permissionless money/censorship resistant/etc does not matter compared to short-term volatility. Eventually, volatility may reduce (even there are theories that for Bitcoin to keep existing, volatility is a necessary characteristic), and thus make this kind of counterargument mute. Until then, it'll remain an uphill battle...

395 sats \ 2 replies \ @SpaceHodler 30 Apr

Yes, low time preference is a privilege of those with positive cash flows and low uncertainty.

85 sats \ 0 replies \ @standard_sats 30 Apr

Definitely. We ran a synthetic stable native to Lightning and have gotten very toxic responses sometimes. But always these were westerners. It is unlikely they have challenges when saving in Bitcoin.

0 sats \ 0 replies \ @south_korea_ln 30 Apr

Very well put. Much more succint and to the point compared to my attempt ;)

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

Most people don't fully understand Bitcoin and its benefits. They know about USDT because it's what they've used as a "spending" tool, not as a long-term saving tool.

85 sats \ 2 replies \ @Car 30 Apr

It’s sad to see tether and binance prey upon these people. No one wants them to have bitcoin.

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

It wasn't a prey or a product of an advertising campaign; here the use of Binance and USDT arose naturally as a result of wanting to avoid inflation/devaluation of the Venezuelan currency and have some way to save in "dollars"

but most of the people doesnt even hold for long term

0 sats \ 0 replies \ @standard_sats 30 Apr

We had a product and did even present it to you.

79 sats \ 1 reply \ @SatsMate 30 Apr

Thanks for sharing! Love to hear the different perspectives around the world. Seems like there is still alot of education needed in this space, that is where mi primer bitcoin could come in! Seems like many of the people know about Binance, and USDT... There must be some heavy marketing efforts on these products.

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

It wasn't product of an advertising campaign; here the use of Binance and USDT arose naturally as a result of wanting to avoid inflation/devaluation of the Venezuelan currency and have some way to save "dollars."

Many people outside the country use this way to send money to relatives within the country, rather it was a network effect

70 sats \ 1 reply \ @criptopanas 30 Apr

Great work!

Education is key.

I've meet venezuelans living in Spain and Portugal that they use Binance Pay to send money (USDT) to their parents, but they don't know about BTC...

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

Yes, more education is definitely needed!

24 sats \ 1 reply \ @Dkryptoenth 30 Apr

Volatility will always remain hence demand and supply is in place.

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

The market will always be the market and people with enough knowledge will know how to take advantage of it, so it's not entirely a bad thing.

21 sats \ 1 reply \ @rppeace40 30 Apr

Sounds like they need some bitcoin educators in Venezuela 🇻🇪

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

Yes, definitely

100 sats \ 1 reply \ @SpaceHodler 30 Apr

Thanks for the video!

I found it interesting that the phone store owner at the end when he was asked about Bitcoin as a savings technology, he essentially complained that it was too volatile as savings and not volatile enough as an investment. Looks like he has this division in his mind between savings (which need to be 'stable') and investments, which need to return a 100x or otherwise they're not worth it for someone with $1000.

It may be more common than we think that people struggle to wrap their heads around the idea that there could be something in between; something that's somewhat volatile, but more like savings in that it grows in purchasing power forever and doesn't require timing the market. And perhaps that's why we're seeing institutional buying and little interest among ordinary people.

0 sats \ 0 replies \ @Malos10_ OP 1 May

savings in that it grows in purchasing power forever and doesn't require timing the market. And perhaps that's why we're seeing institutional buying and little interest among ordinary people.

You nailed it with that!

0 sats \ 1 reply \ @bief57 30 Apr

Que brutal este video! I love these kinds of videos. It's funny how many people think of USDT and Binance when you mention Bitcoin. So far, from what I've seen, they've been the main platform.

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

Yes, very few people have a complete understanding of Bitcoin in general, but it is interesting to see that they have used USDT simply to escape inflation.

0 sats \ 1 reply \ @RideandSmile 30 Apr

The economy remains vulnerable to oil price volatility, political instability, and renewed sanctions pressure.

From there, it s obvious that people are looking for stability

0 sats \ 0 replies \ @Malos10_ OP 30 Apr

Besides that, Venezuela is a country with many foreign sanctions, it is extremely difficult for an average person to have a bank account that has access to dollars, so the easiest way right now is to have a Binance account and use USDT.

0 sats \ 1 reply \ @stack_harder 30 Apr

i get it, i mean the less money you have, the more you get affected by volatility. Every dollar counts, so seeing your balance go down in fiat terms puts a lot people off