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LocalBitcoins Trading Volume Increases Exponentially in Venezuela as Political Crisis Escalates

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Thu, 02/14/2019 - 10:53
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  • After Venezuela and the whole world said a firm ‘no’ to Maduro’s Petro cryptocurrency, the popularity of Bitcoin continues to rise

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According to a new DataLight study, the popularity of Bitcoin, the top-of-the-line cryptocurrency, has skyrocketed in Venezuela amidst the ongoing political turmoil. On Feb. 2, the trading volume on LocalBitcoins reached a brand-new peak of 17.33 bln Venezuelan bolivars, which equals roughly $5.2 mln.     

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Bitcoin comes to the rescue  

Notably, Venezuela is also responsible for 20 percent of the LocalBitcoins traffic. As trading volumes are increasing, more people are visiting the exchange, with a 40 percent increase in January. It’s one of the most popular websites in the country that is being plagued with food shortages, political crisis, and riots in the street.   

For comparison, the country’s top stock exchange had a minuscule trading volume of $8,117 USD on Feb. 11, which signifies how much of a non-factor the bolivar has become here.

Bitcoin revolution in Latin America

The rapid surge in trading volume comes amidst the news about the Venezuelan government imposing limits on cryptocurrency remittance services. U.Today reminds readers that President Nicolas Maduro has tried to push his own oil-pegged cryptocurrency (the Petro), which was supposed to shore up the country’s struggling economy, but his plan failed miserably.    

Latin America remains the stronghold of Bitcoin adoption. For instance, it’s the second market for Dash (DASH), whose white paper was blatantly copied by the Petro.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Gamblers Are Driving Force Behind dApps Growth: 2019 H1 DappReview Report         

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Sun, 07/14/2019 - 15:00
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  • It appears that many cryptocurrency enthusiasts are willing to roll the dice

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The recently published report by DappReview encompasses everything related to the growth of decentralized applications (dApps) in the first half of 2019. When it comes to the most popular category of dApps, gambling ones appear to be in the lead by a big margin.

Upping the ante

The “Casino” category has the biggest chunk of the pie with 606 newly created dApps. For comparison, there are only 398 gaming dApps, which occupy second spot. “High-risk” dApps are trailing behind the gaming ones with 358 newly created apps.  

DappReview explains that the main reason behind their popularity is that they are relatively cheap and easy to create, but, nonetheless, they generate great returns for their developers. 

On top of that, there doesn’t seem to be a shortage of risk-loving crypto enthusiasts. 

dApps are doing just fine

Overall, the report points out that rapid growth has become a new trend in the dApps department. More than 1,114 dApps have been already created this year. Tron boasts the biggest amount of newly created dApps while Ethereum and EOS come in second and third places respectively.

Notably, only one percent of users tried more than ten dApps, but they are responsible for the lion’s share of the total transactions on each of the aforementioned networks.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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