Binance Reaches Twitter Trending Topic Status in Venezuela – Emerging Markets Bitcoin News
Hey there! Before reading the article which is about Binance Reaches Twitter Trending Topic Status in Venezuela – Emerging Markets Bitcoin News, you should read about cryptocurrency prices. It shares basic information about this article and also adds more value to it. Do let us know how you feel about it in the comment section below. Happy Reading! Really glad that you are here.
Binance, the world’s largest cryptocurrency exchange, hit a milestone on Sunday, reaching the top trending topic on Twitter during its launch in Venezuela. According to Coinmarketcap, Binance currently sees roughly $2.8 billion in trade volume over a 24 hour period.
Venezuela has quickly become a hotspot for cryptocurrency in recent years. This is due to the fact that the country has been suffering from an extreme hyperinflation of its fiat currency for a number of years. As a result, many Venezuelans have begun to turn to cryptocurrencies like Bitcoin as a means of storing their wealth, and even as a form of payment. As Binance, one of the world’s largest cryptocurrency exchanges, announced today, the company was featured as a trending topic on Twitter in Venezuela earlier today.
Binance, one of the world’s largest cryptocurrency exchanges, has reached trending status in Venezuela on the social network Twitter. The trend heading into the weekend shows how important cryptocurrencies are to residents right now. Cryptocurrencies are extremely useful tools for Venezuelans to maintain their purchasing power, and Binance is currently the most popular exchange in the country thanks to its robust peer-to-peer market. Interest in the company and its services in the country has peaked.
Binance is becoming a trendy topic in Venezuela
To the surprise of many, Binance was a Trending Topic in Venezuela on Friday, with over 200,000 tweets dedicated to various topics, including the use of the popular exchange and its services in the country. While most tweets praised the exchange and the many features it offers its customers to manage cryptocurrencies, some users were unsure how to use the system to improve their economic situation.
The fact that Binance has become a trendy topic in Venezuela is all the more important because Venezuelans face all kinds of problems and situations on a daily basis. The issue that the International Criminal Court is now conducting a preliminary investigation into possible crimes at multiple events in 2017 was also a trending topic on Friday behind Binance.
While it is true that Venezuela is one of the countries with a high penetration rate of cryptocurrencies, they remain a niche for a group of users who have been familiar with them for a long time. Binance therefore acts as a kind of bridge that can help new users get acquainted with what cryptocurrency is and what the possibilities are. But they clearly have work to do: Many tweets criticized Binance’s platform as too complex and incomprehensible for the average user.
Development of Binance in Venezuela
Binance has existed as a cryptocurrency exchange since 2017 and has allowed Venezuelans to trade on its platform without restrictions since its launch. At that time, Localbitcoins was the most popular peer-to-peer (P2P) exchange platform in the country and had the highest exchange volume in Latam. But Binance plans to shake up the market by launching its P2P trading platform with commission-free P2P transactions in April 2020.
Just one month after its launch, Mariangel Garcia, community manager of Binance Latam, said the platform already had a monthly volume of $200 million, surpassing Localbitcoins in the first month it was active, without a marketing campaign behind the service.
Localbitcoins has since completely succumbed to the P2P market, reducing its volume to a fraction of what it was in 2019, while Binance has gained mainstream recognition through marketing through various media outlets and Venezuelan influencers on its Twitter platform.
What do you think about Binance becoming a trendy topic in Venezuela? Tell us what you think in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, 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 referred to in this article.
This source has been very much helpful in doing our research. Read more about 1 bitcoin to usd and let us know what you think.
binance p2pcryptocurrency priceshow much are bitcoins worthbitcoin stock price1 bitcoin to usd,People also search for,Privacy settings,How Search works,cryptocurrency prices,how much are bitcoins worth,bitcoin stock price,1 bitcoin to usd,binance p2p