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You'll need a Bitcoin wallet before you buy since some exchanges require one.

Don't have a wallet? Read our guide on the best Bitcoin & cryptocurrency wallets.

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Venezuela is one of the most talked about countries in the world of Bitcoin. That is because Venezuela exemplifies everything that Bitcoin was created to protect against. It's no secret that Venezuela has experienced a tremendous amount of financial and societal instability over the past 20 years.

For a look at just how bad it has gotten, and how we got here, Vox has a great video breakdown below:

So what does this have to do with Bitcoin?

Bitcoin was created to limit the power that governments have over its people through the use of its money printing powers. While Bitcoin cannot stop governments from changing their constitutions or throwing its citizens in jail, it can give them an escape hatch when government spending and programs become insolvent and out of control.

In the past, if your government printed the economy into oblivion, there wasn't much you could do about it, except wait, hope the pain ended quickly, and that eventually the country would need to give up its own currency and adopt the currency of another country. Historically, this has meant the US dollar or the British Pound Sterling. However, if those currencies are no longer reliable or your government is delaying the inevitable, there was nothing you could do.

Today, however, Venezuelans have another option - Bitcoin. And increasingly, they are turning to it. Many stores and shops accept it openly, despite its illegality to do so. Many citizens mine it or buy it across the border in Colombia and Brazil at Bitcoin ATMs or on exchanges headquartered in other countries but targeting Venezuelans specifically.

Venezuelan smugglers carrying goods across the border from Colombia

Therefore, one of the easiest ways to buy Bitcoin in Venezuela is through cryptocurrency exchanges like SurBitcoin. You can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.

Additionally, Bitcoin buyers need to keep in mind the fact that certain exchanges might require them to get a wallet of their own before they are able to buy the digital currency. Also, it is recommended to have a wallet of your own for security reasons, preferably a hardware wallet. If you don’t have a wallet, refer to our guide on the Best Bitcoin and Cryptocurrency Wallets to choose one.

Another way to buy Bitcoins in Venezuela is through automated teller machines (ATMs). These ATMs allow users to instantly purchase and sell cryptocurrency using cash, however most of them require at least a phone number, so they aren't totally private.

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Venezuela has access to many large Bitcoin and cryptocurrency exchanges.

Have a look at our favorites below:

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There are three main types of Bitcoin wallet and all of them are supported in Venezuela:

Best for Security

Ledger Nano X

Secure storage for any cryptocurrency

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The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. It connects to iOS, Android & desktop computers.

Temporary Wallet

Atomic Wallet

Best for storing crypto for short period of time

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Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.

Best for Desktop

Electrum

Simple yet powerful desktop wallet

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Electrum is a Bitcoin-only wallet that has been around since 2011. It's easy to use, but has advanced features.

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For most of us, Mining Bitcoin just isn't profitable, or at least it is more profitable just to buy Bitcoin. However, if you live in a country where electricity is completely paid for by the government, then you can mine Bitcoin profitably at almost any price.

This is especially true if Bitcoin is an appreciating asset relative to your country's fiat money - which is very much so the case in Venezuela. In fact, despite Bitcoin's volatility, it is nothing compared to the waning purchasing power experienced by the Bolivar every single day.

For this reason, many Venezuelans are (and have been) mining Bitcoin if they can (whethor at home or at work or anywhere else). They risk going to jail, as it is illegal to mine Bitcoins or other cryptocurrencies in Venezuela, especially if you are using state-funded electricity to do it.

For a great series of interviews with some of the people risking their freedom to mine Bitcoin in Venezuela, see the video below.

If you want to know if it is profitable for you to mine Bitcoin with your rig and electricity costs, use our mining profitability calculator.

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The Petro

Not surprisingly in a country like Venezuela, the biggest scams are not run by small groups of sales teams in offices like in other countries. In Venezuela it is actually the government running the biggest crypto scam.

That scam is called the 'Petro'.

As you are probably aware of by now is that the Venezuelan Bolivar has experiences massive inflation over the years, especially in the time period that Maduro, the country's current president, has taken control. The result has been unprecedenteed civil unrest in a country that was, not long ago, considered the wealthiest nation in all of South America.

After printing Bolivars to point of being nearly worthless, with inflation rates exceeding 40,000% year-over-year in 2019, the Maduro regime wanted a fresh start to their currency. In 2017, the regime announced that they would not only be slashing 5 zeroes off of each Bolivar billin circulation (a move that had been tried before by Maduro's predecessor, Hugo Chavez), but they would also be offering a new 'cryptocurrency' called the Petro, backed by the countries oil reserves.

The international community (and the people of Venezuela themselves) balked at the idea that such a cryptocurrency would ever work or that the maduro regime would ever make good on a crypto "backed by oil". No one actually believed that if one bought these Petros, he could exchange them in return for delivery of crude.

And that is really what this scam (and all the other Maduro regime ploys) are all about. Make promises to raise money today and that the regime has no plan on keeping tomorrow.

The Petro, predictably, was a huge flop, and it did nothing to relieve the desperate situation that Venezuelans find themselves in today. As Wired writer Katia Moskvitch put it:

[The Petro is] a currency backed by a cryptocurrency backed by petroleum. To put it bluntly: it’s a scam on top of another scam.

Katia Moskvitch Writer, Wired

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Does Coinbase work in Venezuela?

Coinbase does NOT support customers in Venezuela as of September of 2020.

Where Can I Find a Bitcoin ATM in Venezuela?

There is only 1 Bitcoin ATM in Venezuela, and it is located in th Traki Store in the Venezuelan Capital of Caracas on Casanova Avenue.

What is the price of Bitcoin in Venezuela?

Calulating the Bitcoin price in Bolivars is difficult since there is the govenrment mandated exchage rate to US dollars and the real exchange rate that the market actually demands. If you look at the image below, you will see the 'official' exchange rate, but no one will acutally accept it if you want to buy bitcoin. The real number is in the millions of Bolivars. The best way to find the real exchange rate is to use something like Localbitcoins.com and see what the sell offers are.

This is an official exchange rate based on Bolivars to dollar conversions - it is not reliable.

How do I cash out of Bitcoin in Venezuela?

Any exchange with a Euro trading pair will allow you to sell your Bitcoin for fiat currency. Bitpanda has EUR trading pairs for many popular coins.

As mentioned previously, you can also use automated teller machines (ATMs) to buy Bitcoin.

Local Bitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. Local Bitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.