Cryptocurrencies, or digital currency, are a medium for exchange that can be obtained through tools such as El Dorado P2P. This platform is used to purchase stablecoins in Venezuela and is compatible with mobile payment and bank transfers.
El Dorado P2P is available for purchase USDT or Tether at the daily rate, which may vary depending on the merchant the user chooses.
In Venezuela, cryptocurrencies are an option to protect the value of your funds against monetary inflation.
What are cryptocurrencies and how do they work?
Cryptocurrencies are digital assets that work in a similar way to a traditional currency, allowing them to be used as a “virtual currency”.
However, since they are only available online, they use cryptographic procedures to ensure the security of transactions. These methods are essential both for controlling the creation of new assets and for verifying financial exchanges.
Cryptocurrencies are a decentralized option for accessing digital currencies, meaning that they are not controlled by a single entity, such as a company or institution. This term refers precisely to currencies whose functioning and value do not depend on a single centralized body.
This is the case with traditional currency, organized and centralized by companies or banks, which is why cryptocurrencies are an innovative alternative.
In the beginning, the first cryptocurrency that was launched on the market was the Bitcoin, whose creator was Satoshi Nakamoto. In 2009, he described in an article a payment system Person to Person known as Bitcoin.
Over the months, the first buying and selling platform for this currency appeared, interacting with users who showed interest in using it.
As his popularity grew, so was he born El Dorado, an exchange platform for USDT (TRC20) and USDC. Thanks to this medium, people can connect with others in Latin America and make transactions in digital dollars. However, these cryptocurrencies can be used as a means of payment for some businesses. They are also good for send money to Venezuela from abroad in places where it is impossible to send it through domestic transfers.
However, the value of each virtual currency varies depending on supply and demand, so it is considered a very volatile market that everyone should be aware of.
What are the types of cryptocurrency?
Bitcoin was the first cryptocurrency launched on the market in 2009. Since then, new versions have emerged, some of which have managed to position themselves, while others have not. Examples of robust coins are the Litecoin, the Ethereum And the Stablecoins, since its value remains relatively stable over time. For example, Ethereum currently has an improved version known as Ethereum 2.
Stablecoins, such as Tether (USDT), USD Coin (USDC) and COME ON, are tokens designed to maintain a fixed price and reduce the volatility that affects other cryptocurrencies such as Bitcoin or Ethereum. In El Dorado P2P, it is possible to buy and sell stablecoins such as USDT and USDC, taking advantage of a very low commission system, making it an attractive option for users, especially in Venezuela, where reducing fees when sending or receiving money is crucial.
There are other cryptocurrencies in the market, such as XRP, Polkadot, Binance Coin, Chainlink, Cardano, Bitcoin Cash among others. However, its value is well below the most popular cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
How many cryptocurrencies are available in Venezuela?
In Venezuela, the cryptocurrency market has become very popular to the point of attracting thousands of users every year. In fact, there are digital currencies that are developed by Venezuelans such as the OnixCoin, Dash Venezuela, ArepaCoin and BolivarCoin.
Bitcoin or BTC is the most popular cryptocurrency in the world. However, it is not the most used in the country, nor are its most important competitors such as Litecoin or Ethereum, although they are still available.
Stablecoins such as USDC and USDT are the most used in the country. It should be noted that USDC and USDT are characterized by not being victims of the volatility experienced by others. For example, in 2022, Bitcoin lost 60% of its value, but in 2024 it reached 73800 USD, an all-time record.
So, the risks of this volatility have driven people in Venezuela to opt for safer alternatives such as USDC and USDT. These two cryptocurrencies are available in El Dorado and can be bought or sold at any time of the day.
Operations on this platform for Venezuelans can be carried out through Mobile payment, Bank of Venezuela, Banesco, Mercantile, BBVA Provincial, Bancamiga, BNC Bank and Bancaribe.
How to invest in cryptocurrency in Venezuela?
The first step in investing in cryptocurrencies in Venezuela is to know how their prices are determined. Normally, value fluctuates due to a law of supply and demand, in addition to the commitment of users to keep it within acceptable limits.
There are no mechanisms to prevent it from being manipulated, there are also times when the price is generated without public information to support it. So, it's best to be aware of the stock market and the risks involved with cryptocurrencies.
Then, the user must find a platform that allows them to access the cryptocurrencies available in Venezuela.
These can be Bitcoin, Litecoin, Ethereum, stablecoins or more local digital currencies such as OnixCoin, Dash Venezuela, ArepaCoin and BolivarCoin.
Once inside, you must register on the platform and enter your real personal information, so that intermediaries can make complaints in case of suspicious behavior.
In the cryptocurrency market for Venezuela, mobile payment transactions or domestic bank transfers are available. There are also platforms that are compatible with Zelle, Wise, PayPal, Zinli, AirTM and others for the purchase of digital currencies.
The investment process will begin with an exchange between two people through the platform, without the intervention of a third party.
This method of buying cryptocurrency makes it possible to obtain benefits for both companies and individuals. It will only be necessary to have an internet connection and the necessary funds to purchase the digital currency of interest.
Cryptocurrency prices in Venezuela
Cryptocurrencies have a price that varies depending on the law of supply and demand in the current market. However, the prices in USD of the most well-known digital currencies in Venezuela:
- Bitcoin: Its price is 95663.93 USD.
- Ethereum: a value of 3577.65 USD
- XRP: It is currently 2.53 USD
- USDT: It has a price of 1 USD
- USDC: a value of 1 USD.
- Litecoin: its value is 126.60 USD
- Uniswap: 14.25 USD as of today.
- ArepaCoin: its price is 0.00001132 USD
- OnixCoin: has a price of 0.0009596 USD
- Dash Venezuela: its value ranges from 55.60 USD.
- BolivarCoin: has a price of 0.00171 USD.
Where to buy cryptocurrency in Venezuela?
With El Dorado people in Venezuela can get Tether or USDC as a substitute for the dollar to protect their bolivars from inflation. They don't need to have a dollar account either, so it's a viable solution for many.
There are so many benefits that this platform offers that it is possible to buy cryptocurrency with a simple national bank transfer or to make a mobile payment to the recipient through transactions Peer to Peer.
In addition, you can carry out the operations in a simple way. Once you sign up and verify your account, you can start making transactions right away.
If the user has another currency other than the bolivar, such as Colombian pesos, Mexicans or Argentinians, the application has payment options to receive them.
Commissions for merchants
These are commissions that do not change for those users who want to operate as merchants in the app:
- Deposit USDT TRON: no commissions.
- Deposit USDC Polygon: no commissions.
- Withdraw USDT TRON: no fees for El Dorado plus 0.5 to 4.5 USDT depending on the congestion of the TRON network.
- Remove USDC Polygon: no commission from El Dorado plus a network cost ranging from 0.1 to 0.6 USDC.
- P2P ads: 0.25% of the total value of the completed order is charged.
Fees for users
- Deposit USDT TRON: no commissions.
- Deposit USDC Polygon: no commissions.
- Withdraw USDT TRON: no fees for El Dorado plus 0.5 to 4.5 USDT depending on the congestion of the TRON network.
- Remove USDC Polygon: no commission from El Dorado plus a network cost ranging from 0.1 to 0.6 USDC.
- Send funds to other users in the app: free of charge.
- Receiving funds in El Dorado: free of charge.
- Depositing funds in El Dorado: free of charge.
- Fees for P2P transactions: users have tiered commissions and are determined according to the total amount of the transaction.
Monto
Commission
1 to 39.99 USDT
0.49 USDT
40 to 99.99 USDT
1.23%
100 to 999.99 USDT
0.99%
1000 to 9999.99 USDT
0.39%
Higher than 10000 USDT
0.24%
The minimum amount to make a trade in El Dorado is 1 USDT and commissions are decreasing the greater the volume of cryptocurrencies to be purchased.
