Some brokers also tend to charge a withdrawal fee but keep it at a bare minimum, and lesser than exchanges. Transaction feesEvery time you send Petro to someone, you need to pay a very small sum as a blockchain processing fee. This is negligible and can’t be termed as a factor in Petro’s purchase.

venezuelan bolivar

Desktop again, as evident from the name, desktop wallets are software applications that run on a desktop or laptop computer. The pyramid method employed by the company is not sustainable and forbidden in many countries. It means that people on the top of the pyramid will get the highest profit while all the rest below it will lose most of their funds. Such structures are not durable and survive only thanks to new people coming.

Will you need to set up your own wallet?

Petro is a platform for creating and trading derivatives such as oil and oil products, gas, and electricity derivatives. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace.

In general, it’s only the regulated brokers and exchanges that are considered the best for secure PTR purchases. Web WalletPerceived as the most accessible means of cryptocurrency storage, web wallets are usually built into the brokerage and exchange platforms. These are mostly custodial wallets, especially when held in a cryptocurrency exchange. They aren’t a very safe way to store cryptocurrencies, as people have lost their entire crypto holdings stored in such exchange wallets, in the past. The announcement of the Petro received a mixed reaction in the cryptocurrency community.

The exchange or broker website may levy a certain transaction fee too, depending upon the payment method used. Please ensure that you comprehensively research the exchange platform you’re planning to buy Petro on. Correctly identify and understand the procedures to deposit funds, place buy/sell orders and make withdrawals. In case you find it all very daunting, you can always switch to a crypto broker service and invest in Petro via CFDs, which are far less risky than possibly making expensive mistakes on an exchange.

  • Read our comprehensive guide to find out, including trading strategies.
  • As long as you base your decision on objective and actionable data, you can start anytime.
  • View the total and circulating supply of Petro, including details on how the supplies are calculated.
  • In July 2018, there was an announcement that Venezuelan government will use Petro tokens to build housing facilities for the homeless people in their country.
  • President Nicolas Maduro launchd his brand new cryptocurrency off the back of the bitcoin craze, hoping to restore some stability to his country.
  • If you believe that Petro will increase in value over time, you can trade the token through one of the approved exchanges.

Venezuela has experienced prolonged economic crisis for several years now and Petro is seen as the shortcut to both mitigating and resolving it. One of the worst problems faced by Venezuelan economy is hyperinflation which has plagued the country for years. The devaluation of its national currency, the Venezuelan bolivar was followed by the inflation rate which, back in July 2018, headed for one million percent value. Petro is now pegged to the bolivar in an effort to support the recovery of its fiat counterpart.

How to Buy, Sell and Trade Petro (PTR) Cryptocurrency?

Had it happened, it would have provided much-needed cash flow at a time when the country’s official currency—the bolivar—had plummeted. A huge deficit of US dollar monetary supply has led to the absence of basic goods and a tenfold price discrepancy between official and black market currency exchanges for the Venezuelan bolivar and US dollar. This crypto was first announced in December 2017 by the Venezuelan president. He stated that its aim was to make the country advance on money sovereignty issues and tap into international financing easily. Petro billed as the first sovereign currency introduced in the crypto space. The crypto built on the NEM blockchain and backed by oil, gasoline reserves and mineral reserves of gold and diamonds.

Price charts, holders, transactions and other detailed coins information. Marcus Sotiriou, analyst at digital asset broker GlobalBlock, thinks that this could be the beginning of bitcoin’s emergence as a neutral “petro-asset”. “This adds more weight to the idea of bitcoin becoming a petro-asset after Putin recently allowed ‘friendly’ countries to pay for oil in bitcoin,” he wrote in a note. Since Petro is instrumental for Venezuela’s financial independence and economic stability, the state allows users to employ several methods to buy and sell the token.

This instrument features broad functionality that is close to regular money and conventional financial instruments. The top crypto exchanges that have Petro available for trading, ranked by 24h trading volume and the current price. The petro crypto’s value is helping Venezuela greatly in foreign trade.

Petro trades under the symbol “PTR” and operates without being controlled by a single administration, such as a central bank. Blocks on the Petro blockchain are generated on the 60-second basis or by demand, which is described as the “guarantee” of sufficient speed in processing of new blocks. Creation of master nods requires 5.000 PTR and transactions are described as being delivered in less than five seconds. Altcoin speculators often move from one opportunity to the next for quick profits. Just to help you understand this ever-evolving world of Cryptocurrency and Blockchain Ecosystem, BTC Wires has the proper solutions for you with our set of evergreen articles. Navigating the crypto world is a daunting challenge owing to those confusing technical concepts, isn’t it?

While that’s great, you still need to keep an eye on your account. You may want to close the position much earlier in some cases, and you can only do this manually. If you are happy with your earnings, you have a reason to stop risking your funds. The same might apply if you have been making a string of losses and are not prepared to afford further losses. Your ultimate decision should depend on your understanding of this token, Venezuela’s political and economic environment, and the crypto industry.

And BitMEX co-founder Arthur Hayes believes that gold, or even bitcoin, could fulfil this need. The bitcoin price dropped below $44,000, losing about 7.7% of its value. Ethereum’s price dropped 5.4%, BNB 3.7%, terra 0.3%, solana 5.63%, cardano 10.4%, and XRP 10.5%, and dogecoin 0.1%. According to Venezuelan Cryptocurrency Superintendent Carlos Vargas, Venezuela would pay for imports from Brazil using the Petro cryptocurrency. In fact, a few Brazilian companies have agreed to sell food in Venezuela in exchange for Petros starting on February 20. Here’s how and where to buy Petro with everything investors need to know about the new kid on the crypto block.

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The white paper states that ‘no less than 10 percent’ will be available. This could be a point of leverage for Petro’s popularity in the country. Apparently, this means that paying taxes and any other settlements with state bodies would be at least 10 percent cheaper in El Petro at the current exchange rate than in traditional currency (i.e. in Bolivars).


Up until now, there has been no precedent of issuing cryptocurrencies with such broad functionality to the mass market by the government. Petro is the ‘intersection’ of several familiar concepts from the world of conventional finance. In reality, the value of emitted currency is to be ‘secured’ by the liability of Venezuelan government on providing the goods, i.e. the oil, and by its acceptance as the payment to state bodies. In theory, Petro looks more like the currency of the gold-standard period that is technically implemented by virtue of Blockchain technology. According to Maduro, Petro being backed by the Venezuelan crude oil is one of the best ways to use new technologies to restore the financial condition of Venezuela. For many years, the country has been suffering from hyperinflation by thousands of percent per year, while US sanctions cut off Venezuela from international capital markets.

To make matters worse, US sanctions have further fueled its economic crisis. The Venezuelan president said his country had received $735 million in the first day of pre-sale after selling off el Petro at a discounted rate to entice investors. President Nicolas Maduro launchd his brand new cryptocurrency off the back of the bitcoincraze, hoping to restore some stability to his country. All things considered, it is still too early to determine Petro’s future potential. Even if President Maduro wins the next election and other exchanges support the cryptocurrency, Petro may still be the cause for a lot of controversies.

Unfortunately, the Whitepaper is drafted in common language without any detail on an assumed technological base to launch a full-stack digital platform. On Feb. 20 the pre-sale of Petro was launched and has already raised $735 mln, according to Maduro’s Twitter. Total amount of PTR issued for sale is 100 mln and is worth $6 bln. The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela’s controversial petro token. View the total and circulating supply of Petro, including details on how the supplies are calculated.

At the time this guide was written, the best places to sell Petro remained the cryptocurrency exchanges authorised by the Venezuelan government. If you have some Petro to sell, you will need to create an account with any of these portals, deposit your coins and then post a ‘Sell’ trade to pitch to prospective buyers. Like many cryptocurrency investors, you may also be wondering—is buying PTR illegal?

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The U.S. have gradually imposed an increasing number of sanctions on Venezuelan military and political authorities based on the alleged human rights abuses. While the full-on sanctions on Venezuelan oil sector are still being considered, Petro’s architecture should allow it to bypass the sanction mechanisms and allow for its free trade with the rest of the world. There is substantial excitement surrounding non-fungible tokens and NFT marketplaces. Past and future airdrops are designed to create value and retain customers. The world of finance is transforming with the rise of decentralized finance and cryptocurrency. These new technologies are disrupting traditional financial systems and…

The technological identity of was perplexing during its genesis. Initially, the white paper of petro stated that the currency would be on the Ethereum platform, but the white paper was changed at launch and the platform was to be NEM. However, even after the launch, white papers in various languages still shared conflicting information as to which platform the petro was part of. In October 2018, the white paper was changed once again, and a core developer of Ethereum, Joey Zhou, stated that the new petro white paper blatantly plagiarized from the GitHub repository of Dash. The newest version of the white paper revealed that petro was a clone, effectively a fork, of the cryptocurrency Dash.

If your exchange has a wallet, you can consider this step optional. However, people with a long-term investment strategy should seriously be considering transferring the funds to their private wallets. As we noted, private wallets offer much better security than exchange or web wallets. All the government-controlled exchanges allow users to buy PTR by cash, BTC, LTC, and other leading options. So, if you have cash, you don’t have to get a particular crypto to acquire the token.

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Petro is part of the Venezuelan government’s initiative to overcome the U.S.’s economic blockade against Venezuela. While that answers the question, “What is Petro cryptocurrency ? ” there are some things to know about this latest entrant into the cryptocurrency ecosystem. If you are asking this question, the answer is there is no best time.

The brokerage will scrutinise them before determining the eligibility of your account. It’s important to note that the Venezuelan central bank controls Petro. So, if you want to buy the token, you should look for one of the leading exchanges that the government has authorised to offer the service. By 18th October 2018, the Venezuelan state had authorised at least six exchanges to start selling PTR. Launched in February 2018, Petro is a cryptocurrency backed by Venezuela’s mineral, oil and natural gas reserves, and issued by the Venezuelan government.

The other buyer did not disclose their name and revealed few details about their motivations behind buying the cryptocurrency, apart from expressing concern about “persecution” by the US government. The government also announced the creation of a “blockchain observatory”—a software platform for buying and selling virtual currency—around the same time when it begins a private sale of the token next month. Petros will be “pre-mined,” meaning the government will produce and control it. The digital currency will be backed by five billion barrels of oil allocated by Venezuela. The price of the Petro cryptocurrency will be tied to the price of a barrel of Venezuelan oil. This ensures no one can access them without your express permission.