How to

Some options to exchange petros for bolivars or cryptocurrencies

Key facts:
  • The Patria platform is the main option when exchanging petros for bolivars

  • Through LocalBitcoins or Hodl Hodl, it is possible to get bitcoins from petros.

In December 2019, the Venezuelan government gave retirees and civil servants the so-called “Petro bonus”, whose amount of 0.5 petros, at the time of delivery, was equivalent to slightly more than one million bolivars. The bonus in petros could be used through the Biopago systemwhich made an automatic change, at a rate imposed by the government of Venezuela. However, this system has been “under maintenance” since January 4, preventing many Venezuelans from using their “half gas” to buy products.

The possibilities of using petro were limited, not only for those who received the bonus in this digital currency; Traders were also affected.

However, You can still find some options to change petros to bolivars or other cryptocurrencies, like bitcoin, with better foreign exchange liquidity.

Before we continue, it’s worth pointing out something: the options shown here have been tested, but various comments and complaints from different users on social media indicate that the results can vary, and drastically. For example, an exchange order may not be executed, or petros may never be confirmed when sent.

Homeland platform

Platform Patria It is the main medium of exchange used to exchange petros for bolivars, because That’s where the bonus was originally deposited. For the purposes of this guide, we assume that you already have an account on the specified platform.

To make an exchange, a sell order must be opened. However, we could not verify the functionality of the exchangebecause the whole process is done internally and the order may not be executed.

So, with this clarified, to begin with, we need to login to the Patria portal and select the Wallet option from the top menu.

Here, in the Petro Wallet (PTR) section we will see the balance of the petros we have. Now we will need to go to the Exchange section of the side menu.

Once in this window, we will click on Create Offer to create a trade request.

Now, the only data we will need to enter is:

  • Origin wallet: where we will choose Petro Wallet (PTR). What is the default wallet within the platform.
  • Amount Offered: The amount we will exchange. In this case, 0.5 PTR appears, which is the total amount that reflects our portfolio.

The rest of the information, as you can see, will be filled in automatically. Although we can change some things, such as the amount requested or the expiration date, it is preferable to leave everything as it is, to avoid confusion.

The next step is to go to the bottom of the page and check the box that we accept the Exchange Terms and Conditions and click Continue.

This is a summary of the operation to be performed. We will receive a confirmation code on the phone that we have registered within the Patria platform, which we will enter and click on Confirm.

Now we already have an active change order, as you can see above the Active Quotes section.

Now we have to wait for the order to settle and the funds in bolivars will appear in our wallet.

As for the waiting time, you can’t be sure, however, at the top of the exchange window you can see the date and time of the next exchange round. Which can be understood that at that moment a certain number of orders will be executed.

If the order expires, you can place a new one without commission. If you cancel, a fee of 0.00005 PTR will be charged.

Authorized exchange offices

On the territory of Venezuela, there are currently 7 exchange offices, licensed by the Venezuelan government, to work and work with Petro. From where we can exchange it with cryptocurrencies such as Bitcoin, Litecoin, Dash, Ethereum, among others, offered by various exchanges.

Checked exchanges are:

In each of them, the registration method may vary. But according to the opinions of several users, the verification time is usually significant. Complaints were also registered at the time of withdrawal, as it usually takes a long time for withdrawal funds to be allocated.

It should also be noted that on this type of platform, exchange rates are usually very unfavorable. Although we are talking about a free market, the orders are those who are the users, and considering the price set by the Venezuelan government of 60 USD per gasoline, it is common to find offers of over 30 USD per oil. That is, half a petro (0.5 PTR) of the petro bonus would be equivalent to about 15 USD.

LocalBitcoins

This exchange specializes in person-to-person exchangesis the one that registers the highest trading volume of the Bitcoin/Bolivar pair, on the territory of Venezuela.

With LocalBitcoins, payment methods vary, either by bank transfer or through a payment processor such as PayPal, and users decide which method they want to use for the transaction. Because of this, it has recently been observed that various users have been posting offers, both to buy and to sell, to exchange bitcoins, using petros as a means of payment.

However, exchange rates were much lower, putting the price of oil at about half the official price set by the government.

Obviously when selling gasoline, we would get bitcoins, which have more liquidity when we exchange them for bolivarsin case we don’t aim to keep BTC, and they can be exchanged directly on LocalBitcoins.

If you are interested in learning how to use LocalBitcoins, we leave you a tutorial here.

He intended

The case of Hodl Hodl is also quite special. Although it handles the amount of liquidity for cryptocurrencies such as bitcoin, it is also introduced as an option to exchange petro, and this is because last January HodlHodl included petro as a form of payment.

The petro inside Hodl Hodl will be used to buy bitcoins, which can later be exchanged for bolivars if desired.

If you want to learn how to use Hodl Hodl, here is a tutorial.

P2P exchanges

This form of exchange is not exclusive to the petro, as with bitcoin this type of marketing began.

This exchange method is based on contacting another person or business to make a wallet-to-wallet exchange. Of course, in order to manage gasoline, we will have to transfer them to Petroapp, which is the official wallet of this digital currency, and from there we will be able to manage them more comfortably.

In the same way, informal communities have been created that are ready to exchange petros for bolivars or any other currency or cryptocurrency, and Telegram is the platform where this type of group spreads the most. Among them we can find the following:

It must be clarified that this form of exchange, where contacts are made through online groups, could be prone to fraud. Therefore, we advise our readers to take the necessary precautions, such as looking for references in the group itself about the person with whom we wish to exchange.

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