The Patria platform is the main option when changing petros for bolivars
Through LocalBitcoins or Hodl Hodl, it is possible to get bitcoin from petros.
In December 2019, the Venezuelan government handed over to pensioners and public employees the so-called “Petro premieres”, the sum of 0.5 Petros, at the time of its delivery, amounted to just over 1 million bolivars. The petros bonus could be used through the Biopago system, Which made the automatic change, at the rate imposed by the Venezuelan government. However, this system has been “under maintenance” since January 4, making it impossible for many Venezuelans to use their “petro medium” for the purchase of products.
The options for using the petro were limited, not just for those who had received their extra pay in this digital currency; traders were also affected.
However, you can still find some options to change petros to bolivars or other digital currency, such as bitcoin, with better exchange rate liquidity.
Before we continue, it’s worth noting one thing: the options shown here have been tested, but several comments and complaints from different users on social media, point out that the results could vary, and drastically. For example, the exchange order may not be executed, or the petros may never be confirmed when sent.
The Homeland platform is the main medium of change used to exchange petros for bolivars, because it was there that the premieres were originally deposited. For the purposes of this tutorial, we assume that you already have an account on this platform.
To make the exchange, a sales order must be opened. However, we could not ascertain the functionality of the exchange, Because the whole process happens internally, and the order might not run.
Then, clarified this, to begin, we must log in to the Homeland portal and select the option purse top menu.
Here, about the section Peter’s Purse (PTR) we will see the balance in petros we own. Now we need to go to the section exchange side menu.
Once in this window, we will click on create Quote to create an exchange request.
Now, the only data we need to place is:
- Purse source: where we will select Peter’s Purse (PTR). Which is the default wallet within the platform.
- Amount offered: The amount we are going to exchange. In this case, 0.5 PTR appears, which is the total that reflects our portfolio.
The rest of the information, as you can see, will be filled in automatically. While we can change some things, such as the amount claimed or the due 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 Terms & Conditions on the exchange and press Continue.
This is a summary of the operation to be performed. On the phone we have registered within the Homeland platform we will receive the confirmation code, which we will enter and press on confirm.
Now, we already have an active change order, as you can see on the section Active quotes.
Now it remains to be seen whether the order will be settled and the funds in bolivars will appear reflected in our purse.
As for the timeout, there can be no certainty, however, at the top of the swap window you can see the date and time of the next swap round. What can be understood is that at this point a certain amount of commands will be executed.
In case the order expires, you can place a new one without any commission. In case of cancellation, a commission of 0.00005 PTR is charged.
Authorized exchange offices
Within the Venezuelan territory there are currently 7 exchange offices, licensed by the Venezuelan government, to operate and work with Petro. From where we can exchange with digital currency such as Bitcoin, Litecoin, Dash, Ethereum, among others, offers for different exchange offices.
The exchange offices, verified are:
In each of them the mode of registration may vary. But according to various users, the verification time is usually considerable. Alongside this, complaints have been filed at the time of withdrawal, as it usually takes a long time for the funds to be withdrawn to be awarded.
Similarly, it should be noted that, in this type of platform, exchange rates are usually very unfavorable. While we are talking about a free market, it is the users who set the orders, and given the price set by the Venezuelan government at USD 60 per petro, offers are usually found above USD 30 per petro. That is, the average petro (0.5 PTR) of the petro releases, would be equivalent to about USD 15.
This exchange house specializes in person-to-person exchanges, It is the one that registers the greater volumes of trade of the pair Bitcoin / Bolivar, within the Venezuelan territory.
In LocalBitcoins payment methods vary, either by bank transfer or through a payment processor such as PayPal, and it is the users themselves who determine which method they want to use for the transaction. Because of this, it was recently observed that different users posted offers, both buying and selling, for the exchange of bitcoins, using petros as a means of payment.
However, exchange rates were much lower, positioning the price of petro at about half the official set by the government.
Obviously when selling petros, we would get bitcoins, which have more liquidity when it comes to converting them to bolivars, In case our goal is not to keep the BTC, and they can be exchanged directly in LocalBitcoins.
If you are interested in learning how to use LocalBitcoins, we leave you with a tutorial here.
The case of Hodl Hodl is also quite particular. While it releases volumes of liquidity for digital currency like bitcoin, it is also presented as an option to change petros, and this is due to the fact that, last January, HodlHodl included petro as a form of payment.
The petro inside Hodl Hodl will be used to buy bitcoin, which can later be exchanged for bolivars, if we so wish.
If you want to learn how to use Hodl Hodl here we leave you with a tutorial.
This form of exchange is not exclusive to petro, as it was with bitcoin that this mode of trading began.
This method of exchange is based on contacting another person or business to conduct a portfolio-to-portfolio exchange. Of course, to manage the petros we need to transfer them to Petroapp, which is the official portfolio of this digital currency, and from there be able to manage them more comfortably.
Also, informal communities have been created, which are willing to exchange petros for bolivars or any other currency or digital currency, with Telegram being the platform where this type of group proliferates the most. Among them we can find the following:
It should be clarified that with this form of exchange, where contacts are made through online groups, we could be prone to scams. So we warned our readers to make the necessary predictions, such as asking for references in the group itself about the person with whom we want to exchange.