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Topic: [2017-07-08] Venezuelans Keep Surviving Government Failures Thanks to Bitcoin a - page 2. (Read 900 times)

sr. member
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I have heard that the situation in Venezuela is too bad, people are running from the country and politic system which can't protect them. Crypto-currencies really give a hand of support to people who can't just stay everything and leave the country. I hope the situation will stabilize there soon, because of this thing that is going on there is just a nightmare.

Yes, its all over the news now, the economic situation is getting bad in Venezuela. Maybe this is a good example on how people can really help people in times of crisis. India as well with their demonetization, has someone alleviate their locals with the help of bitcoin. I just hope that citizens can found a way to get out specially in Venezuela because we may never know how long will this crisis be.
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★Bitvest.io★ Play Plinko or Invest!
I have heard that the situation in Venezuela is too bad, people are running from the country and politic system which can't protect them. Crypto-currencies really give a hand of support to people who can't just stay everything and leave the country. I hope the situation will stabilize there soon, because of this thing that is going on there is just a nightmare.
sr. member
Activity: 574
Merit: 251
Cryptocurrency adopters in Venezuela are currently surviving government failures partly thanks to digital currencies, such as bitcoin and dash, which help them buy food and groceries from other countries.

As previously covered by CCN, hyperinflation and government policies prevent most people in the country from accessing foreign currencies, which led to a serious of problems, including food becoming barely affordable. Those who deal with foreign customers or buy from abroad, for example, were forced to turn to digital currencies which, right now, are in a gray area in the country.

According to Der Standard, neither Western Union nor PayPal work in Venezuela. As such, people need to use platforms such as Cryptobuyer, a Venezuela-based cryptocurrency brokerage, which has over 10,000 registered users according to its co-founder Jorge Farias. He stated (translated statement):

    “The transaction takes a few minutes, our commission is three to seven percent lower than the banks, and our exchange rate is regulated by supply and demand, making it more realistic than the official”

Venezuelan residents then use their bitcoins to, for example, acquire gift cards they can use in online marketplaces such as Amazon, effectively allowing them to purchase goods from abroad. Recently, Cryptobuyer set up a bitcoin ATM in Banistmo Bank, in Panama, which helps bitcoiners transfer cryptocurrencies to their relatives in Venezuela.

https://www.cryptocoinsnews.com/venezuelans-keep-surviving-government-failures-thanks-bitcoin-cryptocurrencies/
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