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Topic: In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline (Read 568 times)
Does that country have a legal Bitcoin? It takes a lot of time to try to improve the deal.
It's good when the state has different tools for getting out of the financial crisis. It's bad when the world's ruling elites do not understand the use of bitcoin.
I have no problem with governments owning their own Cryptocurrencies as long as they're of the typical Public, Decentralized, Immutable and Transparent Blockchain. And they (governments) must not prevent people from using or holding Bitcoin and other Cryptocurrencies. None of their Cryptocurrency should be allowed on public platforms if it violate our rules.
Venezuela has struck with hyperinflation and people of the country are retorted at the situation. Now the only way they can survive in this situation is to use decentralized digital crypto currencies. This can be used over the world and the hyperinflation of the country can be avoided by some distance.
2018 has hit Venezuela with the biggest hyperinflation. The prices have raised 50% and people are going crazy what to do. In this situation using decentralized digital crypto currencies has become the most effective way to cope with the situation. Because of decentralized system, Govt. is unable to stop the use.
I have heard about the financial problem facing Venezuela and have resorted to cryptocurrency they can make a coin for them , I think this is good news
Venezuela has been a country that has promoted bitcoin and the other cryptocurrencies. They are doing everything within their endeavour to show beneficial cryptocurrencies can be. That is great new for us, the crypto investers.
The recent hyperinflation in Venezuela has stunt the people there. So many people has started using the decentralized crypto coins as transaction form and they have this only way that can restrain them from being poorer. Government is unable to control the use of crypto coins.
It is better if Venezuelan citizens right now focuses on their own crypto Petro. Once they have learned the correct usage of cryptos to solve their daily problems they will eventually start moving on to BTC once they realize the profitability of it.
Since, Venezuelan people have getting introduced to blockchain and cryptocurrencies recently due to their government itself opting for the release of their own crypto called Petro to deal with the inflation of the country, so it is very likely for the citizens to get accustomed to utilities of all the cryptos within a very short period of time.
A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.
https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1
The problem that you say is actually common in other countries. but if we speak Venezuela this is a country that is big enough to look very complicated. I can only provide a picture between blockchain technology and government that is a barrier. https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1
Venezuela’s president Nicolas Maduro made something very unique and important and choose to use cryptocurrency in the goverment business. This is the first time in the World. I am sure it will be very good example for another countries. Here you can read the full article:
https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency/
https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency/
Venezuela also planning total payroll switch from paper money to Petro - their own crypto, which seems to be a very strong and positive move from government
Due to the hyperinflation Venezuela is facing for past few years, people have started to lose trust over their national currency, Bolivar. However, recent announcement of Petro, which is a cryptocoin for solving Venezuela's inflation problem, a lot of Venezuelan citizens have got acquainted with cryptocurrency and blockchain. So, it is very natural for them to favor Bitcoin and blockchain technology after learning about all the features of it.
It is not possible. It can be possible that the problem is another side but the government is trying to put blame on the crypto just to hide their failure. Crypto is not for oppressing.
As a result of hyper inflation today exchange rate are
one US dollar to 248520 Venezuelan Bolivars.
And if we convert it to today's bitcoin price then it comes to
1 Bitcoin = 248520Bolivars x6462.98 USD = 1,606,179,789 bolivars
Under hyperinflation conditions; the fiat currency fails completely. People start to invest Gold or Real estate. Now bitcoin is the available option. So I think crypto / bitcoin is the best options for the Venezuelans to use for their day to day expenditure.
https://www.exchange-rates.org/converter/USD/VEF/1
https://www.coindesk.com/price/
one US dollar to 248520 Venezuelan Bolivars.
And if we convert it to today's bitcoin price then it comes to
1 Bitcoin = 248520Bolivars x6462.98 USD = 1,606,179,789 bolivars
Under hyperinflation conditions; the fiat currency fails completely. People start to invest Gold or Real estate. Now bitcoin is the available option. So I think crypto / bitcoin is the best options for the Venezuelans to use for their day to day expenditure.
https://www.exchange-rates.org/converter/USD/VEF/1
https://www.coindesk.com/price/
It is great to see that the Venezuelans are also embracing the crypto market. The more the merrier. This will increase the popularity of the market further.
Venezuela may be the testing grounds for the first major country to get on board and use crypto full time to run their economy. Hopefully the people of Venezuela will be able to navigate the drama they are facing currently.
Venezuela is suffering badly from hyper inflation. Due to hyperinflation, their economic system is jeopardized and the general population is suffering a lot. Some measure are quickly needed to be taken to eliminate this condition.
form hyperinflation a currency chaos cant solve, to fix hyper inflation you have to produce and distribute goods
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