Overcoming inflation with cryptocurrencies

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Every time I read something like this, I get a smile on my face. This is how Bitcoin is changing people's life in many small ways. Grin

Bitcoin helped people in Greece when they struggled with Banks and Bitcoin helped people in Zimbabwe, when they struggled with hyperinflation too.

Bitcoin is working at it's best, when governments fail. >

Also, when centralized authorities misuse their power and control over people, then Bitcoin is used as a alternative solution. Cheesy

kiatitami

newbie

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In my opinion, the price drop is not called inflation, e-money does not have inflation since there is inflation in the sense that they are different, not just as simple as you think.

crypto success

newbie

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What every economy that is undergoing inflation need is capital injection and introduction of cryptocurrency is a deliberate way of injecting cash into such a crashing inflationary economy thereby resuscitating the economy, thank God for your wise move

charlotte04

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Quote from: JosJSG on May 07, 2018, 04:04:18 AM

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

Me too. I have got out from poverty because of crypto. I have quit my job and start on focusing on this and it went all good and now I can provide for my self and needs and also for my family.

jeronimosuykens

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Quote from: South Park on June 07, 2018, 03:46:11 PM

Quote from: MusicManPL on June 03, 2018, 02:06:55 PM

Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old

That is only true for a coin like bitcoin and other similar coins, but for coins that do not really have a limited supply this is not true but at least if they have some sort of formula to produce the tokens then at least you know the inflation in advance, something that is not true for fiat anymore since many governments are now hiding how much money they are printing.

I think this inflation is due to many factors. The electronic market is just one piece in the whole piece of the economy
It only contributes to boosting the economy and making the community more advanced.
Inflation caused by objective factors. And surely electronic money will contribute to the economy and overcome this inflation.

ohkkstaaahp

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“The Premier Digital Asset Management Ecosystem”

Currently, I think it is advisable to set the ceiling and floor prices when dealing specifically for each coin. That would make many people dumped the coins they were holding

CuapCuap

newbie

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Quote from: JosJSG on May 07, 2018, 04:04:18 AM

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

How do you cope with inflation with cryptocurrency? Can it ?
I only know 1 thing, the best thing to deal with inflation is Gold

raahi

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I think that the new app that was launched a few months ago by the name of the wallet is one of the best I've ever seen not because of the user interface or any other feature as that you can find in any other app in the market but the encryption in the app provides maximum security

South Park

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I am terrible at Fantasy Football!!!

Quote from: MusicManPL on June 03, 2018, 02:06:55 PM

Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old

That is only true for a coin like bitcoin and other similar coins, but for coins that do not really have a limited supply this is not true but at least if they have some sort of formula to produce the tokens then at least you know the inflation in advance, something that is not true for fiat anymore since many governments are now hiding how much money they are printing.

magneto

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You're one of the lucky ones out there. As far as I know, a lot of people in Venezuela don't even know that bitcoin can benefit them drastically, let alone actually using bitcoin to hedge against hyperinflation, as you said.

BTC is very accessible globally, which imo makes it extremely suitable for the purpose of storing wealth for those in countries that are currently experiencing an economic slump, and rapid inflation on the fiat currency.

Honestly, you don't even need to be an early adopter. I'm fairly sure that bitcoin is guaranteed to hold its value much better than the Bolivar, even in a huge BTC crash. That's the benefit of holding bitcoin for me in the long run. There is a limited supply, that is hard coded into the system. Which means that it won't be depreciating all the time, like fiat.

victorski

member

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it can be not that bad...crypto must show theirselves to the world in a strong way, because of our old sustem of payments

kisscoin

newbie

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I agree that the cryptocurrency gives us new opportunities. A real opportunity to earn extra money, or in a good situation a significant amount. In the current state system, you can only earn a meager pension for poverty-stricken old age... Alas..

carter34

member

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Merit: 25

Quote from: JosJSG on May 07, 2018, 04:04:18 AM

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

In otherwords, you are saying that it is nice to invest in bitcoin and cryptocurrency and its benefit because that is what your post is showing. Obviously we know that Venezuela has a high rate of inflation. Good luck to your investments.

sergiom

full member

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I would consider myself free from all that silly things, if I earn enough money I dont care at all about those... inflation prices..

timerland

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I think that this is a demonstration of what bitcoin can bring to the table practically.

Bitcoin is a decentralized currency, unlike all of the fiat currencies that are issued by governments. Obviously in the case of Venezuela, hyperinflation is ensuing and a lot of people are left without a way to store their wealth even for the very short term, in order to retain value from their wealth to be able to afford groceries. Bitcoin can serve as a store of value, and perhaps even a medium of exchange, when the fiat system becomes dysfunctional.

That's why bitcoin is a hedge and a store of value for the long term. Thanks for sharing your experiences OP, and hopefully more of the unbanked population in Venezuela are able to integrate bitcoin in their daily lives for their benefit.

Lizzardis

newbie

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With such a great level of fluctuation, cryptos can hardly be anyhow applied for curing inflations.

Oceat

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Quote from: xuan87 on May 07, 2018, 07:32:20 AM

You can't overcome inflation with crypto but crypto can prevent more poverty in the country, when the situation in the country is not that good the economic must also not in a good situation, crypto can help the people to survive from inflation,but it's just a temporary solution, crypto is not the answer for poverty or inflation, infact crypto can create an inflation

I would say that you are correct because of this crypto currency, more people are chasing it to invest their money in order to gain some nice profit but it will take some time to hold a crypto to gain some good profit from it. But thanks to that inflation of Bitcoin some of the investors are gaining a high profit from it and some of them would be called as whales. But those times are gone and many of us wonder if it were going to happen again because when you look at the chart from the past few months it won't even touch the $10k resistance.

MusicManPL

newbie

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Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old

cryptobluemoon

newbie

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due to decentralised nature and limited supply we can overcome inflation and keep prices stable in crypto currencies

the13thsymphony

jr. member

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Merit: 1

In reality inflation will still keep on growing because of the limited resources that many people are seeking to get. Lets face it every year more and more people will be born and seek what limited resources that we have and the cause is their are more people that goes into poverty. All that we can do is adapt to it and one of which is getting into crypto currency and making it as a source of income. All you just have to do is learn it.

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