Venezuelans Turn to Bitcoin to Escape Financial Hardships
Venezuela has been suffering from significant economic decline and turbulent markets. Many worldwide and residents of the region blame the country’s socialist government and centrally planned economic choices. Over the past few months, it’s been reported quite frequently that Venezuelan citizens have been finding financial relief by utilizing the....
Related News
Venezuelans are having trouble flying in and out of their country. Spanish discount airline Air Europa has indefinitely stopped taking taking bolivars, the Venezuelan currency, since the Venezuelan government stopped exchanging them for U. S. dollars. "The reservation people told me that I could buy the ticket in dollars or euros, but not bolivars," said one stranded passenger. "I'm Venezuelan, and what other money do I have?" Indeed, around the world, citizens are subject to dictators' whims by virtue of being forced to use a currency over which leaders have absolute control. Such was the....
The weakening bolivar and strict capital controls have forced Venezuelans to use bitcoin in their everyday life. Bitcoin has already been recognized as the best performing currency of 2016. The digital currency’s price has been exhibiting a positive trend over the year. The decentralized nature of Bitcoin makes it immune to conventional market forces, which in turn makes it the best alternative currency in the world. This very feature of Bitcoin is now coming handy to countless Venezuelans who are currently going through the worst economic phase in the country’s history. The problem....
Amidst the worsening economic crisis and financial turmoil, Venezuelans are in search for alternative assets and stores of value to finance their daily living. The imposition of excessive regulation on physical assets such as gold has pushed the demand for Bitcoin in the struggling country. The death toll of starving Venezuelan children is rapidly increasing in Venezuela, to the point where military personnel resort to trafficking food into the country and residents are struggling to acquire basic necessities like medicine. Bags of money. In December of 2016, the New York Times provided....
The president of Venezuela, Nicolas Maduro, approved a minimum wage raise increase last week that took it to three dollars monthly, a very low income for the citizens of the country that are facing a strong economic crisis since 2013. However, the crypto environment has been growing, and now Venezuelans are flocking to exchanges like Binance and Localbitcoins, platforms that are now serving thousands of Venezuelan users monthly with their peer-to-peer offerings destined to preserve the value of their money. Venezuela’s Minimum Wage Raised to $3 Monthly Earlier this week. Nicolas....
For many Venezuelans, Bitcoin isn’t just a financial network or an investment method. In fact, for most, Bitcoin is an important survivability tool that allows residents to support their families. Bitcoin is one of the very few currencies or assets that is decentralized in nature. Within the Bitcoin protocol and network, administrators or mediators aren’t present and users are wholly responsible for their financial activities. Benefiting the unbanked. In underbanked regions, Bitcoin is an efficient settlement platform and cross-border payment facilitation tool as it allows anyone to obtain....