Venezuelans Rely on Bitcoin to Survive, Disregard Fiat Completely
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....
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Venezuela’s national currency Bolivar Fuerte is rapidly losing value amidst hyperinflation. The official FX value of the Venezuelan bolivar is $1 to 9.95 VEF but in actuality, in the country’s black market, local residents are paying around 5,000 VEF for $1. To avoid the devaluation of bolivar and acquire necessary daily goods, Venezuelans have started to rely on Bitcoin to finance their expenditures. By local exchange rates, 100 bolivar is equivalent to $0.02. The country’s highest denomination banknote was 100 bolivar, but the government demonetized it earlier this week. As a result, the....
The mainstream media has taken a predictable turn in their treatment of the series of regulatory incidents regarding Bitcoin-related services this month. Technology Review wrote that Bitcoin is now growing "in a manner disappointing to some early enthusiasts" now that Bitcoin exchanges are eager to work hard on achieving regulatory compliance. Laissez Faire Books' Jeffrey Tucker wrote a long plea arguing against "regulating Bitcoin like dollars", and on June 2 CNBC followed up with the most alarmist article of all: according to them, Bitcoin is "sacrificing its soul to survive" 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....
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....
PRESS RELEASE. SURVIVE is going to revolutionize the Metaverse. It’s a hybrid between live-action and open-world games. Think of GTA 5, with a 3D Metaverse where you can play for free and earn money. SURVIVE is backed by NFT Global, a reputable NFT platform. This partnership is ready to disrupt the whole Metaverse game industry. Their goal is to create a game that will influence an entire generation and bring play-to-earn games into the mainstream. The collaboration between an experienced game developer team and an already existing crypto project (NFT Global) with a market cap of....