[2017-06-18] As Venezuelan Crisis Intensifies, More Citizens Turn to Digital...

[Chase]

As Venezuelan Crisis Intensifies, More Citizens Turn to Digital Currency

For citizens of the United States and most other Western democracies, the idea of triple-digit inflation, a crashing currency, and a lack of basic goods is almost impossible to comprehend. That’s the reality for millions in Venezuela, however, where nearly two decades of socialist rule has brought a nation with the world’s largest oil reserves to the brink of economic collapse. As that country continues to be mired in a seemingly endless crisis, ordinary Venezuelans are becoming increasingly interested in cryptocurrency...

https://dcebrief.com/as-venezuelan-crisis-intensifies-more-citizens-turn-to-digital-currency/

[iamTom123]

I can feel the pain and hopelessness of ordinary citizens of Venezuela as it is so hard to be living under a big cloud of uncertainties as the national economy is now wrecked and the political scene is unstable. I can see that soon there would be an increase of pity crimes against properties and even against lives.

This country is getting to be a very classic example of how senseless and heartless leaders can plunged a good and resource-rich country like Venezuela into oblivion, chaos and extreme poverty. We have to accept that there are certain ideologies that may not be effective anymore and these must be discarded if the nation has to move forward.

I am glad that somehow Bitcoin can be playing a role for some citizens of Venezuela though I understand that it is not easy to procure Bitcoin within the country and has to be sourced outside. While the government has not yet officially recognized Bitcoin, it has not made major crackdowns against Bitcoin users maybe because they are so busy fixing the big problems the whole country is mired with.