[2016-12-19] Firstpost: Why Bitcoin is considered a modern day safe haven

Why Bitcoin is considered a modern day safe haven in times of monetary uncertainty

http://tech.firstpost.com/news-analysis/why-bitcoin-is-considered-a-modern-day-safe-haven-in-times-of-monetary-uncertainty-353484.html

In anticipation of the Venezuelan demonetisation of the 100 Bolivar note, there has been an increase in adoption of Bitcoin in Venezuela. Venezuela has the highest inflation rates in the world, and Venezuelans are increasingly depending on Bitcoin to buy basic necessities and pay workers, according to a report in The Guardian. Foreign exchange transactions are under strict control in Venezuela, but Bitcoin occupies a legal grey area.

Bitcoin has several features that makes it an attractive investment in times of economic turmoil. The transactions do not require a third party authentication, the blockchain and the network itself keeps a public record of all transactions. The cryptocurrency is safe from the control of governments or banking systems around the world. Users can transact with a computer or a mobile device, and the transactions are instantaneous.