Venezuelans Turn to Bitcoin to Escape Financial Hardships

[Slow death]

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 decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Venezuela faces financial and political crisis, since the opposition obtained the majority of Parliament in the legislative elections and asked for a referendum to revoke Maduro's mandate the situation worsened.

Maduro ordered intervention in factories that are paralyzed and the arrest of businessmen who stop production. this in itself shows dictatorship and intimidation

And bitcoin once again became the currency of refuge

[Mometaskers]

Well since their bolivar is going down I wouldn't be surprised that they'd exchange them for bitcoins to avoid losing even more value. Now the only problem I'm seeing now is that since their currency is being devalued at the same time btc prices are going up, how will they even get a bitcoin? Are there really people out there willing to buy bolivars for bitcoins? Could be people speculating the currency would recover?

Anyway, it's nice to know that bitcoins are being used to relieve these people of hardship. I just hope that the government don't start on a crackdown on bitcoin use in the country.

[alyssa85]

Well since their bolivar is going down I wouldn't be surprised that they'd exchange them for bitcoins to avoid losing even more value. Now the only problem I'm seeing now is that since their currency is being devalued at the same time btc prices are going up, how will they even get a bitcoin? Are there really people out there willing to buy bolivars for bitcoins? Could be people speculating the currency would recover?

Anyway, it's nice to know that bitcoins are being used to relieve these people of hardship. I just hope that the government don't start on a crackdown on bitcoin use in the country.

As far as I can tell the only way they can get bitcoins is to mine them (I think they have very cheap electricity). Or mine an alt (easier difficulty) and change the alts into bitcoin. But their govt is cracking down on miners. It's well nigh impossible for them to buy bitcoin as their currency is worthless, it can barely purchase a loaf of bread.

[hyudien]

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 decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Wow, This is a very good news from big country. It'll make this crypto currency more popular in the world. Some day another county will use this crypto if in venezuela get resolved in economic problem. 

[ether19]

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 decentralized cryptocurrency bitcoin.

Bitcoin.com decided to reach out to Jorge Farias from the bitcoin company Cryptobuyer.io and the consulting agency Coincox to confirm these stories. Farias details how economic hardships are affecting Venezuelan residents and lots of them are in fact utilizing bitcoin.

https://news.bitcoin.com/venezuelans-bitcoin-financial-hardships/

Wow, This is a very good news from big country. It'll make this crypto currency more popular in the world. Some day another county will use this crypto if in venezuela get resolved in economic problem. 

I don't think we can resolve any economic problems that quickly because there are greedy and powerful people who will always manipulate things to their favor and it will be common men who will have to pay the price. We can only use alternative methods such as bitcoin to reduce the impact. Nevertheless, it is quiet promising if Venezuela can use bitcoin to improve themselves.