How did Bitcoin save Venezuela?

[pureclckr]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

If one should have access to $300 in a day or month? If its a day before one can live comfortably then that country is really on the reverse gear  economically but if its for a whole month, I would say they are still doing fine as we still have several countries around the world that minimum wage for a month is far below $100 and people still earn it and manage to survive with it in that same country. I would really want to know if bitcoin actually helps the Venezuelans.

Bitcoin is savior of all the time and it help every region regardless to its benefits all bitcoin want is to use it and regulate it and whereas problem of Venezuela is concerned that was typically back in economy and as after bitcoin accepted there, all the things got change and a lot of problems were solved and the basic thing that is given to Venezuela by bitcoin is economic stability.

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[eaLiTy]

Bitcoin can help someone to be rich because if you remember that bitcoin is against in inflation and it fights inflation by having a feature for having a deflation and that is why it makes someone rich if they will hold their bitcoin then they can be rich and people in venezuela is saved if they will hold bitcoin and sell it right now.

I am not sure bitcoin was a saviour for the entire population but the people of Venezuela was drowned by the bad economic reforms of the government and bitcoin was a way for them to over come the struggles and the population who had the opportunity and knowledge made use of their low electricity prices and started mining and the ones who did that made some good money.

[fanbeila]

Its true that more venezuelans are fulfilling their day to day needs by mining bitcoin,but still we could not say that bitcoin has saved venezuela.Government is not at all happy with people using and mining bitcoins.BItcoin mining is illegal there and due to subsidized electricity,people prefer even to mine bitcoins illegally but secretly.Police have arrested many people for mining bitcoins.But still,they continue to mine since they say that income from one mining rig is enough to feed for a whole family there.

[carlisle1]

Bitcoin represents innovation, progress an invention developed under capitalism in the private sector. Rather than a development made by the government or under a state funded program.

Communists/socialists hate innovation, progress and capitalism most of all.

This is the reason venezuela's oil rich economy has been driven into ruin and decay.

It would be great if bitcoin could save venezuela but under the current, repressive, regime which hates anything that isn't socialist that isn't likely to happen.

right mate,change will happen if the leader do favor its people not those has only interest of their own,maybe bitcoin gives some opportunity to venezuelano making profit but not the entire venezuela the people should stand one to make things possible for them.if they dont help each others nothing will happen.but im hoping that someday venezulan government will do necessary action to make life better for the people

[high_jack]

The economic of Venezuela is fallen and bitcoin didn't save it. Where do you get this information?

[Rotsor]

Bitcoin didn't save Venezuela! Sure, I have heard of people working for it (which is smart), but in reality it takes decades to even start renovating a country like that which is on the brink of collapse (if not already has).

I heard people are living off literally almost nothing every day. Someone said if you have $300 as a single person, you can live quite well. This is quite sad, but nothing we can do about it really.

If one should have access to $300 in a day or month? If its a day before one can live comfortably then that country is really on the reverse gear  economically but if its for a whole month, I would say they are still doing fine as we still have several countries around the world that minimum wage for a month is far below $100 and people still earn it and manage to survive with it in that same country. I would really want to know if bitcoin actually helps the Venezuelans.

Bitcoin is savior of all the time and it help every region regardless to its benefits all bitcoin want is to use it and regulate it and whereas problem of Venezuela is concerned that was typically back in economy and as after bitcoin accepted there, all the things got change and a lot of problems were solved and the basic thing that is given to Venezuela by bitcoin is economic stability.

Bitcoin saved Venezuela because it gave the people something to store their wealth in without it getting absolutely destroyed by the inflation of the Venezuelan dollar. People finally had a chance to put whatever paper money they had into Bitcoin and if they did it early on it would be worth a lot today especialy with the price the way it is right now, and I don't see it slowing down anytime soon either.

[Afnan_faizah]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

The bolivar price was fall very sharp, many people said that bolivar isn't worth anymore. If they save their wealth in form of their national currency they will only loss it, but if they save their wealth in form of bitcoin, even it will grow the value of their wealth.

[alfs75]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

In my own thought ,i dont really know what would happening in the economy of venezuela now ,but only things i've only sure ,if bitcoin has become the tool to rescue to save the low electricity in there economy,will bitcoin is the only hope to turns back there economy to the  normal position.

[aardvark15]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

My understanding is that the government currency of Venezuela has such high inflation that it’s almost worthless. It’s losing value as soon as people get paid. What Bitcoin can do for them is just be a place to hold their money so it won’t drop in value. In fact, Bitcoin is actually increasing in value. So if a person sells their government currency that is rapidly dropping in value and buys Bitcoins which are increasing in value, they are much better off financially.

[Samueltalk]

If everyone in Venezuela already knows with bitcoin then they invest in the long term, I think bitcoin will be able to save Venezuela because bitcoin can help the growth of a country in the economic field.

[Lukas Tarantas]

Wherever communism is attempted, hunger and other economic problems begin. Bitcoin and cheap electricity will not save such a country. It is necessary to change the insane rulers.

[fanbeila]

And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

Venezuelans have found bitcoin as the best source of income to meet their daily needs.In Venezuela,subsidized electricity is provided.So,Venezuelans make use of it and earn for their their livelihood.It's illegal to mine there but still,they mine bitcoins in their home secretly.Police continue arresting bitcoin miners but it's being continued.

[Washball]

The only way Bitcoin could save Venezuela is if it could make the president and his close friends disappear. People in Venezuela can use the Bolivar as toilet paper, it's cheaper than toilet paper. They try to escape poverty by moving to other countries like Guyana and Suriname, countries as poor and miserable as Venezuela. Most people are so poor, they cannot buy food, so how could they get the equipment you need for mining. Maybe there are some people with bitcoins, but those are not everyday people. Now the president comes with Petro's, a desperate effort to generate some cash. But this should just be ignored.

[MiningBattalion]

The only way Bitcoin could save Venezuela is if it could make the president and his close friends disappear. People in Venezuela can use the Bolivar as toilet paper, it's cheaper than toilet paper. They try to escape poverty by moving to other countries like Guyana and Suriname, countries as poor and miserable as Venezuela. Most people are so poor, they cannot buy food, so how could they get the equipment you need for mining. Maybe there are some people with bitcoins, but those are not everyday people. Now the president comes with Petro's, a desperate effort to generate some cash. But this should just be ignored.

Bitcoin system save the Venezuela  already knows with bitcoin then they invest in the long term ,if bitcoin save Venezuela means because bitcoin can help the growth of country in the economic field and bitcoin increase in value.

[ahmad21]

There is nothing like saving Venezuela in it. It has just trapped them in a great trap. Its only the people of Venezuela who are trying to take advantage of such a situation while the authorities are still not quite happy with such things happening around.

[freddiesaturn]

The Venezuela's economic is totally down, nothing can save them even how much potiental, how much big Bitcoin was, it's still down.

[Smokey Bob]

Hyperinflation can really ruin a country's economy for many years. For example, after WWI the Germans had to print so much money in order to pay back their war debts that inflation made the mark virtually valueless. They then had to completely restart their financial system, which is not an easy task. In this case they could try to adopt to Bitcoin instead of their offical currency, but why would they? The government would give up so much power and control by this move, that there is no way it's happening voluntarily. It's also very costly, considering Btc's transaction costs. I would also guess that the digital infrastructure that is needed to make this system work is not in place in Venezuela.

[lobo13hf]

The economic of Venezuela is fallen and bitcoin didn't save it. Where do you get this information?

The bitcoin just saves the venezuelan personally, a lot of the cryptocoin news already poster about that news. The bitcoin gets a lot of the value against the dollar value and it saves the majority of the venezuelan that used the bitcoin as the currency. They can buy a food with it. but the governor consider it as illegal activity.

[Jr.Sasha0209]

It's too early to say that bitcoin saved Venezuela, because only time will tell if the path with bitcoin was the right decision for the country, because one day everything can collapse and this will lead to an even greater collapse of the country !!

[SunJAB]

It's too early to say that bitcoin saved Venezuela, because only time will tell if the path with bitcoin was the right decision for the country, because one day everything can collapse and this will lead to an even greater collapse of the country !!

Venezuela is a pioneer in applying bitcoin to transform people's lives. Initially brought a lot of innovation for their country. I think this is the right direction for some poor countries so they can study more about bitcoin and the application of blockchain technology in life.