When Money Dies: In Venezuela, A Haircut Costs 5 Bananas And 2 Eggs

[timerland]

Spot on. Venezuela is a warning for what could happen to any of the world's economy at one stage, if fiat currencies go into a cycle of hyperinflation, or we run into a major financial crisis. When government issued fiat doesn't work anymore, people will seek alternatives.

And in some extreme cases like this, bartering may have to be resorted to.

Bitcoin actually would benefit the Venezuelan communities a lot, in my opinion, as it is a much better store of value than their government issued paper bills as well as their Petro cryptocurrency. I think that bitcoin adoption may actually rise in Venezuela as a result, after the word goes out.

[AnisahSiti]

Venezuela is in a severe financial crisis, and while the government hopes crypto could help offset the major crash the country’s currency has experienced, there are also hopes that this might allow them to pay international providers who have stopped supplying to Venezuela. This is good, showing that they do not give up with the situation. even their ICO is a success.

[bitcad4u]

Previously ,before the invention of money.People user to exchange their goods for other good.You are saying the same thing ,which was in process in ancient periods.If the FIAT in all the country will disappear.We are forced to transfer one good for another.

[ironman2014]

This is insane and hillarious at the same time. I imagine in my country if I would go to the store and exchange milk for eggs, like in the medieval

[bitmover]

This is insane and hillarious at the same time. I imagine in my country if I would go to the store and exchange milk for eggs, like in the medieval

This is not hilarious. The country is devastated. Basic supplies and food shortage... poverty... Situation is similar to postwar.
Population is fleeing to neighbors countries... Very sad..

[dothebeats]

For the citizens, there's no other option but to trade whatever they have in order to get something they need. It worked befote and would work again. Venezuela's financial state is already in turmoil, and I don't even know whether cryptocurrencies can save it from complete obliteration. True that bitcoin might be an effective store of value for most people but the real question is, would it be accessible for most people out there? I, for one believe that it wouldn't, and until the government finds a real remedy to the ongoing financial crisis on the country, people would trade bananas for apples and chicken for pork.

[stompix]

This is insane and hillarious at the same time. I imagine in my country if I would go to the store and exchange milk for eggs, like in the medieval

This is not hilarious. The country is devastated. Basic supplies and food shortage... poverty... Situation is similar to postwar.
Population is fleeing to neighbors countries... Very sad..

Yeah, the situation on the ground is not hilarious but the way some people try to make it look like a success it is hilarious. Who can be insane enough to praise this as a move of independence from the evilz ........whatever Venezuela is blaming for this ?

For the citizens, there's no other option but to trade whatever they have in order to get something they need. It worked befote and would work again.

Yeah, it works till a point. When nobody has anything left to give.

and I don't even know whether cryptocurrencies can save it from complete obliteration. True that bitcoin might be an effective store of value for most people but the real question is, would it be accessible for most people out there? I, for one believe that it wouldn't, and until the government finds a real remedy to the ongoing financial crisis on the country, people would trade bananas for apples and chicken for pork.

The minimum wage has dropped in real USD value (black market) to around 7$.
What could they buy, even with no tx, no fees, no nothing?
50$ worth of BTC a year if they stop eating and live only on tree bark.

There is no value left to store, they are dirt poor, what they need is a miracle and bitcoin can't provide this for them.
And seeing that there are still millions there that vote for Maduro and millions that blame everything but the stupid socialist politics for the situation in which they finds themselves I can say that the miracle won't come this decade.