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Author Topic: Overcoming inflation with cryptocurrencies  (Read 181 times)
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June 03, 2018, 01:23:17 PM
 #21

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.
Crypto currency helps us a lot financially. I know there are lots of people whom were saved by crypto currency most especially when inflation of the coin's values occur.  Big profit will be achieved.
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June 03, 2018, 01:39:18 PM
 #22

In its pure meaning inflation is nothing else than increase of money supply. The growth of prices is not the cause but a consequence. As far as every nation nowadays has central bank with a monopoly on printing money, the only possible cause of inflation is government. It is especially well observable in Venezuela. Therefore, if you replace that foul system with bitcoin which is decentralized and has fixed supply, you will make it impossible for governments to break the economy. No doubt, the national cryptocurrency is complete bullshit.
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June 03, 2018, 02:06:29 PM
 #23

Good for you. Almost everyone knows that your country is having a crisis and i am glad that crypto currency have helped you beat the economic situation of your country.

I visited Venezuela once and it is a beautiful country, their people do not deserve this type of situation.

Anyway good luck to you and i know one day your great country van recover from this crisis.





It is possible to avoid inflation but there are many other risks because the BTC is anonymous, so many people have used BTC to carry out the purpose of money laundering, they have bought BTC to store their assets, or some people has sponsored terrorists funded by BTC. These are the negative aspects that BTC has created for the world economy.
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June 03, 2018, 02:29:30 PM
 #24

Good for you. Almost everyone knows that your country is having a crisis and i am glad that crypto currency have helped you beat the economic situation of your country.

I visited Venezuela once and it is a beautiful country, their people do not deserve this type of situation.

Anyway good luck to you and i know one day your great country van recover from this crisis.





It is possible to avoid inflation but there are many other risks because the BTC is anonymous, so many people have used BTC to carry out the purpose of money laundering, they have bought BTC to store their assets, or some people has sponsored terrorists funded by BTC. These are the negative aspects that BTC has created for the world economy.

It is not possible to avoid inflation , although you can avoid inflation in some product  but if you are pertaining to the whole country , it is impossible to avoid inflation , there so much factor that affects inflation and some of them are not controlled by government. Bitcoin can fight inflation , yes indeed, but regarding to your worries , here in our country , bitcoin is supervised by government , it cannot be used in malicious act or anything bad.

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June 03, 2018, 03:45:02 PM
 #25

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.
Good for you it is nice to hear about real stories from members that are actually improving their life with cryptocurrencies, many think they need to become rich to change their lives but as long as the changes that cryptocurrencies bring to your life are positive and significant then cryptocurrencies can be said to have brought a positive change to your life and that is a good thing.



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June 03, 2018, 04:14:09 PM
 #26

In reality inflation will still keep on growing because of the limited resources that many people are seeking to get. Lets face it every year more and more people will be born and seek what limited resources that we have and the cause is their are more people that goes into poverty. All that we can do is adapt to it and one of which is getting into crypto currency and making it as a source of income. All you just have to do is learn it.

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June 03, 2018, 04:57:18 PM
 #27

due to decentralised nature and limited supply we can overcome inflation and keep prices stable in crypto currencies
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June 03, 2018, 06:06:55 PM
 #28

Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old
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June 03, 2018, 06:15:33 PM
 #29

You can't overcome inflation with crypto but crypto can prevent more poverty in the country, when the situation in the country is not that good the economic must also not in a good situation, crypto can help the people to survive from inflation,but it's just a temporary solution, crypto is not the answer for poverty or inflation, infact crypto can create an inflation
I would say that you are correct because of this crypto currency, more people are chasing it to invest their money in order to gain some nice profit but it will take some time to hold a crypto to gain some good profit from it. But thanks to that inflation of Bitcoin some of the investors are gaining a high profit from it and some of them would be called as whales. But those times are gone and many of us wonder if it were going to happen again because when you look at the chart from the past few months it won't even touch the $10k resistance.


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June 03, 2018, 08:59:11 PM
 #30

With such a great level of fluctuation, cryptos can hardly be anyhow applied for curing inflations.
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June 04, 2018, 10:26:25 AM
 #31

I think that this is a demonstration of what bitcoin can bring to the table practically.

Bitcoin is a decentralized currency, unlike all of the fiat currencies that are issued by governments. Obviously in the case of Venezuela, hyperinflation is ensuing and a lot of people are left without a way to store their wealth even for the very short term, in order to retain value from their wealth to be able to afford groceries. Bitcoin can serve as a store of value, and perhaps even a medium of exchange, when the fiat system becomes dysfunctional.

That's why bitcoin is a hedge and a store of value for the long term. Thanks for sharing your experiences OP, and hopefully more of the unbanked population in Venezuela are able to integrate bitcoin in their daily lives for their benefit.

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June 04, 2018, 10:31:02 AM
 #32

I would consider myself free from all that silly things, if I earn enough money I dont care at all about those... inflation prices..

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June 04, 2018, 10:40:13 AM
 #33

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

In otherwords, you are saying that it is nice to invest in bitcoin and cryptocurrency and its benefit because that is what your post is showing. Obviously we know that Venezuela has a high rate of inflation. Good luck to your investments.
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June 04, 2018, 11:05:23 AM
 #34

I agree that the cryptocurrency gives us new opportunities. A real opportunity to earn extra money, or in a good situation a significant amount. In the current state system, you can only earn a meager pension for poverty-stricken old age... Alas..
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June 04, 2018, 11:13:35 AM
 #35

it can be not that bad...crypto must show theirselves to the world in a  strong way, because of our old sustem of payments

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June 06, 2018, 08:49:43 PM
 #36

You're one of the lucky ones out there. As far as I know, a lot of people in Venezuela don't even know that bitcoin can benefit them drastically, let alone actually using bitcoin to hedge against hyperinflation, as you said.

BTC is very accessible globally, which imo makes it extremely suitable for the purpose of storing wealth for those in countries that are currently experiencing an economic slump, and rapid inflation on the fiat currency.

Honestly, you don't even need to be an early adopter. I'm fairly sure that bitcoin is guaranteed to hold its value much better than the Bolivar, even in a huge BTC crash. That's the benefit of holding bitcoin for me in the long run. There is a limited supply, that is hard coded into the system. Which means that it won't be depreciating all the time, like fiat.

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June 07, 2018, 07:46:11 PM
 #37

Crypto-currencies not only stop inflation, they also produce deflation. Money starts to fulfill the function of accumulation which was not 500 years old
That is only true for a coin like bitcoin and other similar coins, but for coins that do not really have a limited supply this is not true but at least if they have some sort of formula to produce the tokens then at least you know the inflation in advance, something that is not true for fiat anymore since many governments are now hiding how much money they are printing.



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Rainbot
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raahi
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July 15, 2018, 09:49:16 AM
 #38

I think that the new app that was launched a few months ago by the name of the wallet is one of the best I've ever seen not because of the user interface or any other feature as that you can find in any other app in the market but the encryption in the app provides maximum security
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July 15, 2018, 10:31:38 AM
 #39

On this occasion, I will tell you how I overcame inflation with the help of cryptocurrencies living in Venezuela

As many know and as many do not, the inflation of the Venezuelan currency is in an inflation of 3000% and increasing. This leads to extreme poverty but that is not what I come to talk about.

I got into the world of cryptocurrencies 2 years ago, and I'm not giving myself many luxuries but considering what you live here, you can call it luxuries. I am not bathing in money but I am not in extreme poverty either, and I thank the world of cryptocurrencies and its positively volatile market.

How do you cope with inflation with cryptocurrency? Can it ?
I only know 1 thing, the best thing to deal with inflation is Gold
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July 15, 2018, 01:51:22 PM
 #40

Currently, I think it is advisable to set the ceiling and floor prices when dealing specifically for each coin. That would make many people dumped the coins they were holding

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