In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline

[BlakeMye]

Venezuela is one of the growing country. I hope and believe that crypto will be one of the economic condition changer in coming days for them. Though they are struggling now, I think, it will end soon.

[lequyen]

US dollars are the most commonly exchanged currency. Dollars trade for hundreds of thousands of bolivars apiece in wildly fluctuating street prices. Several Venezuelans explained that despite government price controls and crackdowns, many stores charge in dollars. It's the only way to keep their businesses afloat amid widespread cash shortages of a currency that's increasingly worthless.

[TahuDiniHari]

what happens in Venezuela we find a lot in other developing countries, when people are very happy to use the advancement of blockchain and cryptocurrency technology, always be hindered by the local government, it's a pity 

[MicaleFalcon]

As soon as people of different countries start understanding the advantage they will also start accepting it and we often get this kind of news.

[graysato]

Venezuelan investors are hoping to return to their own position within a short time. And there will be a time when most people in Venezuela will accept crypto currency as their means of exchange.

[worldtraveller505]

That's a good news. As cryptocurrency in improving and gaining trust among the people, more people of venezuela will embrace it. I just hope that government of venezuela accept it too.

[KingScorpio]

I am sure that Venezuela will be the first country where the cryptocurrency will win fiat money! They have no other choice! Inflation is appalling!

well jes and it will create a more chaotic and broken venezuela ever.

those that were able to corrupt glenn to list their icos at the top of coinmarket cap and then corrupted the ceo of binance will have to eat and those that didnt will have nothing.

[Yaunfitda]

Venezuela is one of the growing country. I hope and believe that crypto will be one of the economic condition changer in coming days for them. Though they are struggling now, I think, it will end soon.

Did you really think that Venezuela is growing? Lol. You need to read the news dude. They are sinking specially their economy due to political reasons. That's why people are using bitcoin to buy necessities outside of their country because the government can't provide it. They are not struggling, the country is really in deep trouble and they rely on bitcoins in order to survived.

[cryptocamacho4785]

In 2018, Venezuela has become a victim to hyperinflation. This brings a negative impact on the economic system of Venezuela. The maduros stopgap measures are hoped to reduce inflation.

[jerrison]

the venezuelan economy is getting serious financial challenges and has an unprecedented incoming inflation that is presumed to hit a pick of one thousand percentage and i believe that is the driving force of the adoption cryptocurrency as a lifeline in the nation.

[cryptoshops9944]

Venezuela is suffering badly from hyper inflation. Due to hyperinflation, their economic system is jeopardized and the general population is suffering a lot. Some measure are quickly needed to be taken to eliminate this condition.

[KingScorpio]

Venezuela is suffering badly from hyper inflation. Due to hyperinflation, their economic system is jeopardized and the general population is suffering a lot. Some measure are quickly needed to be taken to eliminate this condition.

form hyperinflation a currency chaos cant solve, to fix hyper inflation you have to produce and distribute goods

[flowers5]

Venezuela may be the testing grounds for the first major country to get on board and use crypto full time to run their economy.  Hopefully the people of Venezuela will be able to navigate the drama they are facing currently. 

[cryptoking963]

It is great to see that the Venezuelans are also embracing the crypto market. The more the merrier. This will increase the popularity of the market further.

[virendarnagpal]

As a result of hyper inflation today exchange rate are
one US dollar to 248520 Venezuelan Bolivars.
And if we convert it to today's bitcoin price then it comes to
1 Bitcoin =  248520Bolivars x6462.98 USD  =  1,606,179,789 bolivars
Under hyperinflation conditions; the fiat currency fails completely.  People start to invest Gold or Real estate.  Now bitcoin is the available option.  So I think crypto / bitcoin is the best options for the Venezuelans to use for their day to day expenditure.
https://www.exchange-rates.org/converter/USD/VEF/1  
https://www.coindesk.com/price/

[learningcrypto5421]

It is not possible. It can be possible that the problem is another side but the government is trying to put blame on the crypto just to hide their failure. Crypto is not for oppressing.

[cryptoshops9944]

Due to the hyperinflation Venezuela is facing for past few years, people have started to lose trust over their national currency, Bolivar. However, recent announcement of Petro, which is a cryptocoin for solving Venezuela's inflation problem, a lot of Venezuelan citizens have got acquainted with cryptocurrency and blockchain. So, it is very natural for them to favor Bitcoin and blockchain technology after learning about all the features of it.

[bitfocus]

Venezuela also planning total payroll switch from paper money to Petro - their own crypto, which seems to be a very strong and positive move from government

[burky155]

Venezuela’s president Nicolas Maduro made something very unique and important and choose to use cryptocurrency in the goverment business. This is the first time in the World. I am sure it will be very good example for another countries. Here you can read the full article:

https://news.bitcoin.com/venezuela-orders-government-services-to-accept-any-cryptocurrency/

[genuin]

A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1

The problem that you say is actually common in other countries. but if we speak Venezuela this is a country that is big enough to look very complicated. I can only provide a picture between blockchain technology and government that is a barrier.