the people in Venezuela are increasingly suffering under the political and economic crisis in the country. Again and again, is spoken in this context of Bitcoin as an Alternative to the state currency, the Bolivar. In fact, the interest in Bitcoin is relatively high. For the broad masses of the use of crypto-currencies, however, is not practical, countered a Journalist from Caracas.
Brigitte Bernhardt
At the 2. March 2019BTC$3.822,63 -0.22%part Facebook Twitter LinkedIn xing mail
The IMF is calculated for the past year, 1.37 million per cent Inflation in Venezuela. In the year 2019 there will be ten million. For many people in the country, it’s a matter of pure Survival. Food raise and you can pay for it, is becoming more and more difficult, the medical care is in some places broken. With the Bolívar, the official currency of the country is almost impossible to buy something.
to secure The Hyperinflation has led some citizens to the value of your money in foreign currency, Goods, and crypto-currencies. With the Bitcoin, the Venezuelans have a currency in the Hand of a government controlled. Many pay virtual money therefore more confidence than the Venezuelan. In December 2018, the demand for Bitcoin has reached in Venezuela, a record high. See details in this post.
crypto-currencies as a way out of the crisis
President Maduro has, however, begun to establish its own crypto currency, the Oil-based Petro, also against the will of the people. The crypto-currency is squeezing the citizens, for example, through the forced conversion of pension bonuses. The 2018 imported Petro could not avert Inflation and is considered to have failed. In everyday life, he proved to be obviously of little use – it is acceptance and functioning of the Wallets were missing.
Meanwhile, the government has issued a decree for the regulation of Bitcoin. Also BTC-ECHO reported. For each activity around crypto-currencies, it now needs the permission of the Venezuelan government. Are affected in addition to the citizens so also Exchanges, Miner, or Trader.
Bitcoin is currently no real Alternative for the people
But even under the crypto-supporters, there are doubts on Bitcoin as a currency alternative. José Rafael Peña Gholam, editor-in-chief of the “CriptoNoticias”, based in Caracas, paints a sobering picture. He describes the Situation in an article from the 28. February:
Although crypto is a “Underground” theme is no longer like a few years ago, there are still obstacles to wide distribution and acceptance. Many people look at crypto as a fraud or don’t have the technical possibilities to access it.
Also people interested in crypto-currencies, and even bitcoin would be mines, had hardly any Chance of the author. The strong regulation to bring high import duties on Hardware, making the Mining unprofitable. In addition, there were bureaucratic hurdles, which are hard to cope with. Not least, many Venezuelans Bitcoin would not understand. You try dear to US-to come to the Dollar or to find friends with international Bank accounts, which will help you to bring in money outside of the country.
Read also: Ueli Maurer: Switzerland is not a new Blockchain-law
As the reality and the possibilities of Bitcoin in Venezuela gets a look, would assess the many external observers incorrectly, José Rafael Peña Gholam: “Many of the foreign crypto-enthusiasts don’t understand our country. Do not attempt to integrate the crisis in Venezuela in their crypto-favourite story!“
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