Currency, the “life-saving” Bitcoin is gaining momentum in Venezuela

Currency, the “life-saving” Bitcoin is gaining momentum in Venezuela

Bitcoin is becoming an integral part of everyday life of many Venezuelans – whether they buy food, plane tickets, or even pay staff wages.

Bitcoin now – usual method of payment for goods and services from residents of Venezuela. To date, a large part of the population sees cryptocurrencies the way of survival.

Hyperinflation in Venezuela made the national currency the Bolivar is practically useless. Thousands of ordinary people began to explore the world of crypto-currency to save their savings.

Venezuelan John Villar knows that his national currency becomes useless, so he moved on to Bitcoin in all spheres of life. He explained that in his position, the choice of cryptocurrency, is not a matter of politics, but a matter of survival. Bitcoin transactions are relatively quick for anybody with a smartphone. With the help of such sites like LocalBitcoin and Colibit, Venezuelans can buy and sell bitcoin using the local Bank account.

Cryptocurrencies have become so popular that even President Nicolas Maduro offered his version, supported by the government, under the name Petro. Members of the presidential administration met with Venezuelan Bitcoin entrepreneurs to understand the specifics of such currency. Although the details were not known, many in the cryptocurrency community were skeptical of this idea. It is unlikely that Venezuelans will trust a cryptocurrency issued by the government in which they have little faith.

In Venezuela a “crisis currency” became a matter of survival for many people. John Villar for two years could not find the drugs required to treat his wife suffering from multiple sclerosis. Medication is a big problem in a country where the health system is practically destroyed because of lack of funding. John bought medicines abroad with the help of cryptocurrency and have used a courier service to deliver them to Venezuela.

Authorities allowed trade bitcoins in Venezuela, however, the mining people are heavily fined and even arrested. For Villar stakes are especially high, not only for his business. John, the engineer who once managed the company in the field of biometrics. Your financial future he sees in the development of the game using althena called PepeCash.

Ten of his employees work out of a small office filled with computers to the East of the capital. All receive part of their salary in Bitcoins. His wife, also an engineer, is now bound to a wheelchair.

“At the moment in my arms there is not a single Bolivar”.

Representatives of other cryptocurrency projects, such as Dash tried to provide the Venezuelans with Althingi. This fall Dash free sponsored 12 conferences in the country to raise awareness.

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