• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo

Bitcoin for Troubled Economies, the Venezuela Example

Gautham by Gautham
4 years ago
in
Reading Time: 2min read
bitcoin, venezuela
Advertisement

Bitcoin has emerged as a savior for many in dire situations. The decentralized nature of Bitcoin, combined with its ease of use and secure nature makes it an ideal alternative for those in troubled economies or cut off from the traditional financial system. The economic condition of Venezuela and Bitcoin’s increasing adoption in the country has presented itself as a case study for mainstream and fringe economists alike.

The mere mention of Bitcoin evokes mixed response among seasoned economists. There are those who swear by the revolutionary cryptocurrency and others who try their best to put down the digital currency’s success, even calling it a giant pyramid scheme in the process. But the ground realities in Venezuela, as reported by various news media outlets presents Bitcoin in a favorable light while conveying that the governments are not always right.

Venezuela currently has the highest inflation rate in the world. According to reports, the country’s inflation rate is expected to hit 1600%, turning the country’s fiat currency — Bolivar into worthless pieces of paper. The increasing prices, rising poverty, and falling Bolivar have left the supermarket and pharmacy shelves devoid of essential commodities and medicines respectively. In such a situation, Venezuelans are attempting to move away from the diseased Bolivar to much stable alternative — Bitcoin.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The increased adoption of Bitcoin in the country has led to a surge in cryptocurrency exchange volumes on the country’s Bitcoin platforms. Also, there are reports of good samaritans offering Bitcoin contributions to cash-strapped Venezuelans. People in the country are trying to meet their needs by ordering essential goods and medicines from international online shopping platforms, paying with either Bitcoin or gift cards/prepaid cards bought with Bitcoin.

Bitcoin has presented itself as a boon to those without bank accounts, as all they need is a working internet connection and a bitcoin wallet software installed on their smartphones or computers. Also, the decentralized nature of Bitcoin saves it from government’s bad decisions, like printing excess currency and others.

The universal nature of Bitcoin offers equal opportunities to everyone. Anyone, anywhere in the world can use the cryptocurrency for their day-to-day transactions. This very feature is now keeping thousands of Venezuelans alive.

It is not just the case of Venezuela. The cryptocurrency has already proven its capabilities in the African continent by making financial services accessible to the unbanked and underbanked. The Bitpesa service has already offered a far more efficient method for remittance and cross-border B2B payments than those available through mainstream banking and financial institutions.

Considering all these factors, Bitcoin deserves appreciation from people and authorities from across the world. The cryptocurrency may turn out to be the tool needed to solve world hunger and bring peace on earth.

Ref: Forbes | Image: NewsBTC
Tags: bitcoinBitcoin NewsinflationNewsVenezuela
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

alfacash

Alfacash- the One-Stop Solution for All Crypto Needs

3 hours ago
PIVX

PIVX, a Project that Perfects the Balance Between Privacy and Practicality

3 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bulls Go Ballistic On Twitter’s $1.25bn Convertible Note Offering

4 hours ago
Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

Coinbase IPO Will See Co-Founder Brian Armstrong Join The Ultra Rich

4 hours ago
Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

Bitcoin Bottoming Out After Its Worst Weekly Drop Since March: Analyst

5 hours ago
layer 1

Top 5 Things to Check Before Investing in a Layer 1 Protocol

9 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Seascape Network Officially Debuts on Binance Smart Chain

March 1, 2021

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.