NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Crypto Becomes Proper Alternative to Cash in Struggling Economies

tim copeland
tim copeland
7 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The use of crypto donations by a Venezuelan citizen has shown cryptocurrencies are better than some fiat currencies even though they have been dismissed as too volatile. These donations also highlight the changing perception of crypto away from its murky past on the dark net.

Crypto Helps Citizens Affected by Hyper-Inflation

The NANO community has donated almost $5,000 worth to a Venezuelan called Hector. After initially receiving a month’s worth of salary (0.5 NANO, or $1.20), further donations enabled him to buy 300 kg of food with 61 NANO ($145). The balance in the account now stands at 1,809 NANO ($4,178) which equates to almost 9,000 kg of food.

Hector is choosing to store the donations as NANO instead of his local currency, the bolívar, and has been buying food from a vendor who accepts NANO payments. This showcases how cryptocurrencies in their current state can work better than the worst performing fiat currencies. While volatility is a key issue for the crypto market, it is decreasing and will continue to reduce with an increase in liquidity.

The main issues faced in Venezuela is hyper inflation. The annual rate of inflation is 15,657% and their currency inflates by 167% monthly. Citizens have started making handbags and purses out of the paper notes in order to make some value out of them. The main cause is the government’s relentless printing of money.

An analysis by JP Morgan in 2017 showed that only $6 billion had entered the crypto market when the total market cap was higher than it is today. In contrast, Venezuela’s GDP is at $330 billion. If the entire economy was using one cryptocurrency, it would not just become a stable currency but there would be no hyperinflation through the printing of more money.

Think Tank Calls for More Crypto Donations

Mainstream media has often disregarded cryptocurrencies due to their association with buying illegal goods on the dark net. eToro UK Managing Director Iqbal Gandham told NewsBTC that he was frustrated with the ‘tired commentary’ on the crypto industry. However, recent initiatives have started raising awareness of the number of people using cryptocurrencies to help situations globally.

🙏 pic.twitter.com/FH65a8RU3I

— eatBCH Venezuela (@eatBCH_VE) July 1, 2018

EatBCH is feeding citizens in Venezuela and South Sudan through Bitcoin Cash donations. Their account has received 21.8 BCH ($22,800) and has spent 6.2 BCH ($5,800) on providing food. Both countries have financial troubles over crippling inflation rates, with the Sudan Sudanese Pound hitting rates of 11,000%. The Center for Strategic and International Studies has also called on more cryptocurrency donations to help support these citizens.

Moises Rendon, Associate Director at CSIS’s Americas Program, said: “For example, the use of cryptocurrency to safely transfer worldwide donations, following a model like EatBCH, is a novel approach already creating a positive impact for Venezuelans on the ground today. More peer-to-peer electronic cash transfers should be encouraged to assist with humanitarian aid from abroad.”

Featured Image From Shutterstock
Tweet123Share196ShareSend
tim copeland
tim copeland

tim copeland

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Solana

Solana Futures Market Surges As Open Interest Hits Record Levels, A Rally Brewing?

Solana’s futures Open Interest (OI) has reached a new all-time high. This record level of activity highlights growing demand and...

Godspower Owie 3 hours ago
Bitcoin Price Gains Steam

Bitcoin Price Gains Steam – $112K Level Could Decide the Next Surge

Bitcoin price is attempting a recovery wave above $111,500. BTC is now rising and might gain pace if it clears...

Aayush Jindal 3 hours ago
strategy-boosts-btc-holdings-top-100x-coin-picks-before-next-rally-tw

Strategy再升級擴大比特幣倉位 下波市場起漲前100倍幣入手清單

美國上市公司Strategy再次引起市場矚目。該公司於2025年8月26日至9月1日期間,追加收購了4,048枚比特幣,交易總金額達到4.493億美元,平均每枚比特幣價格約為110,981美元。這筆交...

markh 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

cardano ada adausd

Cardano Price Prediction: ADA Bears Test Support, Bulls Eye $0.92 Breakout on Hoskinson Boost

James Halver 4 minutes ago
Crypto news

Crypto Volatility Alert: Friday’s US Jobs Report Could Trigger Major Move

Jake Simmons 1 hour ago
Bitcoin

Countdown To Crypto Chaos: Expert Warns Of Impending Collapse Post Bitcoin Peak

Ronaldo Marquez 2 hours ago

Premium Sponsors

Press Releases

  • miner

    ALL4 Mining Upgrade Injects New Power into Cardano (ADA)...

    10 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    12 hours ago
  • Анализатор прогнозира, че BTC ще достигне 125 000 USD този месец

    Анализатор прогнозира, че BTC ще...

    16 hours ago
  • Un analist prezice că BTC va atinge 125.000 USD luna aceasta – presale-ul HYPER se apropie de 14 milioane USD pentru modernizarea Bitcoin-ului

    Un analist prezice că BTC va atinge 125.000 USD luna...

    16 hours ago
  • Top Altcoins

    Presale tiền điện tử hot nhất tháng 9: Top 4...

    17 hours ago

Newsletter

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.