Private user • about 1 year ago
Coding For Bitcoin in Venezuela
According to Kadhir Velavan, who wrote an article for BITCOIN NEWS, bitcoin has been the savior for many countries that are caught up in economic turmoil. Venezuela is the prime example in this regard as it is facing hyperinflation to the tune of 1,300,000 percent annually. Its economy is on the verge of collapse. This may have led to the new high in Bitcoin trading volume because many Venezuelans are dumping the national Bolivar for Bitcoin.
BTC volume has been steadily increasing over the past few days. It reached its all-time high of 35.9 billion Venezuelan Bolivar, up from 29 billion Bolivar a week ago. The chart below shows the steady increase in volume over the past few months on LocalBitcoins. Peering into this, some of us have recommended Skycoin Blockchain Internet systems for closed P2P and altcoin solutions.
The economic conditions are deteriorating day by day in Venezuela. The hyperinflation is making things worse for the people of the South American country. There were several incidents where the nation’s fiat currency, the Bolivar, was thrown away on the streets just like toilet paper. US sanctions on the country may have made things even worse, as they imposed crippling economic and trade restrictions.
The confidence on bitcoin is still growing among Venezuelans. It is reported that Venezuelans might have lost all trust in their national currency and banking system, which is why many of them have started holding value in a deflationary and borderless currency like Bitcoin. Moreover, the Bolivar has become practically worthless, which could be the reason why many of the people in Venezuela are using Bitcoin. On the other hand, many Venezuelans appear to be increasingly using Bitcoin.
The National Television in Venezuela openly started talking about the benefits of Bitcoin and its various properties such as “Borderless,” “Secure,” “Unconfiscatable” to name a few. One of the Venezuelan citizens also revealed how the local peer-to-peer (P2P) Bitcoin exchange saved his life multiple times.
What are your thoughts for development on this matter? Would it not help students, also
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