How Bitcoin Is Saving Venezuela?

Image -CoinTelegraph

Can you believe this pile of cash is worth 100 USD, in next few days these may worth only 50 USD.

Tired of counting piles of cash Venezuelans start weighting them.

With its Currency Bolivar shrinking every hour, Venezuela is a Latin American country plagued by Hyper Inflation and poverty .The government has long back stopped publishing inflation rate, its estimated that inflation in 2017 rose by 1,600% as claimed by the opposition party.

Digital currency has come to the rescue of Venezuelans amidst strict regulation of currency exchange and bank transaction by the government.

Bitcoin has become a safe haven for people of Venezuela as it runs through internet and can’t be controlled by government through banks and other financial institution.

CREATING WEALTH
Venezuela is considered one of the worst economies in the world.

Almost 80% of the population is struck by poverty.

The average daily wage being as low as 5 USD people are turning to mining bitcoin as an alternative source of income.

Under the socialist regime electric power is so heavily subsided that electricity is almost free, taking advantage of this policy people running several bitcoin miners can clear $500 a month. That’s a small fortune in Venezuela today, enough to feed a family of four and purchase vital goods.

BUYING BASIC EMINITIES
As local business stopped accepting Bolivar and public are not willing to hold on to cash due to high inflation.

People buy groceries and medicine through Amazon and wall mart situated in US by using bitcoin, which is then smuggled to Venezuela through courier services.

Even employers pay salary to their employees in form of bitcoin.

So fellow Steemians will Cryptocurrency ever replace fiat currency?

Could main stream adoption of Cryptocurrency means the end of banking system?

Well I dream of a Utopian society where people have full control over their money and property .

Let me know your opinion in the comment section.

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Thanks For Reading!