Hyperinflation
Hyperinflation, the extreme form of inflation, has been a never-ending plague on fiat currencies, although for most people it has been a remote reality. Venezuela's currency, Bolivar, has lost it 99 percent of its purchasing power in the past four years. Consumer prices in Venezuela jumped 741 percent year-on-year in February of 2017. Now 1 Bolivar worths less than 1 Satoshi; In other words, 1 Bitcoin can be exchange for 100 Million Bolivar.
In comparison, US Dollar is in a much better shape, only losing 96 percent of its purchasing power in 102 year from 1913 when US started it journey to depart from the Gold Standard to 2015. If Venezuela's hyperinflation is an acute disease, the much more gradual inflation of US dollar since Fed took over money supply is definitely a chronic one. While the consequence of untreated acute diseases is obvious to everyone, the real danger to humanity come from chronic diseases.
i m in venezuela and the situation is bad. Every week the prices go up and the minimun salary is about 10 dollars. this year the infaltion will be 1800% and the unofficial dollar en january was in 3000 bsf and now is in 27000. A madness. The guilty the goverment.
Covals, thanks for sharing your experience! I can never really imagine a situation like this. I am however hopeful decentralized technologies and open communities (like steemit) will bring new hope to people in urgent need!
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