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RE: Venezuelan Economic Crisis: An Outsider's Perspective

in #economics6 years ago

You are right about the role of bitcoin in a situation like Venezuela. In the past there were only foreign currencies that could bridge high inflationary situations. However foreign currencies can be limited, confiscated or stolen by governments. Bitcoin and other crypocurrencies can be a tool for people in inflationary countries to store value and also to exchange it for goods. I don't know how many bags full of bolivar banknotes you need to buy bread, if you find bread at all... with cryptocurrencies it seems much simpler.

In this respect, I believe that currencies like steem can play a very important role in such situations. The transactions are free and immediate. You could be with your phone at a cash desk where there is only the steem account name of the shop. To pay you send your steem transaction over partiko and the guy at the cash desk checks whether he got it on his account. Free and quick...

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Dear @achim03

I absolutely love reading your comments. There is always something I can learn from them :)

Keep up great work here on Steemit buddy. And enjoy your weekend.

Cheers, Piotr

Thanks for your comment. A nice week-end to you too!