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Venezuelans flock to cryptocoins when inflation explodes

Accepted submission by kaszz at 2017-06-18 04:44:38

Venezuelans flock to BTC, the digital currency [] as inflation has spiraled to the triple digits, debasing the the venezuelan currency, the bolivar [] (VEF) and depleting savings. Citizens struggle to find everything from food to medicine on store shelves. Ryan Taylor, chief executive officer of crypto currency Dash Core says "If you're going to be in something volatile, you might as well be in something that's volatile and rising than volatile and falling,". Crypto currency Dash Core is the third-largest digital coin by number of transactions. Bitcoin (BTC) trading volume in Venezuela jumped to 1.3 million US$ this week, about double the amount that changed hands two months ago, according to [].

Venezuela's currency has become nearly worthless in the black market, where it takes more than 6000 bolivars (VEF) to buy 1 US$, while bitcoin surged 53% in May-2017 alone. But it's not just about shielding against the falling bolivar, as some Venezuelans are using crypto currencies to buy and sell everyday goods and services, according to Jorge Farias, the CEO of Cryptobuyer.

For those desiring a faster transaction time the crypto currency Ethereum [] exists with an average block settling time of 14 seconds since April 2016 according to [].

Venezuela has 47e9 m³ in proven oil reserves, more than any other nation in the world. So now the only thing missing is to start the sale of oil using crypto currencies so that a military intervention can be justified..

All this happens while since at least 2014, hundreds of thousands of citizens have protested high levels of criminal violence, corruption, hyperinflation, and chronic scarcity of basic goods, arrest of opposition leaders, laws to force citizens to work in agricultural fields and farms for 60 days or longer, 40 inmates dismembered and consumed three fellow inmates, 200 prison riots in Venezuela in 2016 and so on. Tourist hotels probably have an all time low now for that super bargain..

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