4 stars based on
Bitcoin has been known to thrive in times of uncertainty. In Venezuela, a country in which tensions have led to violent riots with no end in sight, Bitcoin has already played a role in helping the people, as according to a Redditor Bitcoin has given his family a way to survive in the country. In latehyperinflation struck the Venezuelan economy and authorities took a hard stance against cryptocurrencies. Bitcoiners have managed to stay afloat in the country, as they were able to use Bitcoin to buy food and groceries from other countries.
Thanks to Bitcoin, his family is able to purchase food with a stable currency —when compared to the Venezuelan Bolivar, at least. Amid the crisis, the country seems to be cracking down on Bitcoiners who want to make ends meet. On February 3, Venezuelan Bitcoin exchange SurBitcoin had to shut down operations after Banesco bank closed its account, and forced traders to use P2P marketplaces such as LocalBitcoins to buy the currency that would allow them to buy food.
The exchange, later on, managed to resume operations. Around the same time, a mining center in Valencia in Carabobo state was also taken down by authorities. According to Aljazeera, over 50 people have been killed during the protests.
Bolivian authorities have also arrested Bitcoiners in the country, and reiterated that virtual currencies seen as are illegal pyramid schemes in the country. What some Bitcoiners have to face in these countries reminds me of the amazing speech from The Great Dictator, from Right now, Bitcoin is still illegal in a few countries throughout the world, including Bolivia, Vietnam, Kyrgyzstan, and Bangladesh.
The crisis people all over the world endure because of banks and governments playing with the value of their money is part of why Bitcoin is as great as it is. Bitcoin is the first free market backed currency, it has no central authority. This, in part, is why finding a solution to the scaling debate is so important. High transaction fees are costing people, who might be risking arrest for using the cryptocurrency, food they need to survive.
I am a robot. I just upvoted you! I found similar content that readers might be interested in: I follow u, follow me back if u want lot of fun and amazing picture every day. Venezuela Proves Bitcoin is the Future of Money. In Venezuela, a country in which tensions have led to violent riots with no end in sight, Bitcoin has already played a role in helping the people, as according to a Redditor Bitcoin has given his family a way to survive in the country In latehyperinflation struck the Venezuelan economy and authorities took a hard stance against cryptocurrencies.
The misery that is now upon us is but the passing of greed, the bitterness of men who fear the way of human progress. The people who are taking back their rights and imposing what is obviously good — the true value of market prices, free from any manipulation, guaranteed by code, governed by us all.
Authors get paid when people like you upvote their post.