Post
Topic
Board Economics
Re: How did Bitcoin save Venezuela?
by
aardvark15
on 06/12/2017, 12:32:32 UTC
And the exploitation of Bitcoin has become a tool to rescue the people of the country because they can take advantage of low electricity prices to exploit.

My understanding is that the government currency of Venezuela has such high inflation that it’s almost worthless. It’s losing value as soon as people get paid. What Bitcoin can do for them is just be a place to hold their money so it won’t drop in value. In fact, Bitcoin is actually increasing in value. So if a person sells their government currency that is rapidly dropping in value and buys Bitcoins which are increasing in value, they are much better off financially.