Quote from: buternasek on August 14, 2018, 11:48:52 PM

Quote from: CyberMiles on August 12, 2018, 03:43:00 AM

A host of practical challenges hinder widespread use of Bitcoin and other cryptocurrencies in Venezuela in lieu of paper currency. But over the past few years, many Venezuelans have embraced the decentralized, censorship-resistant technology as a means of transferring and storing money without being slapped with hefty international transaction fees. The distributed nature of blockchain makes it nearly impossible for governments to alter transaction data or control the network, as long as that network remains decentralized.

https://www.pcmag.com/feature/362486/in-venezuela-cryptocurrency-is-an-oppressor-and-a-lifeline/1

1 Bitcoin = 1,538,325,810,18 Bolívar Venezuela
The Venezuelan government also makes crypto currency as a solution to the economic disaster that is experienced today. The crypto currency named Petro was launched some time ago, supported by oil reserves owned by Venezuela.

imagine if there is no cryptocurrency

The Petro was laughed at by everyone in crypto and Venezuela. People in Venezuela do not want a currency backed by the same people who just caused hyperinflation in the country. Would you trust them while you're starving and people are fleeing the country just to be able to work and get food?

There are a lot of people in Venezuela in bitcoin and altcoins (because they're cheaper) and the government actually seizes their mining rigs because they want people to use the Bolivar only.

We've been researching Venezuela bitcoin and altcoin purchases for awhile now, to see where people in a fallen economy eventually get crypto currencies that can't be controlled by governments.

Nobody trusts the Venezuelan government inside or outside the country though.