Post
Topic
Board Bitcoin Discussion
Re: In Venezuela, Cryptocurrency Is an Oppressor and a Lifeline
by
audaciousbeing
on 15/08/2018, 15:14:52 UTC
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

This particular issue is not limited to Venezuela alone but all across the world and that is the bane behind every society that have taken a negative stand against bitcoin expansion in their territory. The result of using bitcoin is more of a two sides of a coin where one party is losing, the other is winning just like this case, the people who engage in transactions are the one on the winning side while the government here is on the losing side as the portion of transaction fees that would go to them in form of taxes is now being eroded and we all know, government does not like to lose.

The only reasonable thing any government needs to do is to first identity that the movement cannot be stopped as no matter the ban rule, its not going to stop and the best approach is to find a way to tap into the system, design models, build policies and implement it that people would be free to use what they wanted and at the same time revenue lost from the bank sources can be generated from crypto service providers.