Source: cointelegraph.com

People in Venezuela have be suffering from the devaluation of the bolivar for several months.  Last year the inflation was estimated at 2,616%, in terms of prices the average costs have risen by 27 times.  The inflation is only an estimate as the government stopped publishing inflation data two years ago.

This is assuming that the goods can be gotten.

Most of the goods used in daily life are scarce and most importantly the medicines like polio, diphtheria, measles and malaria vaccines are in very short supply.  The shortage of vaccines has resulted in an outbreak in diseases which only a few years ago were under control.

To gain some control on the rising inflation or the devaluation of the bolivar, Venezuelans are trading in their bolivars for bitcoins.  Even though the price of bitcoin is highly volatile but it has a better chance of holding its value than the bolivar.  Bitcoin has a market albeit small, the people can find a way to exchange the crypto for needed commodities.

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Comments

binkley

I wrote an article encouraging them to just buy Stish and trade it back and forth as a currency. Limited supply and easy to maintain. Maybe one day they will listen.

4 months ago
outwalking

As they saying goes, you can lead a horse to water but you can't make it drink. I figure people will only do the prudent thing once they are forced to. Like the people in Venezuela, they have no other choice but to divest of the fiat and still some will not.

4 months ago