Crypto Weekly: Bitcoin City, Indian Ban, Scholarships

  • November 10, 2021
  • Jennifer Moore
Crypto Weekly: Bitcoin City, Indian Ban, Scholarships

More than the financial and political emergency, a sensation of doubt has penetrated each degree of Venezuelan culture. Individuals are searching for ways of working outside the framework just to purchase labor and products. There are accounts of representatives leaving their office tasks to remain in line under the warm sun in store lines, so they can purchase products to be sold on the underground market, where they can get more cash-flow than having a customary all day. Picking digital currencies as a mode of money, for example, Bitcoin in Venezuela over the bolivar will ensure survival.

Venezuela As A Case Study

At the Bitcoin Conference in 2021, the trash was loaded with valueless Venezuelan bolivars, all practically useless. However long and complex the reason behind it be, seeing hundreds and thousands of bolivar notes inside a dumpster since they have lost their value, is harrowing for commoners.

The bolivar inflation has dramatically reached almost 54,000,000% from 2016 to 2019. The origami made using the bills holds more value than the actual bills. To practically purchase a portion of bread or a gallon of milk with cash, you would have to move push carts loaded with stacked bills to your nearby store. Under a hyper-inflationary economy, these costs would move every day — or even hourly. The price of essential goods like toilet paper and medicine has skyrocketed in Venezuela, and crime has increased dramatically. Three million Venezuelans have fled the country in the last two years.

Adopting Monetary Stability Via Bitcoin

Although fiat currencies like the U.S. dollar are still sound currencies, Bitcoin is one-up. The root of fiat stability is in close quarters with corruption and political power. Polity has influenced every country in the world by war, sanctions, market dominance, and corruption, making them reliant on the stability of the dollar and of our government. But with the crypto world flourishing, countries are realizing that digital currencies are sounder. It is here to stay.

To prevent governments and banks from interfering with Bitcoin, the cryptocurrency was designed to be a global, digital currency. Blockchain, the distributed ledger that records all transactions permanently, is how Bitcoin works like many other crypto-currencies.

Governments and crypto creators have been working to stem the downward spiral of Venezuela’s official currency using digital tokens. The crypto boom is also a sign of regaining a sense of freedom for ordinary Venezuelans. In an attempt to circumvent the economic crisis, the government has even launched its own cryptocurrency, the Petro.

Also Read: Can Governments Really Afford to Ban Bitcoin?

Bitcoin As The Beacon of Hope

El Salvador legalized Bitcoin on September 7, 2021. It became the first country to implement such crypto laws. Despite the inevitable volatility of the global financial market, crypto users are hopeful. Citizens of El Salvador will have the ability to keep their wealth even if the government becomes corrupted. El Salvador is also building a hospital and 20 new schools using the Bitcoin profits. In light of the crypto success in developing countries, nations like Turkey, Lebanon, Afghanistan, can find an assured lifeline in cryptocurrencies in general. 

Related: El Salvador Welcomes New Era Of Digital Currency with 200 New Bitcoins.

In Conclusion

There is a solution to this problem, and people need to realize that it’s Bitcoin. Today, instead of trying to transport gold and jewels across borders, one only needs to carry a simple seed phrase stored in their memory to access and transfer wealth. Cryptocurrencies offer self-sovereign control over your wealth free of corruption.

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