Bitcoin's possible positive impact on the troubled Venezuelan people
Due to the continuous emigration of large numbers of immigrants, the situation in Venezuela continues to deteriorate. It is estimated that more than 2.3 million people have left the country, leaving only 31 million people, and this number is expected to rise. The socialist government led by Venezuelan President Nicolas Maduro is tending to consolidate its dictatorship, and the number of migrants in the country has reached a level comparable to the Syrian crisis that caused the large-scale emigration of Syrians to Europe. As of August 2018, Venezuela’s Bolivar currency has exceeded 2 million due to huge hyperinflation and has become worthless. The government's strict control of foreign exchange further restricts citizens' access to foreign exchange as a stable source of value. In the past few years, an emerging market for Bitcoin and other cryptocurrencies has emerged in Venezuela. This is a profound case illustrating the possible positive impact of Bitcoin on the troubled Venezuelan people. In Venezuela, people's interest in Bitcoin began with the opportunity to mine Bitcoin a few years ago. Because Venezuela’s electricity market is heavily subsidized and electricity is almost free, the cost of mining Bitcoin is greatly reduced. However, the Venezuelan government frequently cracks down on mining activities and sometimes arrests and detains individuals for no reason. As the depreciation of Bolivar continues to accelerate at an unprecedented rate, although Bitcoin has fallen by nearly 70% from the highest point in history, Bitcoin is still a more stable value store option than Bolivar. This is entirely because Venezuela’s Bolivar coin has become more and more serious in terms of hyperinflation compared with Bitcoin. Bitcoin has a fixed total supply of 21 million Bitcoins, and uses a deflation model to introduce Bitcoin into the network through a mining reward system maintained by algorithms. Therefore, it is not susceptible to inflation. There are other reasons why Venezuelans are turning to Bitcoin. "We have established some partnerships with Venezuelan citizens to help the victims of this regime in their capital flight and wealth preservation." said Galiano TIramani, CEO of Terex Corporation of the United States. "Recently, we have seen those who use Bitcoin Of people’s interest in Bitcoin has greatly increased, not only to store value, but also to use it as a means to transfer their assets abroad." As long as Venezuelans have an Internet connection, they can freely send bitcoins on their network without being controlled by the oppressive Maduro regime. It is almost impossible for citizens to exchange bolivars with U.S. dollars. Only a small percentage of citizens can trade bolivars worth more than a few hundred dollars each year. In addition, the exchange rate of the Bolivar to the U.S. dollar is currently the world’s worst performing currency this year, and the government’s refusal to provide U.S. dollars to importers has caused a severe shortage of basic commodities, making this problem even more serious. The metrics provided by CoinDance provide some excellent insights into Bitcoin's growth rate and popularity in the peer-to-peer (P2P) market. Unlike exchanges that charge lower or no fees, CoinDance data from the P2P exchange LocalBitcoins shows a reasonably high transaction volume, which is caused by higher fees and lack of shuffle transactions or limited intraday transactions . According to CoinDance, since the end of March this year, the number of local bitcoins issued every week in the Bolivarian region of Venezuela has been increasing in a parabolic manner. “Evasion of government mandates is one of the most important use cases for Bitcoin. This is a technology that resists censorship and is specifically designed to resist centralized attacks,†Galiano TIramani continued. “We can help those who have suffered socialist failures. People, this is good, but this is a tricky situation. Although US sanctions have not yet prohibited dealing with ordinary Venezuelan citizens, we proceed with caution because American companies are prohibited from dealing with specially designated Venezuelan nationals." Just as Venezuelans exchange bolivars for Bitcoin, this is also happening in Argentina, where the country’s economic crisis and hyperinflation are emerging. The Argentine peso is currently the second worst-performing currency against the US dollar this year, second only to the Bolivar. According to CoinDance, the exchange of Argentine pesos into bitcoins in Argentina has also seen exponential growth, even reaching a new high last month. The situations in Argentina and Venezuela both show the potential of Bitcoin as a stable store of value, independent of government influence, especially the influence of oppressive regimes. There are no restrictions on when and where remittances can be made, which is one of the reasons why the number of bolivars and pesos exchanged for BTC has increased rapidly. Other crypto companies and their communities have noticed the crisis in Venezuela and expressed their support. Nano is a fast and flexible encrypted payment network. It has set up a promotion center in Venezuela and highlighted this issue to users through its blog. For Venezuela, the situation is very serious, and Bitcoin offers one of the few opportunities to save any real value from a collapsed economy. As the consequences of currency devaluation and subsequent hyperinflation continue to unfold across the country, evaluating how Bitcoin and related cryptocurrency programs are involved as solutions will provide a valuable metric for Bitcoin's potential. Having said that, cryptocurrencies are also volatile and very unstable, so they still cannot rely entirely on cryptocurrencies. We provide quick-turn injection molding by many types of materials, like ABS, PA66, PBT, TPU, TPE, PVC, PE, NYLON 6, PC, silicone, TPE, EPDM, PUR, etc. Special for some plastic parts. Our advantages in internal prototyping, bridge tooling and short-run manufacturing, which can eliminate the costly and time-consuming for customers a lot.
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