Venezuela, which is one of the most affected countries of World War II. Later, after world war II, if we talk about inflation, a definite curve was built. Venezuela tried everything possible to irradiate inflation, but the only thing they achieved was a failure.
Until the currency called cryptocurrency made their debut in the Venezuelan market. It was first launched in 2009. People really would not think that cryptocurrency would make this big, but it was the key to come out of the inflation bacteria for the Venezuelan market.
A decade ago, when Bitcoin was introduced, Venezuela had seen sunshine for a long time to upgrade its economy. As we are in 2020, it has been more than ten years since the cryptocurrency was introduced first. Since then, Venezuela was working it only, and today after ten years, Bolivar’s price has raised by five zeros.
The way cryptocurrency impacted in favor of Venezuela. It changed everything. By keeping in mind, the Venezuelan government launched its cryptocurrency named Petro. This was believed to get powered by the countries oil reserves. You can start trading in bitcoins using financial-peak.com.
1. Why do people like bitcoin over bolivar?
Bolivar Soberano is a main Venezuelan currency which is having an inflation rate of 3.5%. This pace of the inflation rate is inefficient to compete in the international market. People started acknowledging that Bolivar is incapable of eradicating inflation because people started believing in cryptocurrency more than Bolivar.
The other main reason why are Venezuelan people started investing in cryptocurrency is because they knew that they do not have any international accounts where they can keep their money safe. So, Venezuela’s people have only option to invest the money in Bitcoin or any other cryptocurrency.
2. Convert Bitcoins to Bolivar
They all need some necessary utilities to live. The major problem with cryptocurrency is that its potential market is more significant than the fiat currency. Still, the actual market where people are using it is tiny compared to traditional fiat currency. This limits the traders to purchase their messes ties easily.
Venezuela is one of the counties that is very actively using cryptocurrency trade. This results in creating a vast market that lies in cryptocurrency. In its stated that more than 60% of the Venezuelan people are directly or indirectly in connection with cryptocurrency. So, one must find the potential buyers and sellers who are willing to trade in cryptocurrency.
There are many options for the Venezuelan for the crypto exchange. But they have the utmost faith in a popular cryptocurrency called Bitcoin Billionaire. This not only helped the nation with crypto exchange; instead, it also assists them in making crypto trade.
In Venezuela, many charitable organizations are using the borderless nature of cryptocurrency for beater cause, and philanthropic organizations are providing free education, food, and water to the needy people.
3. The Final Thoughts
There is no way of denying that Venezuela is one of the countries who used the cryptocurrency by its full potential and can develop its whole nation depends on it. And Venezuela shows the world that if we try a bit harder to replace the fiat currency with the cryptocurrency.