Adoption of Bitcoin Picking Up Speed in Venezuela, Called “Lifesaving” Currency

From Cointelegraph

Bitcoin is now becoming a constant part of many Venezuelans’ everyday life.

Whether they’re buying food, plane tickets, or even paying employees, Bitcoin is now a common mode of payment for Venezuelans. Frankly, many people in the country rely on cryptocurrencies for survival.

Survival of fittest
Venezuela’s hyperinflation has rendered the national currency, the Bolivar, nearly worthless. Thousands of ordinary people have begun turning to the world of cryptocurrency to salvage what little value remains in their savings..

One Venezuelan, John Villar, knows the struggle of having a his national currency become worthless, so he sticks with Bitcoin for all of his transactions. He said that his situation, choosing digital currency is not a matter of politics but of survival. Bitcoin transactions are relatively swift for anyone with a smartphone: Websites like LocalBitcoin and Colibit function as exchanges where Venezuelans can buy and sell bitcoins using a local bank account.

Government’s move
Cryptocurrencies have become so fashionable that even President Nicolas Maduro has proposed a government-backed version called the Petro. Members of his administration have met with Venezuelan Bitcoin entrepreneurs to determine how such a currency might work. Though few details have been released, many in the Bitcoin world have responded skeptically to the idea. It seems unlikely that Venezuelans will trust a digital currency issued by a government they have little faith in.

All those people that adopted 6 months ago must be very happy.

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