Venezuela - Mining Bitcoin Illegally in order to survive...
The Situation in & of Venezuela
(derStandart.at - German Source)Venezuela was once the richest Country of South America thanks to its huge oil occurrences. But due to the immense price decrease of oil during the last years, its economy more or less broke down and turned the country into a highly indebted one instead.
For the people living in Venezuela it´s a challenge to survive these days, as the supermarket shelves are mostly empty and the countries own Currency Bolivar lost quite a bit of it´s value. To be precise it´s value decreased by more than 99% since 2012 and the international Monetary fund predicts an incredible inflation of 1.100% for this year
The Role of Bitcoin in Venezuela
Due to the immense inflation and the anyways pretty low salaries of less than 50$ per month some people started to mine cryptocurrencies for a living. For them its definitely the best Possibility right now to earn some money, as in comparison to fiat, cryptocurrencies are not affected by local events and therefore more or less immune to inflation.
Despite the fact that this might sound quite awesome for all crypto enthusiasts there is a catch for the people in Venezuela as Cryptocurrencies are strictly illegal and their use is punishable by imprisonment. By illegalizing virtual assets the government basically wants to prevent anyone from undercutting its capital controls. Nonetheless there are still many people mining Bitcoin or Ether in order to make a living for themselves and their families...
A Currency for the People
In my opinion the Situation in Venezuela shows once again, that the banking industry and/or governments are not able or better said not meant to be in control of our monetary system. Decentralized Cryptocurrencies like Bitcoin or many others are for sure the better choice as they are immune to local events or single individuals believes on how the world should turn...
(A Proud German Ambassador from & for Teamaustralia!)
Thank you for the awesome post, I really hope that Bitcoin might help some people.
But is not that easy: Central banks do not only cause harm but can also stabilize an economy by changing the interest rate and the inflation. Sometimes, a slightly weaker currency is actually better for the economy as a whole.
Guatemala for example did way better when they separated their local currency, the quetzal from being fixed to the value of the strong dollar in 1987. The value plummeted, but it helped the economy and the people, because it was cheaper for other countries to buy stuff in Guatemala and bring money in.
I still strongly believe in Bitcoin as a world currency, but it will never replace traditional fiat money which is needed to balance the different economies against each other.
Do you have a giant mine with high tech systems running? Because mining from a high powered computer won't cut it these days. If you can afford all the systems to mine lucratively why didnt you just put that money towards food and survival supplies?
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You're really mentioning some good points, which I can only agree to. IMO the cryptos will be able to change our monetary system within the next years, but they won't be able to replace it. Not yet...
🗅
Thing is this advantage might get them into prison as a high electricity use leads to the police paying them a visit...
Truth revealed decades ago on popular tv show: https://dtube.video/#!/v/ragetester/6xicf9st
Spread the word, save the world!
Feed the government! Or was I looking for a different f word?
It's a well known open secret... Bit unfortunately this will still go on for years and only the big guys will profit as long as crypto doesn't get into the focus of the public
Aaaand, this is where socialism has ended up pretty much every time.
There's a reason people flock to Bitcoin and other cryptos. It's actually inherently libertarian and capitalistic in nature. You may not like that, but that's kind of the point. :)
In my opinion, this is a very useful history post because you have said everything through this post. So I know that once Venezuela was once America's richest country.
Just that it wasn't about history at all despite the first sentence...
Viva Bitcoin!! 👾
GO Venezuela GO !!!! :)
How awesome it is to see that you have already found a way around the gov control and misdoings. Best of luck to you all!
posting a very useful history because with this post I know that Venezuela was once the richest country in America @steembusiness
Pepe Escobar explained Venzuela on RT last week