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RE: Bitcoinization, what is it and is it happening already?

in #bitcoin7 years ago

The primary barriers for adoption in Venezuela are education and availability of exchange. Venezuelans will augment their currency pool with bitcoin as soon as they can pay for basic necessities with it, mainly food and transport. Rent is apparently not an issue which reduces the barrier for entry. They will still need to pay for government control services, power, gas, public transportation in Bolivars. For almost everything else, Venezelans should be able to interact in Bitcoin or other crypto currencies as long as they can trade back and forth between Bolivars and their crypto of choice when needed. This is not an easy thing to accomplish without the support of banks and the active persecution of the government but I'm looking forward to seeing someone pull it off.

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