Bitcoinization in a country **Payment accepted**

in #bitcoin7 years ago

Lately, news about Bitcoin being broadly acquired and mined in Venezuela has prompted various bits of gossip with respect to the development and request of the cryptographic money there. A meeting with Daniel Osorio of Andean Capital Advisors on CNBC demonstrates that the nation may soon 'Bitcoinize' totally. 

Osorio, who spends about seven days for each month in the South American nation, was met in regards to the hyperinflation issues that Venezuelans are confronting. Amid the meeting, he clarified that a straightforward lunch costs upward of 200,000 Bolivars, or about $8-$10.

Hyperinflation:

2000%+ inflation  In order to pay for lunch, locals are beginning to accept only Bitcoin or money wires of foreign currencies.  Venezuela's Bolivar (VEF) is presently worth only one satoshi as hyperinflation takes an ever more profound hold in the battling nation.  Locals have, therefore, turned completely to Bitcoin in order to function economically. 

 Osorio says:

“We may well be witnessing the first ‘Bitcoinization’ of a sovereign state.”

Sources:

https://cointelegraph.com/news/first-bitcoinization-of-a-sovereign-state-is-happening-now

https://cointelegraph.com/news/in-bitcoin-testbed-venezuela-1-bolivar-now-equals-1-satoshi

Follow me: @qasimsaleem

Sort:  

Be a member of our Facebook group named (STEEMIT BLOGS BOOSTER) on which you can post your steemit post's links and other members of our Facebook group saw the post and upvotes you.
Please Join :- https://www.facebook.com/groups/720804284771029/
by @kings-empire

Coin Marketplace

STEEM 0.20
TRX 0.14
JST 0.029
BTC 67958.74
ETH 3273.25
USDT 1.00
SBD 2.65