The "crypto-arepas", alternative in the middle of depressing situation.
The rise of cryptocurrencies in recent years has awakened in me a terrible curiosity and a deep desire to know all its processes, movements and the impact it causes in some countries, which is why they have become the subject of my research in recent weeks.
Human beings are generally attracted to those things that we do not know, that challenge us and without knowing how and why, we embark on exciting adventures trying to find an answer to the questions that nest in our mind.
On this journey undertaken in search of cryptographic knowledge I came across some data that I never imagined existed and I want to share it with you.
An interesting fact to take into account and which attests to the rising rise of cryptocurrencies, is that according to a survey conducted on the Internet, the data show that more than 75% of the world population has heard about cryptocurrencies and it is believed that approximately 7 million people market with bitcoin. Even so, there are countries where the use of cryptocurrencies is prohibited, even being penalized with jail as in the case of Bangladesh. In this country, the use, purchase or sale of cryptocurrencies can even lead to imprisonment for up to 12 years.
"Bolivia, is another country that prohibits the use and circulation of cryptocurrencies as a means of payment is Bolivia. Pursuant to resolution 044/2014, the Central Bank of Bolivia categorically prohibited the use of coins not issued or regulated by states, countries or economic zones and of electronic payment orders in currencies and monetary denominations not authorized by the BCB in the field of the national payment system. "
"Vietnam, a country where the use of cryptocurrencies and cryptocurrencies was previously allowed, since the fraud carried out by PinCoin and iFan, it was decided to prohibit the use of cryptocurrencies in the country. Since August 2018, they also suspended the importation of criptominery equipment, as well as forbidding its realization in the territory. "
However, and it is my point in this publication, despite all these encouraging data in some cases, disappointing in others, there are phenomena such as Venezuela where the boom has been such that Venezuela has come to take the first place in some statistics regarding the use of cryptocurrencies which I detail in this previous post venezuela-crises-and-cryptocurrencies, surpassing many countries that initially headed such statistics
Another interesting fact that became the center of my research, is the case of crypto-arepas. In a growing universe of approximately 2000 cryptocurrencies, 5 cryptocurrencies have been created in Venezuela by private initiative and the controversial petroleum created by the government and backed by oil. Of these cryptances 3 are listed in Coin Market Cap.
Today I want to introduce you the crypto-arepas:
To understand this term it is necessary to be clear that it is a Arepa and what it means for Venezuelans .
Definition of terms
AREPA: Corn bread, circular in shape, which can be cooked roasted or grilled; it is filled or accompanied with different ingredients according to the regions; It is typical of America, especially Colombia and Venezuela.
The Arepa is one of the most representative dishes of the Venezuelan, is part of our identity and you can find it at the table of all Venezuelan homes at breakfast for lunch as a companion, also at dinner.
Now we continue with the "Cripto-Arepas"
This coin was created in 2015, product of the concern of some young Venezuelans. Currently the "BolivarCoin" is listed in Coin Market Cap and has the ranking #1468, its price paThe closing of this publication was located at 0.00000116 BTC - 0.006078 USD.
In September 2016 another group of Venezuelans created a project called ArepaCoin, becoming the second Venezuelan cryptocurrency. This cryptocurrency is listed in Coin Market Cap, ranking #1138 and the price before this publication was located at 0.004153 USD, 0.00000079 BTC.
In May of 2017 it was born to the third Venezuelan cryptocurrency, this initiative is called "OnixCoin". It is also listed in Coin Market Cap and is ranked #1639 with a current price of $ 0.000314 USD, 0.00000006 BTC.
The fourth Creole cryptocurrency was born in the state of Vargas in February 2018, when a 14-year-old boy motivated by an entrepreneur gave life to the "RilCoin", a cryptocurrency aimed at the tourism sector.
In the same 2018 LKRCoin was born the fifth Creole cryptocurrency. From this last two you can not get more information, you can only access the official site of LKRCoin.
Finally there is the Petro, a cryptocurrency created by the national government and according to the data the first cryptocurrency created by a state and that has its value backed by oil. According to the page https://petro.gob.ve/ its current price is EUR: 52.78 - CNY: 400.27 - RUB: 3833.41 - USD: 59.68.
Conclusion
It is amazing what is happening in Venezuela, a country with such a depressed economy where its inhabitants, rather than living, survive with a hyperinflation that reaches the alarming figure of 2,000,000% in 2018 according to the international monetary fund, which foresees that by 2019 it will be located at 10,000.00%. (woo scares me those numbers) and that has generated a massive migration that is around 4 million people and it is estimated that by the end of 2019 it will exceed 5 million.
The phenomenon that occurs in Venezuela is a case worth studying. In my opinion, this behavior reflects the true importance in the use of cryptocurrencies and their social application in extreme cases such as ours. This justifies its massive adoption to be able to help many people in South America, Asia and the Middle East.
Could PROJET HOPE work on a project like this and launch its own social token? What opinion do you have of the Venezuela case?
Let me know your opinion about this article, what do you think about this phenomenon in Venezuela. If you have any additional information that may reinforce and even correct this publication, it will be welcome.
I will respond kindly to every comment you want to make.
PROJETHOPE
Pr EV
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I agree with my friend @lanzjoseg that Venezuela sounds like one of the most innovative countries if it comes to cryptocurrency. The idea of creating a new one sounds interesting or simply adopt an already existing one and make it boom.
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Exactly!
Dear @wakeupkitty, the difficult moments usually bring out the best in us. That is why they say that what for some is a crisis for others becomes opportunities to innovate, it seems that this is the case in our country.
Thanks for reading the pubilcacion and leave that kind comment.
Pr EV
Gooood moooorrning Vieetnammmm!!!!! (I always remember the famous phrase of the actor Robin Williams, may he rest in peace, every time I am being reminded of the figures of the hyperinflation of my country.)
Hello, my dear @fucho80!
I didn't know there were such cryptocurrencies in my country. Nor that they could imprison people who mined or used crypto coins in Bangladesh; nothing better to make something fashionable than the factor that causes a government to prohibit it, such as the dry law that implanted the USA many years ago, which made the consumption of alcohol increase much more.
@shadonchandra is Bengali and made me realize about the situation in Bangladesh with regard to cryptocurrencies
https://steemit.com/cryptocurrency/@shadonchandra/this-is-high-time-to-spread-the-consciousness-about-cryptocurrecy#@jadams2k18/re-shadonchandra-this-is-high-time-to-spread-the-consciousness-about-cryptocurrecy-20190408t220557357z
Cheers
Dear @jadams2k18, thank you for that great comment.
I did not know about the existence of these cryptocurrencies created in Venezuela, I had only heard about the petro, I recently learned about the research I'm doing related to the project and it seemed interesting to share this material. Bangladesh is the same, I came across this information now.
Well, maybe that will make things change in other countries. What is happening in Venezuela is because of the situation we live in, we are all looking for alternatives to survive.
Thanks brother, take care please.
Pr EV
Hey @fucho80, thank you for your great post.
I didn't know that there are countries which also jail people for exchanging coins. Thank you for this information. Furthermore, I am shocked by the hyperinflation of your country. I am really sorry for you. What really interests me is how do people now, sell and buy things? Do they use another currency like for example Dollar? Do a lot of people use crypto in daily life?
Is one of the tokens/ coins you just mentioned really working in your country? Is there one coin established and accepted by the whole country? It sounds like a good alternative for Venezuela. And beeing the early adaptor also could mean that you could earn some profits.
Thank you really much for your Memo @fucho80, I appreciate it a lot.
Keep up the good work,
Max
Friend @mcnestler, thank you for visiting and reading this publication.
Yes, the country's infamous situation and scarcity are really alarming. A family with the basic salary of a month in the country can not buy a chicken.
Because of the devaluation of our currency there are many people who are adopting the dollar, buy and sell in dollars to preserve the value of their come.
Lately the cryptography has become a great alternative for those of us who are inside and for those who are out to help their relatives, they are using mostly BTC and the other well known crypts, steem for example and steemit have become a lifesaver.
The truth is that the most used are the most known, and there are shops where they accept some according to what I read, but most of all for the center of the country not where I recited.
Thank you for your kind comment, I hope you continue well.
Pr EV
I think for many people the sheer amount of different coins is confusing.
I myself have 3 different wallets now.
It would be nice to have one wallet for all coins.
But obviosly that will never happen.
I don't have much in each wallet so for me its just a hobby.
But for people who may rely on this for living as in Venezuela it could be difficult to keep track.
Your post however was very well set out.
A good read thank you 😎
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Dear @andyjem, thank you for taking the time to read this publication.
I imagine that it must be very difficult, but some will adopt the ones that are more comfortable for them, I do not know, what if it is sure that they are being used and this is helping a lot of people.
Thank you for those kind words, that motivates me to keep trying with the work I do.
Take care, friend!
Pr EV
Brother @fucho80, then I would say arepa for everyone.
Imagine the reach of all Venezuelans inside Venezuela, if we did not have the problems of internet connection or power outages, I feel that Venezuela in that sense was even more pioneer in this field of crypto.
Great article very well researched. I congratulate you.
Brother @lanzjoseg, thank you for your words, great comment very motivating friend.
One reads these things and gets to wonder, why the crisis? So much talent in our country. The other thing that we must analyze is that this crisis brings out the best in each Venezuelan. I also think that great things are coming for the future of venezuela related to this technology.
Thanks for reading the brother article, take care.
Pr EV
Hi Friend @fucho80
Indeed you have nice research work on multiple coins launched in Venezuela. I know that people from Venezuela are highly interested in cryptos and I heard that bitcoin etc helping them for their survival as well. We all know the economic condition of the country. Since the country is so advanced in terms of blockchain and crypto currency why govt is not taking some positive action with it.
Thanks for sending memo. have a great day.
Hi friend @alokkumar121, thanks for visiting this post and leave that comment.
It is great news in the midst of the deep crisis that crosses. True, BTC has helped many people to survive, there are also many Belémians who take refuge in steemit as a real alternative to the crisis, plus the safest way to help those who are here are the crypts.
Thanks brother, take care.
Pr EV
I enjoyed this reading a lot.
Thank you for bringing us this gift, appreciated @fucho80.
I really only knew the petro and the onix, the other cryptocurrencies are new to me.
I loved this post, I enjoyed every paragraph.
Regarding the adoption of a new cryptocurrency for our project, I think we should study this case. Especially for the financing.
No brother, thank you for reading this work. You know that for us research work is not easy, but we try to give the best.
I'm so glad you enjoyed it. You are a great guy.
Ok, It's just an idea that crossed my mind, I'm not even sure of the implications this has.
Take care, brother.
Pr EV
I found the story of Venezuela and its crypto to for little bit now.
personally I think that the people on top in Venezuela are bit too corrupt to support a state run coin such as the petro. I looked into that coin is thinking of buying it but there's just too much crud on it right now. Who knows in a few years in my cleanup, however for now I don't trust it.
All this being said I do think that crypto is the future. I've seen a few other companies try to make a humanitarian coin (*that was actually the name of it before it went belly up and I lost ETH over it.. Very bummed). This is dissuaded me from investing into other small start of coins with humanitarian efforts.
I would suggest instead of starting a new coin for a specific reason, look to adopt one that's currently on the market. This would have broader investor appeal, and by bringing more awareness of it to people in Venezuela or elsewhere, you can help them achieve wealth that they could take with them. Granted it's not as profitable as starting your own, but I think you do more good in the long run this way.
Thanks for the article and I'm sending great vibes to Venezuela. It's a beautiful country with some amazing people, and personally I like to visit Buenos Aires sometime soon and Venezuela when the upheaval settles.
Thanks~
Hello @jacuzzi,
I think that is what happens with the petro, people do not trust the government and will not trust a project driven by them is where the failure of this cryptocurrency is.
It is a good suggestion, what I do is only a proposal but it makes fata know many opinions of people with experience to decide this.
Thanks for your contribution!
Thank you brother, all the good things you can contribute to our country is welcome, Venezuela needs it.
Thanks for your great comment, I really liked it.
Take care
Pr EV
@fucho80, The journey of Cryptocurrency is really interesting and very tough too. Some of the countries prohibited this space and some countries accepted it but one thing no one can reject and that is, many people empowered themselves like never before. Stay blessed.
Hi @chireerocks, thanks for participating in this discussion.
It is something undeniable and unstoppable, the crypts came to stay, is what I believe.
Take care.
Pr EV
Yes. Let's hope that Crypto Space will stay with the same essence for what they are existing at first place.