The Venezuela’s national currency in which is the Bolivar Fuerte is hastily bringing up rare value right into the middle of the hyperinflation. And the official foreign exchange or the FX value of the Venezuelan Bolivar is recently at $1 to 9.95 VEF but in the veracity check right in the entire country’s black market, the local inhabitants were paying around the summation of over 5,000 VEF for $1! And to be capable enough of steering clear of the devaluation of the Bolivar and also obtain the essential daily goods at the exact and the very same time, the Venezuelans have begun on relying on the Bitcoin to be able to finance their day by day expenses and needs.
According to into the local exchange rates, the summation of 100 Bolivar is corresponding right into a total of $0.02. As we all have known, the 100 Bolivar is the country’s premier denomination banknote but still the government has demonetized it on the earlier part of last year’s December. And as an outcome, the Venezuelan economy and also their monetary system was experiencing havoc and tragic downfall and the people of Venezuela were struggling to be able to obtain cash right into financing their every single day living basis.
And currently, the largest denomination banknote is the 50 Bolivar in which worth equals with a total of $0.01. So just for a quite example in their situation, the Venezuelans would possibly need a summation of 200 of the 50 Bolivar banknotes to be able to purchase bread or else a meal, in which is around a total of $4. And according to in the Bloomberg News Chief in Venezuela, Nathan Crooks, the citizens of Venezuela are having stacks of cash right into their pockets, purses or handbags just to be able enough upon purchasing the basic needs in which pertains to food, toiletries, water and etc.
And the very reason why the people do switches right into the Bitcoin is… The Bitcoin as a decentralized digital currency showcases enough qualities in which underlying with the high liquidity; unwavering global exchange rates; and most notably was it's transportability. And even if the Venezuelans do purchase the US Dollars on their local black market; the currency controls right in the airports and also into the borders and makes it almost unfeasible to be able to bear foreign currencies outside of the country.As the Venezuelan Bolivar dilapidated right in value onto a daily basis, the general public is in their quest for the assets or the currencies in particularly with the Bitcoin that can be used all the way through online to be clever enough to deliver food right to the country. And through a use of the Bitcoin, the Venezuelan people and also the travelers are also accessing the e-commerce platforms similarly with the Amazon. On the other hand, the major platforms do not accept Bitcoin directly and there are services which are like the Purse that makes it quite possible to every single body to be able to purchase items and products right on the e-commerce platforms together with their digital currency. The CEO of the Cryptobuyer Jorge Farias claimed that the Bitcoin is a mainstream and neither in Venezuela nor in the entire world nevertheless there is a developing interest in the very technology. And several people coming from the various industries are getting on board just to be able upon experiencing the Bitcoin life. The Cryptobuyer is a Purse.io-like platform in which allocates their users to be able on purchasing goods similarly with the food or any other products with the use of their Bitcoins.