Bitcoin saves Venezuelans from inflation Bitcoin has huge potential for legal uses

Golden Finance News - On May 24, a worker working on password security revealed that Bitcoin is saving his parents and sister from the suffering of hunger. The American resident said that his family lives in Venezuela, and Bitcoin is saving their lives at a time of economic collapse, giving them the opportunity to buy food and pay bills.

Bitcoin saves a family from starvation

There have been many reports that people living in Venezuela are using Bitcoin to cope with the country’s economic depression. The country’s currency, the Bolivar, has depreciated significantly, forcing Venezuelans to use Bitcoin to preserve their assets. Venezuelan citizens are suffering from inflation of over 1,800%.

(Venezuelan people are queuing up to buy food. Image source: Golden Finance)

The dire economic climate in Venezuela shows that Bitcoin is saving the families of workers from starvation, and he hopes to make it known that Bitcoin has greater potential for use in this context than on the black market.

“I wanted to debunk this myth and explain what the true potential of Bitcoin is and how it has more potential than the black market,” the journalist explained.

“Bitcoin has saved my family from starvation. And since Bitcoin prices are rising and the economy is relatively stable compared to Venezuela, it will give my family the financial freedom to emigrate in the near future.

My family is one of a very small and fortunate minority that has the ability to help the community survive and potentially immigrate to another country.”

“Skeptical of Bitcoin, but no other options available”

The crypto worker said that his father had lost his job in the air conditioning business the day before, and that the neighbors around him, even the upper class, could not afford food. He explained that the Bitcoin used by criminals is no different from cash illegal activities. "If you look at Bitcoin objectively, you will realize that the legal use of Bitcoin may be far greater than its role in the black market." In 2014, his family discovered Bitcoin but was very skeptical of the digital currency, "but we didn't have any other options."

The reporter explained that many people process Bitcoin on the black market to obtain Bolivars or US dollars to buy food and daily necessities. In addition, some Venezuelans are also using Bitcoin for arbitrage.

Now I can use about 6000 bolivars to exchange for 1 dollar. Some smart people have figured out that they can buy 1 dollar worth of Bitcoin with 4500 bolivars and keep 1500 bolivars profit. They use this money to buy goods and import goods through the towns bordering Colombia.

Many other countries may face similar economic difficulties

The interesting article about Bitcoin saving the families of young people was well received by the crypto community. In addition, several other Venezuelans revealed how Bitcoin helped them and the methods they used to convert Bitcoin into dollars or bolivars.

Furthermore, users from the United States and elsewhere say that people from “rich countries” should not assume that Venezuela’s economic situation will not happen in their countries. In their view, Venezuela, Greece, and many other countries around the world with centrally planned, manipulated monetary systems are likely to face economic declines, and Venezuela is just the first of many.

(Many other countries may face the same economic difficulties, Venezuela is just the first stop. Image source: Golden Finance)