On August 29, 2015, the Genesis Block of BolivarCoin was mined, a Venezuelan cryptocurrency that has already been on the market for more than a year and, according to its developers, has managed to attract users from more than a dozen countries.
The project was created by the group called "Satoshimón Bolivarmoto", a group of Venezuelan developers, programmers and computer students, and is conceived as a decentralized network to help solve some of the country's economic problems. This is what its creators argue:
"This currency is an escape from inflation, it safeguards the value of money, and the chain of blocks is a source of open financial information that eliminates corruption due to its transparency," explains the BolivarCoin group, made up of administrators Eliud Vera, Enrique Martinez and Alejandro Fernandez, in an interview conducted by DiarioBitcoin, that the platform team agreed to respond together.
Valued at approximately 529 satoshis (USD $ 0.05) at the time of writing and calling itself "the virtual currency of Venezuela", BolivarCoin was developed following the Bitcoin pattern, although the size of its blocks is larger. Its mining algorithm is X11, the same used by Dash.
For its trade, the currency operates in small exchanges such as Cryptopia, TradeSatoshi and Yobit, in addition to the page Bolis.info, created by the community of BolivarCoin. Additionally, this change has an Android wallet that can be purchased for free through the Google PlayStore application. This digital wallet is available for Linux, Windows and Mac.
Among the currencies with which it interacts are, mainly, Bitcoin and Dogecoin, although, currently, in Venezuela, the cryptocurrency has been used as a method of exchange for basic necessities via social networks.