Enslaved citizens of communist and authoritarian governments are increasingly turning to crypto-currencies, the main one being Bitcoin, to help improve their lives.
In Venezuela, a country mired in a virulent socialist regime, and with an inflation rate at 1600%, the local currency is becoming more and more useless. This has a catastrophic impact on Venezuelan citezens, with people waiting in queues for many hours for basic food and water.
Lets put this into context, a 100 bolivar note has the equivalent value of $0.02. This sort of hyper-inflationary trend is making the Venezuelan bolivar essentially toilet paper! Completely WORTHLESS!
What happens in an environment described above? People naturally search for alternative means of currency, in the hope of improving the lives of themselves and their family. One possible solution is precious metals. However, precious metals can often be very hard to come by and even more difficult to store safely.
Now lets look at crypto-currencies: Bitcoin, ethereum, and steemit to name a few.
More and more Venezuelans are turning to these crypto-currencies – primarily Bitcoin!
The use of Bitcoin means that Venezuelans do not need to queue for hours at banks to withdraw money. All they need is an internet-connected device.
Because of the decentralized nature of Bitcoin, the Venezuelan government cannot manipulate and control it in true Socialist fashion. Could more and more counties adopt Bitcoin, and even Steemit as a common form of currency?