Venezuelans Turn To Bitcoin As Hyperinflation Rages.
Venezuela is a country in crisis. In particular, the price of oil has plummeted in order to make way for new technology. As this has happened, people have turned to cryptocurrency as their unit of exchange and preservation. Venezuelans are using bitcoin and other cryptocurrencies as the functioning currency is not worth anything. Have you heard about Bitcoin and other cryptocurrencies ? Read this article to learn more about cryptocurrencies, the current state of cryptocurrency, and how they can help solve some specific problems in Venezuela. Venezuela: Introduction Nature of Hyperinflation The country has suffered from high inflation rates and excessive currency-supply for several years. This hyperinflation, however, tends to run away when using the country's own currency. Instead of lowering prices, this problem usually leads to higher and higher debt levels required to repay the loans. Making matters worse is their lack in foreign reserves. Due of all this, people have changed t