"Hyperinflation and financial crisis within Venezuela worsened after the Venezuelan government released the new 100-bolivar banknotes in mid-December of 2016. The government announced that within 72 hours that all 100-bolivar bills, which according to the NY Times account for over three-quarters of all cash in circulation, would be worth nothing in value.
At the time, residents who failed to obtain banking services had virtually no other choice but to see their piles of cash turn worthless as time passed. Within 72 hours, Western media began to broadcast footages of outraged communities and Venezuelans burning cash as a means to protest against the government’s incompetence.
Local residents including Alvaro sought out for alternative financial tools apart from cash and precious metals since both the inflow and outflow of gold and the USD were heavily restricted by border controls. Venezuelan officials and police seized gold and USD at their demand, to ensure capital doesn’t leave the country.
Naturally, the younger population of Venezuela began to turn toward Bitcoin as it eliminates the possibility of government intervention and regulation. In local exchanges including Surbitcoin and BitInka, Venezuelans bought Bitcoin and purchased food from online platforms such as Amazon to feed their families."
March 19, 2017
Full article:
https://cointelegraph.com/news/venezuelans-rely-on-bitcoin-to-survive-disregard-fiat-completely
At the time, residents who failed to obtain banking services had virtually no other choice but to see their piles of cash turn worthless as time passed. Within 72 hours, Western media began to broadcast footages of outraged communities and Venezuelans burning cash as a means to protest against the government’s incompetence.
Local residents including Alvaro sought out for alternative financial tools apart from cash and precious metals since both the inflow and outflow of gold and the USD were heavily restricted by border controls. Venezuelan officials and police seized gold and USD at their demand, to ensure capital doesn’t leave the country.
Naturally, the younger population of Venezuela began to turn toward Bitcoin as it eliminates the possibility of government intervention and regulation. In local exchanges including Surbitcoin and BitInka, Venezuelans bought Bitcoin and purchased food from online platforms such as Amazon to feed their families."
March 19, 2017
Full article:
https://cointelegraph.com/news/venezuelans-rely-on-bitcoin-to-survive-disregard-fiat-completely
