Bitcion is saving families

The cryptocurrency space is so full of speculators that some people don’t even understand (or forget) why cryptocurrencies have a fundamental/intrinsic value for many more.

CIUDAD GUAYANA, Venezuela — On Tuesday, I went shopping for milk. With the chronic food shortages in Venezuela, that errand already is very complicated, but there’s an extra layer of difficulty for me: I don’t own bolívars, Venezuela’s official currency.

I keep all of my money in Bitcoin.

Carlos Hernández (Venezuelan Economist)

Living in countries where the economy is collapsing and the most reliable way for people to save some of their funds is running out of the banking system should be enough for a Nobel Prize. Obviously Bitcoin volatility is still high but we are very far from Mass Adoption (and price stability) but when this will be achieved we can foresee a few “stable coins” not pegged to USD or whatever but stable because many will use them as main currencies.

The current banking system is dying and they know it or they wouldn’t adopt or ban cryptocurrencies… In 50 years no one will remember what bank notes are, in 20 years everyone will have some cryptocurrencies and/or tokens no matter how they use them.

Early last year, he started doing graphic design and translations online. But most websites pay for freelance work through PayPal and the like, which we can’t use because exchange controls here allow Venezuelan banks to use only local currency. (For the outside world, even those of us who have bank accounts here are effectively unbanked.) So Juan had to turn to cryptocurrencies to get paid.

Thanks to those earnings, he started thinking about leaving Venezuela. He was able to buy what he needed for the trip to Colombia: clothes, a backpack, a smartphone. He put some money aside. He even gained a little weight, an anomaly around here these days.

Cryptocurrencies also helped him during the four-day trip itself. Venezuelan military personnel at the borders have a reputation for seizing the money of people who want to leave, but Juan’s, being in Bitcoin, was accessible only with a password he had memorized. “Borderless money” is more than a buzzword for those of us who live in a collapsing economy and a collapsing dictatorship.

Carlos Hernández (Venezuelan Economist)