'Crypto for Venezuela!' improving life in nation ravaged by hyperinflation

04 Dec, 2018
by David Borman
'Crypto for Venezuela!' improving life in nation ravaged by hyperinflation

The Daily Hodl is reporting that a charity called "Crypto for Venezuela!" has already received hundreds in donations of BTC and used the money to purchase school supplies and clothing for children. This is just one of the ambitious projects the team is undertaking to grow infrastructure using crypto, amidst the historic runaway inflation the nation is seeing.

All supplies were purchased through a Venezuelan department store called Traki, which recently began accepting crypto.

The team isn't just using Bitcoin to help school children either, as the charity recently posted about some encouraging projects being completed with Ether:

With so much support behind this movement we can only hope to see it keep growing. Empowering the members of a society where inflation has taken away the national currency's value is one of the boggest use cases for crypto. It is true the government has released the Petro to mixed reception, but it looks like many citizens would prefer Bitcoin and Ether! As always, stick with Chepicap for all updates!

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This lacks any data on how many people are actually using crypto in Venezuela. Why should they when so few merchants accept it? That store mentioned in the article is the exception to the rule. And when the article says "many citizens would prefer Bitcoin...", that sounds like bull. Where is any credible data on usage?

And put this in perspective. Venezuela has the worst currency out of the 180 odd currencies in the world. But comparing their currency to Bitcoin is like apples to oranges. Bitcoin is the best known and biggest market cap of the cryptos. A fairer comparison is with the worst crypto coins. You can find the latter in deadcoins.com. Some 930 coins/tokens have gone to zero! Out of about 2000 ICOs since 2017. So some 45% of crypto coins are dead, compared to less than 1% of currencies.
05 Dec, 2018 - 06:01

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