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  Crypts as a Vanishing Point for People in Venezuela | Bit Updates
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Crypts as a Vanishing Point for People in Venezuela

Tuesday, August 29th, 2017 | bitcoin updates

The mines of cryptic ferries, especially Bitcoin and Ethereum, are continuing to grow in Venezuela as a result of the ongoing state crises. This shows cryptic symptoms in one of their original forms – as curse currencies.

An ongoing economic crisis, a creeping de-democratization under President Maduro, hyperinflation, … The list of grievances in Venezuela is long. In particular, the rapidly advancing monetary devaluation hits the people of the country relentlessly – the inflation rate is estimated to reach 1600%. The scarcity of goods in the country also leads to long queues of foodstuffs and empty shelves in the supermarkets.
All of this means that the confidence of the Venezuelan population in their own government as well as in general in the state institutions has shrunk to a minimum.
New technologies can at least provide a certain relief in the midst of the crisis.
To ensure their survival, thousands of Venezuelans have marched to mine cryptry. This was reported by the American magazine The Atlantic. In addition to its function as a stability anchor in comparison to its own national currency and the withdrawal of the control of the increasingly critical state government, the mining upturn in Venezuela has another reason. Thanks to the extremely high state subsidy of electricity, electricity is available free of charge. In one of the world's most populous countries, whose export economy is almost exclusively focused on oil production, this circumstance makes energy the only resource available in excess.
This fact, combined with the extremely favorable development on the crypto market in recent months, makes the mine extremely attractive to the Venezuelan population. While Bitcoin was still mainly mainstreamed in the last month, parts of the population are now increasingly committed to ethereum. ETH mines are cheaper and less risky. The risk is also linked to the government's sharp sanctioning of the Mining – President Maduro recently identified krypto-miners and traders as "capitalist parasites", which is a dangerous accusation in socialist Venezuela.

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