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  Venezuela: Hyperinflation brings Bolivar to the value of a Satoshi | Bit Updates
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Venezuela: Hyperinflation brings Bolivar to the value of a Satoshi

Thursday, September 28th, 2017 | bitcoin updates

While Venezuelan national currency, the Bolivar, is setting negative records, the country's citizens are still looking for alternatives. It is no wonder that Bitcoin is booming in Venezuela, although in the past, in-game items from World of Warcraft have also been used as a means of payment. Lastly, a bit of a bit of a bit of a bit, the Bitcoin is worth a bit of Bitcoin, the smallest Bitcoin unit possible. On Reddit, some users published a screenshot showing this bizarre spectacle. The population of Venezuela is already struggling with an inflation of around 2,000% in 2017. Known "Faucets", especially with Bitcoin, actually serve as an entry into the Krypot currency. They are Internet sites where you can view ads or fill out surveys against Bitcoin. The distributions are not large, but with this fraction of a Bitcoin can and can be done first steps. The hyperinflation in Venezuela is now so bad that it is theoretically reasonable to use a Bitcoin-Faucet every day since the disbursements for Venezuelans actually to make a difference. Mining is also carried out secretly as a means of financing. But it's getting more bizarre: since July, the in-game currency of the well-known online "World of Warcraft" roll-up game is worth more than the Bolivar.BTC-ECHOAbout Danny de BoerDanny de Boer works as a social media editor for BTC-ECHO and is particularly specialized in the production of video and video sports. He is studying media and communication informatics at the Hochschule Kamp-Lintfort. For years, Danny has been a great advocate of the revolutionary potential of cryptanalysis, and he has also concentrated his studies on the areas of IT security and cryptography


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