Bitcoin in venezuela
scale by pushing transactions off-chain. The efforts are early, but so far, they've been to little avail. As the value of the Venezuelan Bolvar plunges in the streets of Caracas, which lowers the purchasing power of the official minimum wage, the government keeps issuing more currency as it raises the nominal minimum wage. The volume of Venezuelan bolivar to Bitcoin exchange increased by 138 from March to April, and by 39 more from April to May.
Bitcoin trading in Venezuela is skyrocketing amid 14,000 inflation
This growing interest in cryptocurrencies will ultimately require some legal framework to be established. This is bitcoin new currency important, those in support of the effort say, because Venezuelans that have very limited resources aren't going to have devices for running very sophisticated or large software. When that will happen and how successful this uptrend will be, is a different matter altogether. The Venezuelan government, meanwhile, having just about destroyed the bolivar, is trying to get in on the action by launching its own cryptocurrency. Other countries are taking a similar approach to cryptocurrencies as of right now. And of all the blockchains out there, they chose bitcoin because they believe it has the best ability to be widely available and handle the most transactions. Its legitimacy is still a big unknown, for the time being. The first week of June was in line with this trend, Criptonoticias points out. However, it does show the demand for BTC is very strong in Venezuela, and it may not slow down anytime soon. At this stage, they're looking for donors to the cause, with ambitions of maybe one day going beyond Venezuela to help other countries facing humanitarian crises. To that end, Pale Blue Foundation is in discussions with lightning developers, including those leading development of the lightning wallet CoinClip and the startup acinq, which is working on its own lightning implementation.
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