Hyperinflation what is it and why will this help Bitcoin. In economics, hyperinflation is very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies, often the US Dollar.
Venezuela’s economic situation is unthinkably bad, especially for what was once South America’s richest nation. Hyperinflation, plunging oil production and unpayable debts. How did this happen? Well with a social benefits system payed by oil, all was good until oil prices dropped.
More than three million Venezuelans have left the country, as essential goods such as toilet paper and medicine have become unaffordable and crime has soared.
As a result, many are turning to digital assets such as Bitcoin as an alternative to the Venezuelan bolivar.
Dash CEO, Ryan Taylor, says a few factors saw them enter the Venezuelan market three years ago, but the political situation has made their cryptocurrency a critical survival tool for many in the beleaguered country.
To conclude without cryptocurrency survival after a Fiat currency crash would be almost impossible in todays world. ✌️ ♥
Posted using Partiko Android
Thank you so much for being an awesome Partiko user! We have just given you a free upvote!
The more Partiko Points you have, the more likely you will get a free upvote from us! You can earn 30 Partiko Points for each post made using Partiko, and you can make 10 Points per comment.
One easy way to earn Partiko Point fast is to look at posts under the #introduceyourself tag and welcome new Steem users by commenting under their posts using Partiko!
If you have questions, don't feel hesitant to reach out to us by sending us a Partiko Message, or leaving a comment under our post!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @croasdell! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit