The national currency of Venezuela is decreasing at an frightening rate, thousands have started turning to cryptocurrency to save what little worth remains from their progressively valueless bolivars. All social demographic Venezuelans are converting their bolivars into bitcoins online and then using the them to pay for domestic goods to luxury items. The transactions are a simply procedure with a smartphone.
The turn toward cryptocurrecies in Venezuela is taking place as the price of bitcoin has climbed to a peak of more than $17,000 this month. Bitcoin debuted on the CBOE Global Markets exchange with its first futures contract on Sunday the 10th December. But while bitcoin is a theoretical venture in more developed nations, in Venezuela it has become a means to keep families afloat, with some Venezuelans investing a fragment of one coin to strengthen their savings.
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MoreThe digital economy is maturing and blockchain technology is changing the way many industries do business. The financial sector is leading the way in blockchain and digital assets.
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