It is raining Bitcoin Cash in the crisis hit Venezuela
Jan 23, 2018 Posted / 3517 Views
If you have been reading about Venezuela lately, you might know about the economic situation in the country. The nation, which was once richest in the region, has now been suffering badly because of some poor decisions by the corrupt legislators and people in the country are crying their eyes out as there is some desperate need of food and medicines and there is no money to buy them that.
“$1 take care of yourselves,” a Casher responds, with a bot duly telling the Venezuelan: “you’ve received 0.0005377 BCH ($1 USD)!” People have been paying tips to the Venezuelan sub and it seems like bitcoin cash is raining. It happens to be a great thing that anyone can be helped financially just through simple means. Bitcoin cash has just ended the scalability debate and as the Internet, with its unthinkable measures of data have transgressed the world borders, and still can stay decentralized, so can Bitcoin Cash.
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The cryptocurrency enthusiasts are running the nodes and have found better independence than anything else. This network gives you the privilege to operate a global peer-to-peer network and they only have to pay $10,00 for floating freely, immediately. To them, it may seem pennies with the number of gains they get.
The Bitcoin Cash network is almost ready now and where it is at present most needed in Venezuela. The present economic situation of Venezuela can be labelled as- a country which is tumbling down into impoverishment particularly due to the misapprehensions by its elite class. That one-dollar value of BCH might look little but right now Venezuela is in a situation where price surge of some 6,000% has created maximum ATM withdrawals being worth just 10 cents and owing to the current situation that $1 dollar could actually feed a family for some time period.
If you will find the data about the monthly salaries at present the wages have fallen to just $10 a month. You can just read the figures and find how tragic the situation is right now. Apparently, Bitcoin Cash couldn’t in a night’s time change the situation in the country. As many people in the country don’t even realize what this digital currency is but desperate situation calls for the desperate adoption of things. This, however, can change this situation and outlook towards cryptocurrencies.
The people have been talking about the rain of Bitcoin Cash, as people are getting tips, transfers and loans in the digital currency. No banks and governments can stop it and right now because of no regulations being formed these centralized authorities can’t even tax these decentralized currencies. This has risen crypto-flag higher than anytime else. As on one hand, the market had been facing some serious allegations as for the volatility and scalability issue of the top cryptocurrencies, these digital assets have given some great demonstration on utility, convenience and security.
Such raindrop can, consequently, be done on a technical level, but execution would be significant. They’d need to be educated about what they are getting. Something like, this is a humanitarian operation due to the very high inflation. We are on the Internet, giving you free alternative money so that commerce can flourish again.
Furthermore, the government would be lessened to mere rhetoric against it, for they could not probably enforce any law against an entire people, especially as the policemen, who themselves must eat, would presumably join their children, their brothers and their sisters.
It could conceivably even be overnight that a nation wakes up to new money, with shops starting to allow digital currency payments by the end of the day, and by the end of the month, the nation could return back to prosperous commerce.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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