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In Venezuela, where inflation is so high, women are starting to use bitcoin.
Core hints :In inflation-ridden Venezuela, people are starting to use bitcoin instead of cash as a means of paying for everyday life, according to the Atlantic monthly.

Release date:2018-11-12

Browse number:321

In inflation-ridden Venezuela, people are starting to use bitcoin instead of cash as a means of paying for everyday life, according to the Atlantic monthly.
 
Main points:
 
In response to inflation, Venezuelans began to mine Bitcoin to cover basic living expenses.
 
This is also due to the country's high subsidies and low costs for the electricity market.
 
Bitcoin absences can earn $500 a month, enough to pay for things like children's diapers and imported insulin.
In Venezuela, where inflation is so high, women are starting to use bitcoin.
 
What is the reason for this phenomenon? In a country in crisis, electricity is cheaper than most goods. This is because President Nicolás Maduro has introduced a high subsidy for electricity, which is basically equivalent to free of charge.
Bitcoin mining is like this: Miners use computer hardware for complex calculations and eventually create each new link in the Bitcoin block chain(a large number of decentralized ledger technologies that support encryption mechanisms). In return, they will receive a certain amount of Bitcoin. The only requirement to mine Bitcoin is that it needs a lot of power.
 
Users in Venezuela who own Bitcoin devices earn $500 a month, which is a lot of money to feed a family, such as buying baby diapers or importing insulin.
 
But officials have begun to crack down on Bitcoin mining. There is no law on encrypted currency in Venezuela, and the police have had to arrest them for 'fraud'. These attacks have caused Bitcoin Diggers to dive underground, and some people have turned to use the Taigu(the second highest encrypted currency by market value, second only to Bitcoin) to earn higher profits.
 

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