Venezuelans are currently surviving the government failures due to digital currencies like bitcoin and dash. There is a series of problems arising due to which even the food is becoming barely affordable. Hyperinflation and government policies are major reasons which are preventing most of the country from accessing foreign currencies.
Online payment portals like PayPal and the Western Union don’t work in Venezuela, and instead, people need to use platforms like Cryptobuyer which is a Venezuela-based cryptocurrency brokerage with over 10,000 registered users according to its co-founder Jorde Farias.
According to Farias, the transaction takes only a few minutes with a little commission, and the exchange rate is realistic as it functions on supply and demand. The residents of Venezuela use bitcoins to acquire gift cards and use them online on Amazon to purchase goods efficiently from abroad.
A recent set up of bitcoin ATM in Banistmo Bank in Panama by Cryptobuyer helps bitcoiners to transfer cryptocurrencies to their family members in Venezuela. But still, according to facts and data, most of the country may still have no access to cryptocurrency. Only a maximum of 1% of the population has access to it, but the volume is still far from major operations.
Despite bitcoin and dash being safe, investors are still not convinced by the digital currencies. The primary factor responsible for keeping the cryptocurrencies from growing is that these currencies are stored in people’s phones, and Venezuela is a country in which crime is relatively much common.