Each and every one of us who live in Venezuela know that super hyperinflation is killing us, we all talk and make thousands of comments but I would dare to say that 60% of the population has no idea what it really is.
Hyperinflation is defined by the rapid and continuous rise in the price level, which causes people not to retain the money, due to its constant loss of value, and prefer to keep the goods or goods acquired. This occurs when there is a loss in the value of a currency. Which is currently happening with our currency which is the bolivar.
We live moments in Venezuela in which 90% of the people obtain income in bolivars and immediately they are investing in other foreign currencies like the dollar for example, others the goods or merchandise they are selling they want to sell them in dollars this they do to guarantee that the little money they earn or that they earn does not lose its value so quickly
This hyperinflation affects us in a very drastic way, every time you can buy less products with the same amount of money when inflation rises, each day is worse it becomes more impossible to acquire what we want, we are impoverished and the quality of life it deteriorates more and more. If we buy today we can not do it tomorrow; we go to the super and find a product at an affordable price, and immediately buy three or four so you invest money in a product that you do not need urgently but you saw it economical and within reach you take it, that reduces your budget; the word saving disappeared from the Venezuelan vocabulary, nobody saves first because there is no scope for saving, salaries do not allow it and secondly how to save with a currency that is devalued at every moment.
Today there are many professional people, engineers, educators, architects, amateurs, and non-professionals who also prefer to work through social networks such as Facebook, tweeting, steemit and other pages that combine the creation of content, interaction with users and the use of some crypto. Well we have realized that we generate more income doing this than being in an office, because we earn in another currency and it is much more than what could be a salary.
Hyperinflation is an unusual type of inflation that implies a general increase in prices at very high levels. Currency tends to lose the ability to perform its three functions: to be a unit of account, medium of exchange and reserve of value. Money is functional when it fulfills all three purposes. It becomes dysfunctional when you can not meet any of them
From my point of view I believe that hyperinflation in Venezuela could be controlled, first of all we have to implement a plan to lower hyper inflation, this implies a change of monetary and political regime, the most important and urgent thing is to stabilize the currency, unfortunately it is a fact that the bolivar has already lost its value, our country is dealing with another currency which is not the official one, I am referring to the dollar, one of the many solutions will be to dollarize the economy. On the political side, another problem is the instability of the demand for money, to this we must look for a solution, to move forward quickly.
This subject of hyperinflation is the daily life of all Venezuelans which causes us great concern. I hope that soon we will overcome this great hyper hyper inflation and we can be the happy ones we were before and we did not know it.
Hyperinflation sucks. I think it would be reasonable to invest at least a little in cryptocurrencies. https://local.bitcoin.com/ should be of help with that.