Venezuela and Bitcoin Cash... Possible Solution?

Happy start to the week to all creative crypto friends at Read.Cash

"The proper functioning of a country's economy is the basis for the development of its society"

This phrase with which I begin, I heard it for the first time in a classroom when I was attending university. My economics professor had to travel 2 hours each time he had to go to the place where we received classes, it was a pleasure to do so, and for us, a real pride, since we would have as a professor a renowned economist from our country.

During his classes, we learned a lot, and we made the most of every minute he gave us. His teachings were innumerable, and the truth is, due to the oil boom that my country was going through at that time, I never thought I would achieve it. To experience in my own flesh, many of the concepts learned there.

When the theory comes true! 

On those mornings, in the middle of conversations (it is to date the best technique that I have seen a teacher), we talked about many things. I remember words like inflation, hyperinflation, and stagflation; they were the order of the day, and they attracted too much attention to us.

The oil boom, product of the exploitation of the most abundant resource in my country Venezuela, made our economy, intervened by the state, relatively stable. We have never experienced a free market system. Because like most Latin American countries “Dad Government” must stick his nose in everything, even if it is not called.

As expected, bad planning and corruption put an end to everything, resources were not properly allocated, and problems began, coupled with an unprecedented crisis in our territory. Right at that moment, I was working as a tax advisor for the PWC affiliate in my country; our work always required being alert and analyzing situations. And to many scenarios that we could foresee, we never imagined that what was coming our way would be so difficult. 

We began suffering in our flesh those concepts that we learned. With galloping inflation, which quickly became hyperinflation, the value of our currency “The Bolívar (Bs.) (VES)” was already depreciating in a matter of hours. Over time, what was irremediable, happened and is the fall in stagflation. This happens; when three scenarios are combined. High inflation, high cost of goods and services, and little or no economic growth in the country. As you know, we won the whole lottery!

Looking for solutions. 

The population in these scenarios takes the forefront when it comes to safeguarding their properties and assets. And how a result of the economic disaster that we still suffer. Each one has had to find how to get ahead in the face of this problem. The first measure taken together by society was the mass adoption of a foreign currency. The dollar began to circulate in our country without even having a legal endorsement from our government.  

Such was the massification of its use that now, it is more common to find more dollars circulating in the streets than our currency. And the government had no choice but to look the other way and allow this, even if it this not legal. 

The digital revolution.

It could be said that, in recent years, the revolution that this entire digital world has meant and its incursion into the economy has been of great help to our battered country, it is becoming more common every day to see how many families can obtain income and to be able to make their purchases with money generated either in the blockchain gaming industry or any other that maintains an economy that allows them to obtain benefits. The world of blogging has also been of great help, and every day we see how there are more interested in joining.

With the arrival of cryptocurrencies and their rapid adoption by the majority of young people, a new window opens in my country, a new lifeline to try to protect our money, tools such as Binance P2P have had a great reception by the population since with a couple of verifications and one or two clicks your money is protected. And our unstable coins are transferred to others with more stability.

Read.Cash and Noise.Cash have been adopted by many of my compatriots. As a source of real income, and although we know that the platforms insist that "this would not replace a job." In a country where officially the basic salary is a maximum of a couple of dollars, obtaining this alternative income that is around 20-50 dollars a month; is a relief to anyone.

Final words: is Bitcoin Cash the solution? 

BCH is gaining popularity as fast as the foam rises in a cold beer; it is one of the cryptos that our Venezuelan colleagues receive the most. However, when it comes to their use, we are often limited. We must change it for another one of greater acceptance in stores since the popularity of the cryptographic world in my country came from the hand of BTC and USDT.

In my country, we must become multipliers of the benefits of this currency. Not only because the speed of your transactions is your main advantage. In addition, its low commissions, and the fact of being able to use it directly, would save us a few cents, even if they are few. In a declining economy like ours, every penny is worth it.

So in front of you, you have a little BCH adoption newbie enthusiast. I can't stop talking about its benefits in each of the stores where its use is rejected, generally out of ignorance. At this time, in my city, the only places where I can use it directly are a pizzeria and a patisserie, so for now, with them, I'm happy. And I will not stop my work to report on its benefits.

See ya! Until next time!

Monday, October 18, 2,021

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