One of Venezuela's biggest problems is inflation. Or rather, hyperinflation. Every time the central bank prints more and more cash which makes people buy any other currency or cryptocurrency, to avoid having bolivars in their wallet.

¿What is inflation bro?

Well, inflation is the generalized and sustained increase of services in an economy, over a period of time. Normally, in a country with a balanced economy, there will always be inflation, but it will be controlled at around 3%.

But in Venezuela, the economy is far from being something that is under control. Cumulative inflation in 2021 is just over 531%. A real economic disaster. This data according to www.datosmacro.com

When a country suffers hyperinflation, you can't have savings, you have no purchasing power, the currency depreciates..

Cryptocurrencies in Venezuela

The infamous Venezuelan government created what they call a cryptocurrency, THE PETRO. However, being a "cryptocurrency" totally centralized by the government, people do not trust it.

However, Venezuela is currently among the top 10 countries that have adopted cryptocurrencies. According to the famous crypto news portal www.cointelegraph.com

One of the biggest solutions that Venezuelans have found with the use of cryptocurrencies is to send and receive money from other countries. Family members who are working outside the country sent money through companies that charge high commissions, these are international payment processors.

That is one of the first motivations that Satoshi Nakamoto himself had. To make transactions peer ti peer. Without intermediaries. Also many other Venezuelans are learning to save in BITCOIN and other ALTCOINS. More and more of us are learning how blockchain works.

It is a fact. Cash is dead in Venezuela. And this will sooner or later spread throughout the world. That is why HODL is important. To be prepared for the future. Certainly, cryptocurrencies have a long way to go and will increase much more in price, eventually.

My name is Oswaldo Torres and I am a Blockchain technology disseminator in my country. I try to educate those who are starting out and help them learn how this technology works. At the moment I am dedicated to the HODL cryptocurrencies such as BITCOIN and BITCOIN CASH To help my family and to be able to survive this economic disaster.

Credits: Images from the portal www.istock.com without copyright

The last photography is original.

Thank you very much for your attention