More than a decade ago, the project was born under the pseudonym Satoshi Nakamoto, known as bitcoin, which raised his idea, beyond technicalities, was to provide human beings with a way of transferring value without having to go to central organizations previously to request authorization, or even have to pay them to be able to trade with each other.

In Venezuela 18 years ago, the government blocked citizens’ access to international currencies; this made them the only ones authorized to trade abroad and use dollars, euros, or any other currency. The measure taken by the executive at that time hindered the economic processes of the country and began to bankrupt companies and entire industries; perhaps if there had been an alternative such as bitcoin when all this happened (2003), Venezuela would probably not be so devastated today.

However, today, and despite the fact that the country continues under the clutches of the same political group, thanks to the adoption of bitcoin and other cryptocurrencies, Venezuelans were able to start trading with each other, escaping from absurd government controls, already at the same time, having the possibility of sending and receiving value from anywhere in the world, which little by little has been boosting the economy, despite the terrible government policies.

The appearance of bitcoin showed the government that it could no longer continue to censor citizens from using other currencies. After years of subjugating Venezuelans to the use of the bolivar, a currency completely devalued thanks to the authority’s economic policies. Central, they began to lift financial controls gradually.

Between 2013 and 2018, Venezuelans experienced an unprecedented shortage in the country, in the markets meat, rice, or pasta were not available, and it was even difficult to find soap, shampoo, and cleaning supplies; citizens were forced to queue for hours to buy some food, and their purchasing power was laughable.

Today in Venezuela, despite and not thanks to the government, citizens found new ways to trade with alternative currencies such as the dollar and the Colombian peso, in addition to cryptocurrencies, which made the country the third with the largest use of cryptocurrencies in the world, according to a study by Chainanalysis; This has allowed supermarkets to be able to provide themselves with food again and that people have been able to partially regain their economic freedoms, which has generated more income, work, and a little more respite despite the adverse conditions imposed by the government.

In 2019, private businesses of Venezuelans obtained investments for at least 300 million dollars through bitcoin nothing more; this in a completely bankrupt country is a great boost for many people who until not long ago had no way of receiving money from the outside without the government getting its hands on it. At present, unfortunately, Venezuela continues to be governed by the same political group that destroyed the country’s productive apparatus; however, today, Venezuelans can breathe a little more freely thanks to the appearance of bitcoin and other cryptocurrencies.

What do you think about this topic? Do you know other cryptocurrencies adopted by Venezuelans for their economic freedom?

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Image by Jhoan Salgado via under creative commons license.

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