TagBitcoin Venezuela

WTF: Is Venezuela Paying Off Russian Debt with 20 Tons of Central Bank Gold Reserves?

To much of the rest of the world, Venezuela remains a mystery. It’s hard to understand how a country with the largest oil reserves on the planet can’t afford to feed its people. But then, Venezuela also has a government that devalues its national currency by 95% from one day to the next. And pays its pensioners in Petro. So perhaps it’s not entirely unimaginable that Maduro is using national gold...

Interview: Bitcoin Venezuela on Why the Petro Cryptocurrency Isn't Even 'Backed by Trust'

petro

Randy Brito is the head of Bitcoin Venezuela, a non-profit organization dedicated to educate and promote Bitcoin in Venezuela. He is also spearheading the Locha project, which he describes as "an effort to push the needed developments and research for achieving the hyperbitcoinization in Venezuela."  Brito also sees a use case for bitcoin in countries like Turkey and Iran,which have suffered...

Bitcoin: An Alternative Solution to Venezuela’s Economic Crisis

Nicolas Maduro Petro

One million units of a nation’s currency to buy a cup of coffee would have been unthinkable before now. This is the case in Caracas, Venezuela, today, where it now costs one million bolivars to buy a single cup of coffee. This is due to the hyperinflation of the past 12 months in the once-rich OPEC country, which has now climbed to 43,378 percent. Incredibly bleak moment milestone for Venezuela...

Destinia Exclusively Accepts Bitcoin Payments in Venezuela Amid Financial Chaos

Destinia, a popular online travel agency, has officially begun to accept bitcoin payments exclusively in Venezuela. The decision was made in light of recent financial crisis in Venezuela involving the demonetization of the Venezuelan bolivar and its rapid devaluation which ultimately rendered cash in the country worthless. Local travelers, residents and other people within Venezuela are now able...