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Bitcoin too tough for Venezuelan people; research report

venezuela dsnt understand bitcoin

A recent study in Venezuela showed that her citizens are still using Bolivar at some level. No doubt it has practically no value because of the inflation but the survival without it is not possible.

The reason behind this is the highly technical nature of the other assets and currencies such as bitcoin (BTC). To make people understand various organizations will make efforts. Access to products is the foremost task.

Meanwhile, the use of bitcoin (BTC) has increased enormously, most of the citizens are using pseudonymous cryptocurrency for getting their payments and remittances.

Moreover, another study based on 40 participants revealed the use of money by the citizens in the period of political and economic uncertainty.

According to a media platform, a person was threatened by a national guard’s member because he didn’t sell his products at the government’s determined rates. Also, another citizen has been found to be smuggling US dollars to Venezuela.

The major problem is using Bitcoin (BTC) for buying goods isn’t common yet, the goods that a common man is interested in buying.

People accepting bitcoin (BTC) would only take them if the thing a person buys is more technical or expensive but the same person would not take it for simpler and everyday use goods such as eating products, groceries, etc.

Also, the process becomes difficult because only a handful of people are aware of the use the cryptocurrency and the wallet.

The main organizations that are playing a role in mainstreaming the cryptocurrency are human rights foundation, Zcash foundation, Cosmos, Tezos, and Stellar.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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