$122.30 0.38%
ETH · 83w

Ethereum is booming in Venezuela during the continual political uproar and strict regulation.

Venezuelans Turn to ZCash & Ethereum Amidst Political Turmoil Credits to Corsair for this amazingly appropriate cartoon.

By Eduardo Gomez, and special thanks to Steven McKie for his personal assistance on this post.

Venezuelans: Pioneers of the Crypto Revolution

Venezuela is a country that has made its rounds in the news, not only on mainstream media, but on crypto-related outlets as well. The country has been facing the worst economic crisis in its entire history, caused by the fall of oil prices across the globe. The Venezuelan economy, which is solely dependent on oil exports as a primary revenue source (nearly 96% of the country’s income), is prone to suffer at the whim of this commodities’s fluctuating price in the market.

But, why is Venezuela mentioned so often on cryptocurrency-related media? The answer is that the country itself is the perfect example testbed for several use cases related to digital assets like Bitcoin, Ethereum, and ZCash.

In 2002, former president Hugo Chávez (who passed away in 2013) established a currency control mechanism in the Venezuelan economy; as a result, the government effectively monopolized the buying and selling of foreign currencies, and the citizens of the country have not been able to effectively exchange their Bolivars for US dollars or any other currency since. As the years passed, this currency control mechanism derived into a scheme to retain the political control of the country amidst continually building socio-political opposition.

Another key factor that explains the country’s tragedy is Venezuela’s central bank, which in 2005 turned into a Bolivar printing machine for the government. The institution stopped delivering reports and key indicators in 2015, as per Presidential orders. Venezuela’s M2 Monetary Supply has increased 400% during 2017.

As early as 2012, some tech-savvy Venezuelans began to realize the potential that Bitcoin could bring positive change into thei...

Continue on
Recent news
ETH +0.38% · · 2h

This is a strange time, the largest cryptocurrency has become a toxic asset. The emperor wears no clothes, pointing this out lowers your virtue in other peoples eyes. That does not change the fact that the emperor is naked, there is greater virtue in standing by the truth.

This is a strange time, the largest #cryptocurrency has become a toxic asset. The emperor wears no clothes, pointing this out lowers your virtue in other peoples eyes. That does not change the fact th...
ETH +0.38% · · 4h

Live Stream ETHDenver 2019 – ETHDenver

Live Stream ETHDenver 2019. Unable to make it to ETHDenver? Had to stop by your hotel for a moment and don’t want to miss a beat? Check out our live stream content!
ETH +0.38% · · 7h

5 Growth Hacks With Bounty0x

This is achieved by posting a series of tasks, like twitter and facebook bounties, that reward your existing and new community members for spreading the word about your company. As the name suggests…
ETH +0.38% · · 11h

First phase of the beacon chain testnet is live!

There has been a ton of activity in the ETH2.0 repo. Kudos to Danny Ryan on creating this comprehensive release page. While it makes all the incremental changes easier to follow, it also helps…
ETH +0.38% · · 22h

Shrimpy Announces Support for Bibox

Shrimpy is pleased to annouce official exchange support for all BiBox users! BiBox users can now use Shrimpy to configure their own cryptocurrency index or exchange-traded-funds (ETFs) to help aut...