We Venezuelans have a disaster in the economy: we cannot deny that we run the second worst economy on the planet thanks to hyperinflation that has fully become part of our daily lives and that seems unsolvable. It would take many years of education to get my compatriots to migrate to the digital economy and thus alleviate the inevitable inflation product of many factors that I will not discuss here.
At that time when the country went into hyperinflation –between 2016 and 2019– the adoption of cryptocurrencies was very scarce by people's limited internet access and the almost zero citizen education in the matter. The economy plunged into an inflationary spiral (an inflation rate of 53,798,500% was added just between that period) –which led millions of people to poverty and the near extinction of the working middle class, driving large waves of migration that set record on the planet, plus political protests that lasted for years, ending with fatalities and hundreds of arrests. A economical refuge was necessary to protect savings and do some commercial operations outside of this spiral that devoured the purchasing power of the Venezuelan, and the state of need made us increase adoption dramatically.
Many of my readers may be confused thinking that "if Venezuelans have such low wages, how do they survive?" "How can Venezuelans obtain cryptocurrencies online if it is not through purchase?" “How is it possible that a country with hyperinflation can move large volumes of cryptocurrencies in South America, above Argentina, Colombia and others?
Global studies of cryptocurrency markets indicate that Venezuela is the second country in the world with the largest global trade in Bitcoin, (with 12.3%), this being only the tip of the iceberg in reference to the mass trade and adoption of cryptocurrencies. There is a reality that is undeniable in sight: the Altcoins community also has a very high presence and volume.
Venezuelans, in their eagerness to survive, had to go to the internet economy as in other countries where telework is regular given many conditions, some in common with my country. Within the internet economy –remember that internet access is limited– Venezuelans have found hundreds of ways to obtain income and thus obtain daily sustenance: from supporting projects on the Blockchain to consulting jobs, paid in cryptocurrencies. In a world where many of the problems are solved using a computer, it turned out to be the last resort to exploit for the Venezuelan that, in effect, he managed to do.
It is also worth mentioning that the State created and implemented the use of a “cryptocurrency” called Petro ($PTR) for national transactions and “help” people through the delivery of personal bonuses using big data. This platform has an internal Exchange where Venezuelans can auction their PTRs for whatever price they want –or the market suggested–. It is the closest thing to a limit order in any exchange and the exchange pairs for the user are usually Bitcoin and VES (local currency). The first (BTC) is usually never available for withdrawal, so people prefer the old reliable withdrawal via inflated FIAT. Personally, I think that this State project helped people to quickly become familiar with cryptocurrencies, and it is advantageous for those of us who have been promoting their use for a long time.
Let's talk about digital mining in Venezuela. There is another determining factor that is attractive for digital mining: the costs on the electricity bill are minimal (zero in many cases), and that is more than striking for miners and aspiring. There are hundreds - and I am not exaggerating - of mining farms for Bitcoin and other Altcoins in Venezuela at the expense of said advantage. Even the Venezuelan Army, in times of peace, has been encouraged to join this mining movement, but since not all that glitters is gold, the electricity subsidy has a negative impact on the National Electric System (2019 was the worst year for the service), and the power cuts are constant and in considerable periods, it all depends on the area of ??the country where you live and the income it produces for the country.
But not all of us can mine Bitcoin or other alts because the cost of miners rises to unaffordable prices –at least not for the average, not to mention the extra expenses that have a miner –or several ones– entails: from refrigeration, almost daily maintenance, 24/7 internet access (we already talked about its limitations), adequate spaces and other things. So how do you encourage popular access to cryptocurrencies if you can't get them through mining? It is there that Altcoins with infinite purpose and advantages like $NANO take the stage.
Why NANO over other cryptocurrencies? With my article I do not intend to detract from other projects that are helping Venezuelans to alleviate the crisis, but NANO turns out to be in our case the one indicated for us Venezuelans in order to surf above inflation and be able to save savings for our retirement. Without further ado, I will explain in a comparison table why I think we need more NANO in our lives and less Bitcoin:
What $NANO needs to earn massive adoption on Venezuela
Personally, I think that foundations should do more than just feed the poor. I think that Nano Venezuela foundation should move quickly, taking advantage of all positive things about the currency, in order to achieve massive adoption through campaigns like those carried out by Banano in Europe and other parts of South America.
From Paper wallets scattered all over the main cities of Venezuela, sponsorship in debates about cryptoassets in universities of the country, even the construction of a cyber cafe (with the possibility of becoming a franchise), where people not only go to connect to the internet, but also learn there for free about Nano and its benefits. I am sure that they will have the attention of the media and the acceptance will be massive.
From my place I will continue working hard to help each Venezuelan to have an active cryptocurrency wallet. See y'all in the next time!
