Should Bitcoin be used to help countries hit by disaster?
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Increasingly popular in Venezuela. The value of the digital coin bitcoin grows and grows. And one of the causes is the crisis that crosses Venezuela. But, according to analysts, Venezuelan inflation, the devaluation of the bolivar and the parallel exchange market in the South American country have also played their part. Bitcoin is the result of internet transactions made through thousands bitcoin bbc mundo computers and is used as a monetary refuge and as an anonymous way of moving money around the world.
People with dollar bills Author's copyrightAFP. Image caption With Venezuelan exchange control, more and more people are looking to access the cryptomoneda for transactions for goods and services abroad. The factors that explain the good behavior of the cryptomoneda are several, says BBC World Bitcoin bbc mundo Moskowitz, founder of Coin Republic, a Singapore-based web site specialized in bitcoin.
Surbitcoin is considered Venezuela's first bitcoin market. More miners Although there is no official data and is still a minority practice, the bitcoin bbc mundo in Venezuela and its consequences - devaluation of the bolivar, inflation, scarcity - is leading to more and more miners, as is known to bitcoin seekers, that some Way are the modern gold seekers.
The 6 new notes with which Venezuela seeks to combat the devaluation of the bolivar "The activity of bitcoin bbc mundo criptomonedas mining has been in constant growth," Charles tells BBC Mundo.
Cheap energy Venezuela, unlike many other countries, presents great competitive advantages for the miners, especially "the cheap bitcoin bbc mundo the energy".
And is that to achieve bitcoins requires a powerful computer that consumes in its operations a lot of energy. Like any currency, its value is determined by how many people are willing to trade it. The so-called bitcoin mining process involves a powerful computer capable of solving mathematical problems with solutions of up to 64 digits.
Each problem solved assumes that a block of bitcoin bbc mundo is processed. In addition, the miner is rewarded With new bitcoins. That's an incentive to put the processing power of computers at the service of problem solving. To compensate for the growing power of processor chips in computers, the difficulty of the puzzles is adjusted to ensure that there is a continuous flow of new bitcoins produced each day.
To receive them, the user needs an address consisting of between 24 and 37 letters and numbers that acts as a virtual mailbox. As there is no record of addresses, people can operate anonymously when making a transaction. These addresses are stored in so-called wallets, used to manage the savings in bitcoins. They work as private bank accounts, with the disadvantage that if the data is lost, virtual coins are also lost. Chester believes that the low price of electricity can bitcoin bbc mundo Venezuela "eventually become a bitcoin center" for how cheap mining is.
But there are more. Compared with China, Venezuela is bitcoin bbc mundo more attractive," said Chester, founder of Bitwage. What to do with bitcoins Once the bitcoins have been achieved, they bitcoin bbc mundo be exchanged for bolivars for day-to-day life in Venezuela or for dollars, which are used, for example, to buy basic products that are scarce bitcoin bbc mundo Venezuela.
In addition, the parallel dollar market, the most used for the change in the country, makes the acquisition of bitcoins and then dollars, highly demanded by the devaluation of the bolivar, especially profitable.
On the black market, one dollar currently buys more than bitcoin bbc mundo, bolivars. That is what makes bitcoin bbc mundo of Venezuela's first miners and enthusiastic bitcoin, which contradicts the impact of the activity in the country at the current high price.
The international conspiracy denounced by the Bitcoin bbc mundo government to explain the rapid withdrawal of the highest value ticket "The Venezuelan market is extremely small compared to the rest of the world," he told BBC Mundo, who prefers to remain anonymous.
Chester asserts that bitcoin operates more as a commodity than as a currency, that is, a value of shelter, such as gold. With gold you do not buy anything online," says the founder of Bitwage. And that is an advantage bitcoin bbc mundo the Venezuelans, who with the bitcoin generate profits, protect them and use them to get products that are not on the shelves of the country abroad.
What does Venezuela have to do with the fact that the virtual currency bitcoin is reaching record values. Bitcoin bbc mundo with dollar bills Author's copyrightAFP Image caption With Venezuelan exchange control, more and more people are looking to access the cryptomoneda for transactions for goods and services abroad.
Cheap energy Venezuela, unlike many other countries, presents great competitive advantages for the miners, especially "the cheap of the energy", explains Charles. Authors get paid when people like you upvote their post.
