Home Trends Bitcoin in Venezuela: Saving The People From Inflation – July 9th 2021

Bitcoin in Venezuela: Saving The People From Inflation – July 9th 2021

by smart

i’m simon chamorro i’m the co-founder and ceo of value and we’re a product that helps venezuelans living in hyperinflation protect their money from losing value receive remittances and pay locally to buy food and medicines both businesses and consumers are able to exchange goods and services with each other paying in cryptocurrency the vision for us is to increase economic freedom venezuela is known for its political and economic instability hyperinflation has caused the bolivar to lose 99.9 percent of its value in just two years wealthy venezuelan families saw their fortunes disappear and the poor were pushed even further into desperation simon shomodo knows this story all too well growing up in venezuela essentially wherever my dad and my mom were able to build during their life was lost when the economy started to fail we for example had water shortages or like electricity blackouts across the country money was starting to get hyperinflated this is not like a sad story that i’m trying to tell this is the reality of most venezuelans more than 99 of the venezuelans lost everything they’ve built because the country failed all of the venezuelan savings of most middle class people went to zero i knew i wanted to build something i had to find my purpose i always knew i wanted to start a company and to build things which is the reason why i studied industrial design with the hypothesis that i was going to be able to build things i didn’t pursue that career but i learned a lot of things that got me into tech so i found crypto through tech i felt passionate about the technology and then when i understood the potential of crypto i realized that venezuela is potentially the best place to do this at a massive scale the reality is if we deconstruct cryptocurrencies the base most basic thing is that it helps disintermediate and this may have the possibility to change society as we know it the main problem venezuela’s are going through right now is hyperinflation hyperinflation is just a byproduct of total mismanagement of the country venezuela’s descent into an impoverished dictatorship put the devastating effects of hyperinflation on full display for the world to see lines for basic needs extreme shortages of food and medical supplies civil strife violence and the citizens spared were the ones who could move their currency out of venezuela to other more stable currencies like the us dollar a luxury mostly saved for the ultra elite but simon’s platform value promises the opportunity for everyday venezuelans to protect themselves from hyperinflation by way of cryptocurrency and according to him the unstable conditions of his country are the perfect breeding ground for such an experiment nobody trusts the currency or the government people are looking for solutions in a place where people are trying to survive the barrier of trying new things is much lower so diesel dollars stable coins cryptocurrencies people are going to be willing to try it with a little bit of money and then slowly kind of get there our main objective right now as a company is to enable merchants to accept digital dollars as a minimum of payment and so people have to use the bolivar less and less we’re focused on building a product that serves from the richest person with a lot of education and technical literacy from the lowest income person with very low education and low technical literacy in a country like venezuela where the minimum wage is one dollar you have a situation where most people are starting their own little business selling hot dogs or selling the local food called aleppas or whatever they do but they sell it to their community and you have these hyper local communities so we want to help them accept payments in dollars in digital dollars stable coins and then onboard users the more consumers that pay in dollars the better for the merchants the more merchants that accept it the better for the consumer [Music] so far we’ve moved millions of dollars we’ve helped more about than 150 000 households 30 000 monthly active users and it’s working the reality is is that economic freedom it’s only directly tackled by the innovation that is cryptocurrencies but we can’t forget that venezuela has tried this already el petro was a proposed cryptocurrency backed by the country’s most abundant resource oil while el petro was widely considered a resounding failure many experts agree that the experiment was a necessary step in establishing cryptocurrency for the future and simon is convinced that its foundations namely blockchain technology remains stronger than ever and ready for another more practical iteration blockchain is really a paradigm shift for the human race it’s one of the most important things that has happened in recent history what you’re starting to see is companies starting to completely build their products on top of this blockchain it’s almost like it’s creating its own economy if there’s a way to provide more stability and economic freedom and financial freedom to venezuelans without crypto i would rather for that to happen than for me to be successful with a product that doesn’t bring value to to the people


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Bitcoin in Venezuela: Saving The People From Inflation - July 9th 2021
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