Kyle Torpey. “Hyperinflation in Venezuela: How Bitcoin May Help.” Inside Bitcoins. The problem with the Venezuelan economy is that it has been collapsing for a long time so far. Bolivar, endemic currency, has lost in value so significantly that nowadays even the biggest bill in the Venezuelan system costs maximum sixty American cents. That is why the Venezuelan economy badly needs a boost. Potentially a very good boost of Venezuelan economy may be introducing bitcoin. The idea is to trade bolivars to bitcoins and therefore reduce the amount of bolivars in Venezuela therefore increasing their value. However, there is ...
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