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Venezuelan Bolivar (their dollar sucks), bitcoin though...

Discussion in 'Economics & Finance' started by Thenut, Aug 6, 2017.

  1. Thenut

    Thenut Marksman
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    so the Bolivar just plunged (and I mean even more). Venezuela is on the verge of civil war. but, people still need food and what not, and their is still an economy. evidently, bitcoin is being used this time around instead of US dollars or euros or some other currency like they have in the past

    I use to think bitcoin was more gimmicky than anything; but I bet you the next time a country is about to economically suicide itself that many of the people will turn to bitcoin for their financing needs.

    I base this for 3 reasons

    1) bitcoin is not a backed currency by any government; making it relatively hard to track
    2) and 3) are related, in that it is a digital currency and is not tangible. this makes it easy to carry and easy to smuggle in

    new rules apply :)
     
    dial1911 likes this.
  2. Thenut

    Thenut Marksman
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    ohhhh, bitcoin is up to around 3200 bucks per. last year they were hovering around 1200 I think
     
  3. chance

    chance Tracker

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    I knew i should have bought a bunch when it tanked a few weeks ago. Its at an all time high right now
     
  4. dial1911

    dial1911 Pro Grade Canine Copulator
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    I can agree with those reasons, and the general premise. I've never given the electronic currency much thought... however, in the case of Venezuela, you need steady electricity and internet for electronic currency to work.