Venezuela is at an economic critical point, since the bolivar is worth almost nothing and many people already choose to only operate with Bitcoin within the country, waiting to know what it will be based on and how 'El Petro' will work.

We have already spoken several times about 'El Petro', the cryptocurrency announced a few Sundays ago by Nicolás Maduro, the President of Venezuela and about which we have no more data. What is sought with this cryptocurrency is to solve the country's inflation, which is gigantic, so much so that the country's paper money, the bolivar, has practically no value. The alternative for many Venezuelans is Bitcoin, a cryptocurrency that allows them to survive and that is used for everything, to buy food, to pay for plane tickets and even to pay workers.

Inflation, as we said, has led to the bolivar having a value of less than 1 satoshi of Bitcoin, something that has forced dozens of ordinary people to use BTC in order to get ahead. John Villar, a Venezuelan, knows that the country's paper money is worth nothing and only supports BTC in all his daily transactions. He has stressed that this has nothing to do with politics, but has to do with survival. Anyone with a smartphone can operate with BTC and local websites such as Colibit and LocalBitcoin, allow Venezuelans to buy and sell in this cryptocurrency through their local bank.

Maduro is aware of the country's problems and has opted for cryptocurrencies to try to solve the problem and they would be developing Petro, a cryptocurrency of their own. Members of the government are already working with Venezuelan entrepreneurs who operate with this cryptocurrency, to see how it could work. The details are conspicuous by their absence and there are already many voices in the world of cryptocurrencies who do not see it as something interesting, they are reluctant. Many Venezuelans could not bet on this token, since there are few who trust this government.

Venezuela, thanks to the 'crisis currency', which is how they call BTC, are managing to buy to be able to feed themselves or obtain medicines, to survive, basically. Villar, explains that in recent years he has had problems finding medicines to treat his wife's multiple sclerosis in the country, a fairly common situation and that is that the public health system has enormous problems even in obtaining common medicines. Villar bought them outside the country with BTC and received them through courier services.

Venezuela's positioning around BTC is rather ambiguous, as it turns a blind eye to trading with this cryptocurrency, but people who have created mining farms to obtain BTC have also been fined and detained. The truth is that the country plays a lot with the cryptocurrency market. An engineer who had a biometrics company, is changing discipline, developing a game designed to obtain PepeCash, another Altcoin from the market. There are currently a dozen workers in the small office surrounded by computers in an industrial area east of the capital. The wages are the Bitcoin, logically.

Despite the fact that BTC is the most popular cryptocurrency in the country, in recent months several Dash ambassadors have given several talks and conferences to present this cryptocurrency and that it is also adopted by users. This fall there have already been twelve conferences to publicize this alternative cryptocurrency in the market, which in recent months has risen significantly.

Source: CoinTelegraph