Cash becomes waste bitcoin popular in Venezuela

Cash becomes waste bitcoin popular in Venezuela


Beijing time 25 days morning CNBC said, according to the “the Atlantic issue” (theAtlantic) reported that as the most serious since the economic crisis in the history of Venezuela, soaring inflation, shortage of the necessities of life, many people began to engage in bitcoin mining in order to survive.

According to the statistics of Venezuela bitcoin trading platform, from August 2014 to November 2016, the number of Venezuelan bitcoin users soared from 450 to 85 thousand.

Bitcoin is not only popular in Venezuela, because in this country the bill has scraps of paper, but also because the price cheap, greatly reducing the cost of mining bitcoin. The “the Atlantic issue”, in the Maduro administration under the rule of power market in Venezuela enjoy high subsidies, electricity equivalent to free.

In Venezuela, bitcoin absenteeism can earn 500 dollars a month, enough to afford the products of baby diapers and imported Insulin like.

Bitcoin mining is this: the miners use the computer hardware in complicated calculation, eventually creating each new link in the bitcoin block chain (a large number of scattered ledger, support encryption mechanism). In return, they will get a certain amount of bitcoins. Only one request to bitcoin mining, is the need for large power supply.

However, officials have begun to fight bitcoin mining. Venezuela has about encryption currency law, the police had to “fraud” to arrest them. The attack makes bitcoin mining activities underground, some people began to operate the etheric coin (market value only second bitcoin high encryption currency) to earn higher profits.

In February this year, Surbitcoin trading platform in Venezuela’s most popular was closed, the site said it plans to withdraw Banesco cooperative bank account. However, the site has launched again after two weeks.

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