Bitcoin Too Technical For Most Venezuelans to Use – Details
The co-founder of the Open Money Initiative (OMI), Alejandro Machado, a project focused on researching how money is “used in closed economies” and “collapsing monetary systems,” has said that residents of Venezuela have not completely abandoned the Bolivar.
The Bolivar appears to be practically worthless due to hyperinflation caused by rampant corruption in Venezuela but Machado said:
“No one wants [the Bolivar,] but people need it to survive.”
According to Machado, Venezuelans may not be using other currencies or assets such as bitcoin (BTC) because of their highly technical nature. In order to spread awareness about the benefits of cryptocurrencies, particularly in areas affected by high levels of inflation, Machado’s non-profit organization, OMI will work with LocalBitcoins on various initiatives.
Machado said:
“Access to products is the number one thing. Do I have enough to eat this week or do I need to reinvent the ways that I access food?”
Though bitcoin trading in Venezuela has reached some highs, many of the countries residents are reportedly using the pseudonymous cryptocurrency for remittance payments and accepting it as compensation for freelance work.