Venezuela’s economy (and society on the whole) has truly hit rock bottom as of late. In an effort to ease the suffering, the United States send out large supplies of humanitarian aid. Later, this was blocked off from by Venezuelan troops. In light of this tragedy, many crypto enthusiasts are offering a solution to this “socialism gone wrong scenario.” As a result, the bitcoin loan is becoming a popular option to avoid government control and profit in Venezuela.
VENEZUELA CURRENCY COLLAPSES: BITCOIN LOAN TO THE RESCUE
Aside from the humanitarian aid crisis happening at the border, Venezuela’s currency is in complete collapse. At the moment of writing this article, the bolivar is ultimately worthless and inflation is beyond its limit. The most basic items like medicine and food have become too expensive for citizens to afford. As a result, cryptocurrencies are becoming a hot topic in the country as an alternative to the central banks that have failed. Many miners are using a bitcoin loan to get cash for their mined crypto in a country with virtually free electricity.
VENEZUELA IS A NEW HAVEN FOR MINERS: BITCOIN LOAN HELPS PROFIT
Despite all the chaos in Venezuela, it turns out there is a large advantage there for crypto miners. Electricity is virtually free for everyone. Therefore, the overhead cost of crypto mining is low, resulting in increased profits. Bitcoin loan sites like YouHodler help miners get cash in exchange for their crypto as collateral.
BITCOIN LOAN WILL HELP VENEZUELA PROSPER ONCE AGAIN
Miners can choose from BTC, BSV, BCH, ETH, XRP LTC and more as collateral options in exchange for a near instant loan in USD, EUR or USDT. Within minutes of signing up and passing KYC, miners can receive their loan to pay mining expenses or in the case of Venezuela, buy food and medicine. All this is done in a decentralized manner, circumnavigating corrupt governments and banks. Crypto could be the very thing that gets socialist countries out of the scam they are currently in.