Cryptocurrencies Heading Toward Charity and Helping Needful Venezuela
The situation in Venezuela is dreadful. The economic condition of people is torn apart, and there is little hope of its improvement. At least, no effective solution can be seen in this field in the short term. However, new technologies appear as saviors who work better than any political motto and campaign. Yes! Cryptocurrencies can be effective here as well. However, how? Some charity institutions have been founded that help needy people in countries with broken economies via Blockchain and cryptocurrencies.
Venezuela, Poverty, and Cryptocurrencies
Many of the middle class and lower-middle-class people are spending some hard days through the very harsh economic and inflation issues. Surely providing proper meals is quite difficult for many families. However, some startups from Silicon Valley have entered the field with charitable intentions and try to resolve problems to some extent with the help of cryptocurrencies; startups that provide cryptocurrencies to hundreds of Venezuelan families. The mechanism of these charities is that some of the needy people of Venezuela receive tokens via applications and then turn cryptocurrencies to local money through transfer and online transaction and buy their daily needed stuff with them. Though it seems that such a program does not follow up on every family constantly and after some months, cryptocurrencies payments are stopped.
Cryptocurrencies and Charity
In a situation where the attention of the world is focused on the use of cryptocurrencies for commercial and investing purposes, the existence of startups that implement this technology and new tools for charitable purposes is very interesting. The amount of money that is paid to Venezuelan families via cryptocurrency donation programs is almost equal to the minimum wage in this country, and though it is not much and it does not free them from their extreme problems facing with inflation, it still prevents starvation. The very important point about the measures of this charity is attracting the attention of the public to the capacities that cryptocurrencies can offer. Not only do cryptocurrencies prevent broke families from hitting bottom, it also helps any other person in any part of the world to protect his/her assets against economic problems.
Digital Services to Protect Assets
By buying cryptocurrencies and turning actual assets into the digital kind, the possibility of preserving the value of assets will get much higher. Many of the Venezuelan people in the middle class change their assets into dollar and gold. However, recently, familiarity with cryptocurrencies has made this market to start leaning toward a bull market. Though it is worth mentioning that such an idea for poor people who are looking to provide for themselves via cryptocurrency transactions is mostly dependent on the existence of simple mechanisms to change cryptocurrencies into local money. For example, the existence of payment applications and software that change cryptocurrencies to local money, or retail that makes shopping with Bitcoin possible, will make it possible for different parts of a poverty-stricken society to use cryptocurrencies.