The inflation problem has rendered the local currency, the Bolívar, essentially worthless. Time states that more than 5,000 Venezuelans flee the country every day as a result.
The article details how Venezuelans are experimenting with Bitcoin to avoid inflation and take back control of their own finances.
In Venezuela overseas transactions are closely monitored, controlled and highly taxed. Bitcoin offers freedom from these issues as blockchain technology has no central authority.
The power of blockchain ensures that Bitcoin users are able to send their funds wherever and whenever they like.
Bakkt completes first capital raise
Bakkt CEO Kelly Loeffler released a statement confirming that Bakkt has successfully completed a first funding round with 12 investors and partners, raising a USD182.5 million.
Bakkt is highly anticipated in the cryptocurrency space and a large and successful investment round may bode well for 2019 and the future of crypto.
Happy birthday Bitcoin
There is some debate about the age of Bitcoin. Some claim that Bitcoin is already 10 years old based on the release date of the original Bitcoin whitepaper, which was released anonymously on October 31, 2008.
However, other believe Bitcoin’s life began when the first block, the genesis block, was created on the Bitcoin blockchain, which happened on January 3, 2009. Last week, this block became 10 years old.
This first block was mined with a reward of 50 BTC, which today is worth almost USD190,000.