Read more on this subject: Venezuela
News Story Source: https://news.bitcoin.com
As the situation in Venezuela intensifies, a local bitcoin user details how he and his family use the cryptocurrency to survive the country's ongoing crisis. Keeping all of his money in bitcoin, he only exchanges small amounts into the hyperinflating bolivar when necessary.
Bitcoin Not Bolivar
Carlos Hernandez, a Venezuelan living in Ciudad Guayana, told his story in The New York Times on Saturday about how bitcoin is saving his family throughout the ongoing crisis in Venezuela. Citing the bolivar's daily inflation rate of around 3.5 percent, he wrote:
I don't own bolivars, Venezuela's official currency. I keep all of my money in bitcoin. Keeping it in bolivars would be financial suicide.
He explained that he does not have a bank account abroad and "With Venezuela's currency controls, there's no easy way for me to use a conventional foreign currency like American dollars."
Venezuelan Explains How Bitcoin Saves His Family