Venezuela is the next country in line to adopt Bitcoin as a safer option to using their local fiat currency, and they are buying at a record all time high.
This has come after the ongoing worsening affects of the humanitarian crisis that cripples Latin America, and the continuing oil crisis that is also largely to blame.
It was reported in July 2018, that Venezuela was on a fast track to hit an inflation level of one million percent, and to add to this disaster their national coin lost 95% in value overnight.
However, when it rains it pours, and Venezuela is no the only one that is being affected. Neighbouring countries such as Chile, Peru and also Columbia are set to see high inflation rates, so for people living in these countries Bitcoin seems to be a much safer option for them, giving them optimism that they can build a secure financial future without government interference.
So why is Bitcoin safer for the everyday person?
Unlike conventional fiat currencies, which are 100 percent controlled by the government, Bitcoin is the first decentralised peer-to-peer payment with no third party authority or middleman.
With traditional fiat currencies governments use central banks to make and destroy money, control how those currencies are transferred and override who profits from those monetary movements. When you use Bitcoin or any other crypto currency it is unable to be confiscated by any other financial platform and you have complete control over your capital to do as you wish. What you mine, earn and hold is 100 per cent yours, with 100 percent of the benefits going straight back into your own pocket.