Venezuela’s economy has been breaking down for months, if not years, with its currency inflating unsustainably. This has lead users to seek ways other than the Venezuelan Bolivar to transfer value, with cryptocurrencies, like Nano, quickly becoming an alternative currency.
Users Donate $600 In Nano To Life-Changing Results
On Sunday, a Venezuelan Reddit user with the username ‘Windows7733’ made a post chronicling a cryptocurrency donation, albeit small, that he received.
The Reddit user wrote:
I got it (0.5 Nano) from someone who helped me in my current situation, currently living in Venezuela. 0.5 nano is almost one entire monthly salary in my country. It’s more than I made last month. I’ve been doing a quick research into this cryptocurrency and it fits very well for my entire country, I’m going to read more about this and hopefully I’ll tell about nano to friends who would want to use it.
For those who are unaware, Nano is a cryptocurrency that touts instant and zero-fee transactions, making an ideal candidate for an alternative currency. At first, this post was met with a smidge of skepticism. But as the post quickly skyrocketed, the user posted a Venezuelan passport to bring clarity to the situation.
‘Windows7733’ was prompted to post his Nano address after receiving overwhelming support and admiration from users of the /r/nanocurrency subreddit. Once posted, the user’s Nano wallet quickly racked up over 230 Nano from over 50 users, with the donations valued at approximately $600 U.S. at the time of writing.
Although $600 may not seem like life-changing money for some U.S. citizens, in Venezuela, $600 goes further than you can imagine. The user addressed this as he updated the original post, seemingly shocked at the level of support that was received.
Thank you so much guys for your help. I never expected this to go like this. It really moves my heart for your genorosity. Not only I will buy food for me and my relatives but also I will help others with that money, especially some neighbours needing antibiotics they can’t afford.
After the post, the user went silent for a couple of days, leaving some to wonder where Windows7733 went. However, four days after the first post, the Venezuelan user issued a follow-up post, clarifying where he disappeared to.
The user noted, “first of all, I apologize for not being around here lately. I’ve been busy working and preparing everything to start sending food to neighbors and other communities as I told before.”
Windows7733 went on to explain what he spent the Nano on, writing that he purchased 102 kilograms of food using 29 Nano ($77) to ‘pay it forward’, offering food and financial support to relatives, friends, and neighbors.
He then went on to reiterate his undying thanks to the community who changed his life for the better, as he wrote:
Thank you so much. I can’t express in words how I’m feeling today. It’s amazing what this Reddit community is doing for my family, my neighbors, and all these people in need. NANO could change their lives and I will help them to know and use NANO. This is already improving and changing their lives for the better!
Venezuela’s Suffering Economy: Are Cryptos A Fix?
Cryptocurrency adoption in Venezuela has skyrocketed amidst a suffering economy, with Business Insider reporting that annual inflation has hit 40,000%. This staggering level of inflation has all but devalued the Bolivar, making it nothing but a cumbersome paperweight.
Some have begun to compare this currency crisis with Zimbabwae’s, which saw a similar move away from the local currencies to assets like the U.S. dollar, Euros and gold.
In February, when Mike Novogratz addressed the hyperinflation in Venezuela, saying:
The idea of trusting a centralized authority is breaking down…. And it is not just the United States, look at places like Venezuela where the currency became ‘toilet paper.’
Many have begun to suffer under the declining economy, with a university report finding that over 90% of all civilians were living in poverty. The citizens of the Central American country, like Windows7733, have begun to turn to cryptocurrencies as an alternative mode of value transfer, throwing aside the worthless, yet government-issued Bolivar.
Many cryptocurrency proponents believe that cryptocurrencies will begin to replace fiat currencies, with Venezuela’s economic situation showing how indispensable cryptocurrencies can become.