Venezuela’s money is nearly worthless today, and its cash crisis is only getting worse.
In the past months, we’ve seen the country spiraling further and further into a full-blown humanitarian disaster. “The economy is really in a complete death spiral,” says Steve Hanke, a professor of applied economics at Johns Hopkins University.
The countries economic policies have led to a 4,115% increase in inflation in just over a year. As a result the Bolivar (their native currency) lost 96% of its value in 2017.
Venezuelans are struggling to use their currency to buy groceries, and that’s if there’s food on the shelves at all.
It’s not an option for most to wait it out and hope the government that’s already failed them comes to the rescue.
Luckily for one community, Bitcoin Cash is an option.
Starting with just one Redditor’s $5 donation, a 23 year old in a small town has now fed well over 200 hungry Venezuelans with Bitcoin Cash donations!
The redditor told him he’d tried it with other Venezuelans before, but it didn’t work out. S/he reached out to the young man and told him to use it to feed his people. A few days later, he turned that vision into a reality.
The “young man” (who asked to stay anonymous due to security reasons) said he exchanges the Bitcoin Cash donations to VEF (their fiat) when needed online. So far he says, “there are no merchants that sell food for BCH or any other crypto, but he hopes to change that too.”
While he is doing everything he can with the funds donated, he says the withdrawal process is one of the most challenging parts. He explained, for instance, a daily cash withdrawal limit is 10,000 VEF in any Venezuelan bank, but the price of a kilo of rice is over 200,000 VEF. You can see how little the banks are able to give them, and they have to wait in line for hours to be able to withdraw that amount.
Despite the hurdles, he pushes on. He says that the first time they received a donation they were able to feed about 40 people. Seeking assistance from his parents, they cooked the food right in their kitchen and distributed it to 40 hungry community members. Two weeks later, they’re now feeding 200. They even had to get help from the local church members to try and cook for so many people, not an easy task.
Since then, he has expanded his efforts to buying “goodie bags” of groceries for as many people as he can. Like the 30 kilos of rice that you see pictured. “We still cook for people,” he said, “but this helps us impact the maximum amount we can.”
This is what everyone in the community envisioned when we first read Satoshi’s white paper. People helping people with a decentralized currency.
With a $5 tip from a stranger on Reddit and a 23 year old is helping keep his community alive.
With little to no fees, borderless capabilities, and inflation being a non-factor, it’s easy to see why Bitcoin Cash makes sense to anyone suffering from this type of economic crisis.
It’s not Venezuelans fault that their government has put them in this situation. Yet they are the ones that suffer.
We have to do everything we can with the technology we have access to.We have the capabilities, and the Bitcoin Cash community (and the rest of the world) has a responsibility to make sure we leave an impact.
Bitcoin Cash IS for everyone, and we need to make sure the world knows it.
Make an impact:
If you’d like to donate to the EatBCH initiative send BCH to this address:
or feel free to use the tippr bot on Twitter!
( send him some words of encouragement or ask to help out on twitter @EatBCH)
Tell your story in our discord channel: https://discord.gg/Hv2VTjb or e-mail me at email@example.com