Cryptocurrencies

Bitcoin (BTC) and Venezuela breakout is consumed – Cryptocurrencies

Since its inception, Bitcoin has not only been emulated. He has also known his share of fierce detractors. One of the first names that come to mind when you think of this category is Nicolas Maduro. The warning signs of a divorce between the Bolivarian head of state and Bitcoin (BTC) have appeared in succession over the years. Now more than ever, the break between them is final.


Bitcoin mining is now illegal in Venezuela

Faced with the social, economic and political crisis that has plagued Venezuela for several years, various solutions have been deployed. As an example, we can cite the use of Bitcoin and cryptocurrencies. Due to the financial uncertainty that currently prevails in this country, populations have turned overwhelmingly to the purchase or mining of Bitcoins.

Unfortunately, since July 15, Bitcoin mining has become illegal in Venezuela. The reasons given by the government to justify such a ban refer to the excessive consumption of electrical energy in connection with this operation.

About that, Ildemaro Villaroel, Minister of Housing and Habitat, claimed that all equipment related to cryptocurrency mining was no longer allowed in public service housing. From his statements during a speech, it emerges that all this equipment is believed to be the main cause of the failure of the local power supply system.

Since violators of such a measure expose themselves to serious penalties, the mining of Bitcoin became illegal and dangerous in Venezuela. Part of the reason why the military recently seized at least 300 Bitcoin mining machines. However, some sources consider that the sole purpose of these demonstrations of force is to promote the national cryptocurrency: the Petro (PTR).

The Petro, Venezuela’s alternative to Bitcoin

Since its issuance in 2018, Petro aims to represent a credible alternative to Bitcoin. Better, it presented itself as the perfect palliative to circumvent the various American sanctions and revive the national economy.

Despite all the guarantees offered by the government at this level, the hoped-for enthusiasm was not achieved. Instead of consuming local and turning to the Petro, Venezuelans rushed massively on Bitcoin and several other cryptocurrencies such as Dash (DASH).

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With recent government action, the rift between Bitcoin and Venezuela appears to be final. This divorce is already making many unhappy, even if it is greeted verbally by defenders of the Petro. Like what, the misfortune of some makes the happiness of others.

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