Venmo

Despite Utility, Bitcoin Cannot Fix Venezuela

There are some misconceptions about how frequently Bitcoin is being used in Venezuela and the problems it can solve there.  In issue number 18 of Bitcoin Magazine, published in January 2014, Cathy Reisenwitz wrote one of, if not the, first accounts arguing why Venezuelans could benefit from Bitcoin — an article titled “Grounded Venezuelans May Want to Escape to Bitcoin.” The original cryptocurrency, Reisenwitz stated, could provide an escape hatch from what was then escalating economic oppression under the regime of President Nicolás Maduro. To that end, she also wrote

Three currency wars, not one

This short blog post describes three different types of currency wars that seem to be happening at the moment. The phrase “currency wars” is not new – typically is has referred to deliberate devaluation of one’s own currency to increase competitiveness of exports.  If your currency is worth less, then your goods are cheaper to foreigners, so they buy more of them, which is generally good for your country. Yet with increased discussion and relevance of fintech, wallets, central bank digital currencies, Libra, bitcoin, etc, it seems to me that