Matt KendallLatin American countries are embracing the popular cryptocurrency Bitcoin like never before, in order to cut costs.
Venezuela is in the middle of its worst inflation period in history, with consumer prices hitting 480% this year.
Venezuelan online marketplace, SutBitcoin, allows people to buy and sell government-issued bolivars for bitcoins, and consumers are primarily using them to buy food from e-commerce sites like Amazon and Walmart.
Meanwhile in Brazil, the digital currency is being used to bypass government charges when purchasing products or moving investment capital into the country. People have found that using a bitcoin credit card avoids the 6.38% levy that they pay every time on a debit or credit card.
Bitcoin uses blockchain technology, an innovation set to change the world. Read our blockchain primer here.
Meanwhile in Brazil, the digital currency is being used to bypass government charges when purchasing products or moving investment capital into the country. People have found that using a bitcoin credit card avoids the 6.38% levy that they pay every time on a debit or credit card.
Bitcoin uses blockchain technology, an innovation set to change the world. Read our blockchain primer here.
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