292 million bolivars has already been traded. This is important, those in support of the effort say, because Venezuelans that have very limited resources aren't going to have devices for running very sophisticated or large software. They've even been talking to economists to find out what some of the unintended consequences of dropping a load a new online currency across a country with a damaged economy might. As the value of the Venezuelan Bolvar plunges in the streets of Caracas, which lowers the purchasing power of the official minimum wage, the government keeps issuing more currency as it raises the nominal minimum wage. The weekly LocalBitcoins volume for the week of was of 2,789,991,957,138 Venezuelan Bolvares. Volume of person-to-person Bitcoin trading in hits record high last week sadly as much a measure of BTC adoption as it is of debasement, wrote Erik Voorhees. Bitcoin is buoying an increasing number of Venezuelans that want out of the spiraling madness. Still, cryptocurrency communities, including zcash and dash, have long been trying to help Venezuela in some way. Venezuela, the most hardline socialist country in the American continent, is in a steep crisis in recent years ever since oil prices fell below the 100 area in 2014 down to a third of the price in early 2016. Thanks to crypto and trading I can live here in Venezuela without suffering what the most of people suffer everyday.
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And he's eager to share that the project is no longer just a lofty ambition sketched out on Medium, but that it has some legs supporting a growing team developing a mobile app called Azul, which he hopes, by the end of the year, will. To the duo, that's especially true now that bitcoin has the lightning network a layer-two technology expected to help the cryptocurrency scale by pushing transactions off-chain. However, according to Criptonoticias, in early-to-mid 2018, Bitcoin investment surged once again in Venezuela, as evidenced by LocalBitcoins data. As such, that's something the team is specifically addressing with Azul. Other than devaluing the currency by 95 and renaming it the sovereign bolivar, Venezuelan president Nicolas Maduro also announced that the bolivar would be pegged to the Petro cryptocurrency which was unveiled earlier in the year. Wheeler and Crena are looking to strike up partnerships with the Human Rights Foundation and the United Nations as well. Volumes were mostly below 1 trillion VEF before that. Wheeler argued: "It's the people who don't have those fancy phones that need bitcoin.".
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