Monday, October 30, 2017

Bitcoin 2017 I This is one of the world's most dangerous places to mine bitcoin

Cryptocurrencies like bitcoin have long been seen as a risky investment, but in places like Venezuela, they can also be dangerous. Thousands of Venezuelans have turned to secretly mining the digital currency — which is closing in on a record high near $5,000 — for their economic survival, and for many that means risking jail time. Venezuela was once the richest country in South America, but it's now in crisis. It stands at the brink of civil war. Deadly protests paralyze city centers. It's the world's most indebted country, and its GDP has collapsed. Food and basic necessities are scarce, people are rationing toothpaste and toilet paper, and there are even reports of hungry Venezuelans killing flamingos and anteaters for food. The country's future economic picture looks just as bleak. It already has the highest inflation rate on the planet. The International Monetary Fund expects prices in Venezuela to rise more than 1,100 percent this year. Venezuela's currency — the bolivar — is in free fall. Going against black market rates, it's lost 99.4 percent of its value since 2012. But bitcoin, ethereum and other cryptocurrencies are insulated from all that. They're fully decentralized so they're immune to what's happening in any one country — regardless of where they're mined. And that's why Venezuelans have turned to mining. Venezuela's underground cryptocurrency miners In the cryptocurrency world, miners use computers to do the bookkeeping for digital transactions, verifying them and adding them to a public ledger. When someone mines, they earn digital currency as a payment for their efforts. It's been a lifeline for people like "Brother," a nickname used by an individual who lives just outside Caracas, who only agreed to speak to CNBC on condition of anonymity. more in CNBC. Source : #Bitcoinmining #Bitcoin2017 #Bictoin #Btc #Ethereum

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Item Reviewed: Bitcoin 2017 I This is one of the world's most dangerous places to mine bitcoin Rating: 5 Reviewed By: BUXONE