A Reddit user from Venezuela recently received a cryptocurrency donation of 0.5 NANO, and is now advocating for the broader use of cryptocurrencies to send aid to Venezuelans currently experiencing economic hardship.
Venezuela’s economy has been declining for a number of years, mainly due to the low price of oil – the country’s main export. In addition to this, the country is currently suffering from rampant inflation, widespread shortages of food (commonly referred to as the ”Maduro diet”) as well as scarcity in relation to antibiotics and other medicine.
Moreover, Venezuela has also been subject to a myriad of US economic sanctions, mainly intended to bar Venezuela access to international financial markets as well as to prohibit US companies from dealing with Venezuela. This has prompted the Venezuelan government to create the state-backed cryptocurrency Petro.
However, civilians have also begun adopting cryptocurrencies as a more stable means of payment than Venezuela’s inflation-ridden bolívar. The Venezuelan Reddit user, ”Windows7723”, made a post explaining how he had received 0.5 NANO as a donation to afford necessities.
A single coin of NANO is worth $2.68 at the time of writing. Despite a seemingly minuscule sum, this is reportedly as much as many Venezuelans make every month. As another Venezuelan Reddit user, ”PsycoSteve”, put it:
”One dollar is like a month of work, so with the money you will use to buy a cup of coffee in your country, you could help a family to eat for a couple of weeks.”
As other Reddit users saw the post, more donations started to flow into Windows7733’s wallet, and he reportedly found a local merchant who accepted NANO for food. Windows7733 was ultimately able to purchase a whopping 102 kilograms of fruit, meat, beans, rice and sugar using the donations.
Windows7733 took to Reddit to thank his donors, stating that words could not express his gratitude. Moreover, he emphasized the huge impact the Reddit community’s donations had for his ”family, neighbors, and all these people in need”.
This is a truly heart-warming story showcasing the benefits of cryptocurrency. Many are wary of traditional charity organizations, following multiple accusations of embezzlement and fraud. Donations using blockchain technology gives donors more control over exactly where their donations end up.
Moreover, it speeds up the process of getting donations into the hands or pockets of those in need. This is also not the first time cryptocurrency and blockchain technology has been used to facilitate donations.
Earlier this year, $5 million worth of Bitcoin was donated by The Pineapple Fund to the Open Medicine Foundation to further the research of chronic illnesses. Put simply, blockchain technology is an ideal means for facilitating donations across the world.
This is something that sometimes gets lost in the discussion regarding blockchain and cryptocurrencies, but this story serves as an uplifting reminder of the humane advantages of blockchain technology.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.