What is the Cryptocurrency Nano that Can buy Food in Venezuela?

Recently, a thank-you note about Nano reddit posted by a Venezuelan man named Hector is very hot, because Hector said a user of reddit donated him 0.5 Nano (almost $1), which is more than he earned a month.

What happend? How can a person’s monthly salary be less than one dollar? What is Nano? How can Nano be used to buy food?

 

1. The economy of Venezuela

These questions must be answered by starting with the current economic situation in Venezuela. In 2001, Venezuela was the richest country in South America as it was the world’s largest oil reserve country. However, no one expected that almost 20 years later, Venezuela’s democratic system and economic development are in a mess, and the inflation rate ranks first in the world. The citizens of the country cannot buy even the basic living supplies, and even food and medicine cannot be obtained.

On June 28, 2018, Venezuela’s annual inflation rate exceeded 40,000%, rising to 400 times a year ago, and the momentum of growth has not slowed down. Some economists say that as long as Venezuela does not change the government, the economy will continue to deteriorate.

The value of Venezuela’s currency-Bolivar plummeted. That’s why Hector said that 0.5 Nano is more than he earns a month. Fortunately, Nano appeared in this case

 

2. What is Nano

NANO is a cryptocurrency with zero transfer fee, instant trading and great scalability. It implements its functionality through the DAG data structure. The block framework provides each user with their own blockchain, also known as the account chain. Such a solution can eliminate transaction costs, while achieving services close to real-time transactions, and the transaction throughput is much larger. In other words, I can stand at the pole of the South Pole and transfer 10 Nano to a friend in the Arctic. He can receive my 10NANO transfer within 3 seconds instead of 9.9999NANO, because there is no charge for the transaction.

You may wonder that even if you don’t need a transfer fee, can Nano be used as the fiat currency? After all, even for Bitcoin, only a handful of countries are willing to accept bitcoin coin payments. In fact, Bitcoin Superstore accepts NANO as a payment option not long ago. So Hector can pay with Nano.

Hector’s story shows that cryptocurrency can help Venezuelans and show us the Nano value. Using cryptocurrency to solve the problems mentioned above (hyperinflation) is nothing new. In Venezuela, many merchants accept bitcoin cash payments. However, if you are faced with such extreme inflation and poverty problems, the fees and immediacy issues must be resolved. Nano coin is such a very powerful cryptocurrency that can help Venezuela and other countries in the same situation, such as Argentina.