A benefit in dealing with virtual money is the ability of splitting one coin into several fractions. Based on Google’s official exchange rate, the smallest fraction of one Bitcoin, one-hundred-millionth or 0.00000001, is supposedly equivalent to five Venezuelan Bolivars (VEF).
Unfortunately, the exact Venezuelan to BTC conversion is both inaccurate and lacks consistency, as the country, according to the International Monetary Fund (IMF), has been accused of not revealing the precise economic data. In particular, the country is found guilty for the nation’s inflation over 10,000 percent this year, with a little under 8000% hike in April 2018 only.
Furthermore, the country’s central bank, Banco Central de Venezuela has recently been described as untrustworthy when it comes to the information they provide. Despite the negative press Venezuela received, crypto-wise, they seem to be doing something right – to the point where suggested total of 3,870,000,000 VEF in bitcoin was traded on LocalBitcoin, a platform that encourages peer-to-peer trades.
This all leads to the question as to whether or not it is possible to get a sound conversion. Based on the claims made, the closest one can get to precision is through Moneyexchangerate.org, which proposes a satoshi to be equivalent to 5.97 VEF – slightly higher than the original 5 VEF.
Ultimately, the exact value is too hard to tell. Some believe it to be similar to what Moneyexchangerate.org suggests, while others are recommending a potential double or even triple value in VEF for a Satoshi. Is there a possibility that the country can successfully implement crypto into their markets? Will Venezuela’s VEF manage to overcome its ridiculous drops?