Venezuelans Shifting Focus Towards Online Gaming and Bitcoin to Enhance Survival Chances

Venezuelans Shifting Their Focus Towards Online Gaming and Bitcoin to Enhance Their Chances of Survival

The collapse of the Venezuelan economy has forced her citizens to devise new ways of surviving. It is something that has seen them turn towards gold farming and Bitcoin in a bid to improve their economic lives. But what led to this turnaround?

The last few years have been nothing but hellish for the people of Venezuela. President Nicolas Maduro has been implementing socialist policies that have continued to wreak havoc to the country’s one’s very vibrant economy. People have had no option but to start turning towards unorthodox means, e.g., online gaming and Bitcoin mining for them to make a living, and help put food on their tables.

Desperation And The Need To Reinvent

The situation currently being experienced in Venezuela is nothing short of dire. The ones’ prosperous economy is in ruins, and the bolivar—which is the country’s official currency—has become worthless. Basic human necessities such as medicine and food are practically non-existent.

During the better part of last year (2017), it is estimated that 90 percent of the country’s total population fell into poverty, with the average Venezuelan resident losing as much as twenty-four pounds of their total body weight. And things continue to become worse, as the situation has not been any different for the better part of this year.

Her residents are starving, and as a way of surviving, many of its citizens have continuously been caught killing zoo animals in order to feed their hungry families. According to a new report released by the Bloomberg Café Con Leche Index, studies indicate that a single cup of coffee in the country now retails for 70 bolivars.

This is an equivalent of seven million old bolivars—the ministry of finance recently lopped off five zeroes from the country’s official currency. This new retail price of seven million or seventy bolivars roughly translates to 50 cents (American dollars). It also goes to show that the country has experienced an inflation rate of close to 127.173 percent.

The Venezuelan government has now started mandating its residents to purchase their passports using the Petro. The Petro is a national cryptocurrency that is set to be released on the 15th of November, 2018. Although Reuters was not able to confirm that the Petro is actually in existence, the reality on the ground is that Venezuelan residents are actually stuck.

Gold Farming For Bitcoin

The fact that the residents are stuck is what has forced them to turn to online gaming and Bitcoin in a bid to earn a living. It is something that goes to show that whenever people become desperate, they will usually do everything they can to make ends meet.

Online gaming platforms like Tibia and Runescape are quite popular among the Venezuelans who are practicing gold farming. Gold farming is a concept applied in MMO (Multiplayer Online Gaming) platforms where players spend a huge percent of their time harvesting the in-game assets such as gold. Once harvested, the items can, later on, be sold to other players or on a secondary market for cryptocurrency or fiat.

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