The Venezuelan government assures that they fell victim to a terrorist hack to disrupt and steal data. Millions of people had their daily lives altered by the situation.

Since Wednesday, Banco de Venezuela users have reported series of problems regarding their access to their accounts at the entity. The bank released a statement on Monday and stated that its services would get back to normal from 2 p.m.

The entity’s clients spent various days without being able to access their accounts. They could not send, receive, withdraw or deposit funds or make use of any other banking service. According to the information brought by the company, the struggle has already got solved by the technical team.

This situation affects a high percentage of people because this state bank is the most relevant entity in the country. According to a publication issued by the Ministry of Public Power of Economy, Finance and Foreign Trade, Banco de Venezuela counted on more than 16 million clients at that time.

In a post on Twitter, the Sectorial Vice Presidency for the Economy reported that the national financial system was the victim of a “terrorist attack” that affected, among other entities, the Bank of Venezuela.

A Massive Hack and the Vanishing of Banking Data

In the letter, there is a discussion about a massive hack that tried to make the banking data vanish from the financial system. On the other hand, the statement that appeared on September 17 brought further details bout the specialists working on the recovery and restitution of services phase.

These details also highlighted how the recovery took effect once the specialists managed to deactivate the attack. Likewise, the State guarantees the protection of the bank’s customer data and the registration of its operations.

Finally, the brief report also stated that the Sectorial Vice Presidency of  Economy had requested the Public Ministry an investigation to find those responsible for the incident.

Hyperinflation and How Bitcoin Could Prevent it

The collapse of a banking system could harm millions of people. A disruption like this could complicate many people’s daily lives who need to use their savings to purchase food, medicine, and other necessary goods.

A possible alternative to solve this problem could be adopting a decentralized network that does not depend on a single server for its operation.

Venezuelans seem to be accepting this hypothesis as knowledge of the first cryptocurrency continues to increase in the country.

60% of the participants in a survey stated that they knew bitcoin (BTC). Also, 28% of the 6,305 individuals consulted clarified that they had already made payments with this digital asset.

Part of the 60% of citizens who claimed to know about the existence of the cryptocurrency designed by Satoshi Nakamoto said they had advanced knowledge of bitcoin. 6 out of 10 people (approximately 60%) had advanced knowledge.

The study got released on Friday, September 17. Right when the national banking system was going through difficult times in terms of its operation.

By: Jenson Nuñez

28% of those surveyed stated that they had made payments with digital assets. Petro operations (PTR) also got included in the investigation.

The adoption of Bitcoin (BTC) in Venezuela is one of the most advanced in Latin America worldwide. Regardless of the reasons that have led to this situation, the country shows a closer relationship with the first digital asset and other cryptocurrencies.

Now, a study explained that almost 60% of Venezuelans already know about Bitcoin. The research also unveiled that 63% of respondents have basic to advanced knowledge of BTC.

In simpler words, almost two out of three people would already know how the network works. The rest stated that, although they know about the existence of Bitcoin, they know just a little or do not understand it very much.

The survey had the participation of at least 6,305 people and happened between Monday, September 13 and Thursday, September 16 of this year, according to a report by the Venezuelan newspaper Últimas Noticias.

Petro Also Appeared in the Survey

In the survey, released this Friday, September 17, the state cryptocurrency project Petro (PTR) also got included; of which 88% of those citizens interviewed know of its existence.

After petro and bitcoin, Venezuelans would also have some knowledge about ether (41.5%), the native cryptocurrency of the Ethereum network, Bitcoin Cash (34.6%), Litecoin (24.2%), and Dash with 22, 6%.

Other digital assets that took place in the survey were: Binance Coin (19.6%), Dogecoin (17.5%), Binance USD (16%), Tether (11.9%), Monero (9.4%), and ZCash (7.4%), XRP (6.6%)

The study also highlighted the type of use that Bitcoin has in the country. Although there is enough information about the subject, the knowledge is rather general, while the proper awareness of BTC keeps being at the niche level.

Venezuelans use bitcoin as a cryptocurrency to save (36%) and to protect their finances against high hyperinflation levels registered by the Latin American nation.

Another 28% of frequent users of the crypto-active use it to pay for goods and services. 7% apply BTC for cryptocurrency trading, while another 28% do so with all the mentioned options.

Another fact that attracts attention is the platforms that the interviewees use to handle their cryptocurrencies. The platform that leads in Venezuela is the Patria service.

Patria service is a system that focuses on the allocation of subsidies and the management of PTR. Binance, AirTM, and LocalBitcoins had gained increasing popularity too.

Bitcoin Adoption in Venezuela

Since 2015, the adoption of bitcoin in the country has experienced Growth. A report in August ranked Venezuela as the seventh nation with the highest adoption of bitcoin on a global scale, according to the blockchain intelligence agency, Chainalysis.

Operations with bitcoin and other cryptocurrencies keep generating a boom to the point that real estate brokers already brought support for the sale of homes with BTC.

In addition, in the recent state announcement to allow casino operations in various cities again, some of these establishments have already revealed that they will receive bitcoin and other cryptocurrencies as a means of payment.

By: Jenson Nuñez

President Nayib Bukele announced the operation, with which the country exceeds a holding of USD 32 million in Bitcoin. In addition, the Salvadoran head of state remarked that there was a high demand for the Chivo wallet app.

The President of El Salvador, Nayib Bukele, recently announced that the government bought another 150 bitcoins (BTC). The state’s treasure already has 700 units of the cryptocurrency, two weeks after the Bitcoin Law came into force.

In addition to announcing the new acquisition of Bitcoin by the government, Bukele highlighted that they bought the dip. The Salvadoran head of state advised buying into market declines to avoid suffering defeats.

The transaction announced by the Salvadoran State is equivalent to around USD 6,590,000 at this time. Adding the other 550 bitcoins that the country already owned, the total amount equates to about USD 30,755,900.

The Central American government bought its first 400 bitcoins the day before the Bitcoin Law went into force. On September 7^th, they acquired another 150 bitcoins, with which they completed 550 BTC. The announcement came after Bitcoin dropped sharply by more than 14%. That brought the value of the cryptocurrency below USD 45,000 after it had exceeded USD 52,000 for the first time in 4 months.

According to CoinGecko, the price of Bitcoin suffered a drop of 8.3% in the last 24 hours. The value of the cryptocurrency had exceeded USD 47,700 but then declined to USD 43,854.

President Bukele Highlighted the High Demand for the Chivo Wallet App

The Bitcoin Law came into force on September 7^th in the Central American country. In that way, Satoshi Nakamoto’s cryptocurrency became legal tender along with the US dollar in El Salvador.

President Bukele had announced that citizens could download the Chivo wallet to store, send, and receive Bitcoin. However, during its first hours of operation, that app had some operational problems that the government solved on the fly. The head of state highlighted the high demand for the app by Salvadorans.

The president spoke about the operation of cryptocurrency ATMs one week after the Bitcoin Law entered into force. He noted that the 200 devices that the government installed in El Salvador were working perfectly. In addition, he said that the 51 Chivo support centers are still operational, for which users can receive information on the use of the crypto asset.

The president stated El Salvador never had digitization projects as massive as the one around Bitcoin. He emphasized that the country had never had a national digitization project. Bukele added that the number of new users of those new technologies is twice the number of participants in the anti-Bitcoin march.

The governments of the world are increasingly aware of the relevance of Bitcoin in the economy. El Salvador’s decision to adopt the pioneering cryptocurrency as legal tender will serve as an example for other nations. It is only a matter of time before Bitcoin reaches all the people of the world.

By Alexander Salazar

As the value of traditional assets is falling, investors turn to cryptocurrencies as a hedge against inflation. Some crypto assets are booming since investors prefer them over precious metals.

Amid the current global economic crisis, the solution that many governments seek is to print large amounts of cash. That usually leads to inflation, so investors lock their capital in stable assets in the long term. Traditionally those assets have been gold, silver, and copper, but cryptocurrencies have joined them.

In that sense, the US Federal Reserve (Fed) solves the crisis by printing large amounts of money. For that reason, the US dollar has already lost 5% of its value, which is just the beginning. Additionally, Goldman Sachs analysts predicted that the US fiat currency could lose up to 20% in the next few years.

Another threat to investors, in addition to that devaluation, is deflation. The US dollar value of assets is falling, which is why they have turned to cryptocurrencies as a hedge. For that reason, Bitcoin has maintained its value despite the global economic situation.

Inflation and Deflation Have Made Cryptocurrencies a Hedge

Cryptocurrency investors are used to interacting with the daily movements of the market. However, it can be easy for them to forget about fundamentals, like inflation, that drive the global economy.

Inflation occurs essentially due to a general decline in the purchasing power of fiat money. That is due to foreign investors exiting a particular currency or even investors attacking a currency. However, most of the time inflation results from an increase in the supply of money.

On the contrary, deflation is the price decrease when the fiat currency increases in value concerning the different goods and services. There may be various causes, but the most likely are tightly controlled fiscal policies, insufficient demand, and excess supply.

The COVID-19 Pandemic Has Contributed to Investing in Cryptocurrencies

Inflation can only occur with fiat currencies as they do not rely on the market value of a tangible asset. They depend on confidence in the growth of the gross domestic product of a country’s economy.

Having a fiat currency provides governments with the freedom to print money and thus supposedly control inflation. However, a low level of confidence in the government can cause government spending programs to put inflation out of control. In the 1970s, investors looked for gold as a hedge against the rapid inflation of the US dollar.

Similarly, the global COVID-19 pandemic has led to massively inflationary monetary policy. In addition, there is a considerable expansion of the money supply, while prices in crucial sectors such as food continue to rise. That is due to the high fluctuations of the stock caused by the quarantines in different countries.

For that reason, there is a boom of some cryptocurrencies as billionaire investors currently prefer Bitcoin to gold. That provides a sustainable foundation for cryptocurrencies to be a hedge against inflation today. The first cryptocurrency has proved its ability to recover from sharp drops in its price since its inception.

By Alexander Salazar

Foreign companies would require certificates from their subsidiaries in Uruguay. The blockchain developed by the EWF uses the Proof of Authority consensus mechanism.

Uruguay’s state electricity agency (UTE) revealed through an announcement that it will begin issuing clean energy certificates in that country in January 2022, which will get registered on a blockchain. This statement came from the president of the UTE, Silvia Emaldi, at the VII LATAM Renovables Congress.

According to BNAmericas, the official clarified that companies could use these certificates to demonstrate they use electricity from renewable sources in their goods and services development. Many of these multinationals that are operating in Uruguay currently require these certificates.

Renewable energy certificates specify, in a safe way, that the energy received by a customer got produced from renewable sources. There are companies in Uruguay that have their parent companies in other nations and had already requested this type of certificate.

Before the end of the year, a decree with the guidelines of the National Energy Secretariat of Uruguay will see the light of day.  With these guidelines, most companies can demonstrate that they use renewable electricity to generate their goods and services.

Uruguay Will Use an Ethereum-Based Blockchain

In November 2020, the president of the UTE and Pablo Mosto had revealed further details about the features of the blockchain that will help the agency in the issuance of energy certificates clean.

The Energy Web Chain came from the Energy Web Foundation (EWF) and is a web chain that dedicates its efforts to the development of this blockchain for the electricity sector.

Energy Web Chain is a public blockchain that focuses, through an open-source mechanism, on Ethereum. This public blockchain uses the Proof of Authority (P-o-A) consensus procedures.

UTE Is Offering Clean Energy

Regarding the traditional legal certainty and economic-financial promotion policies, The president of UTE said that Uruguay could offer international investors competitive and clean electricity.

The energy sector in Uruguay has previously used blockchain-based software to automate wind energy in November 2019. A blockchain that focused on Hyperledger Fabric worked with nodes managed by energy producers and by the marketer. A smart contract checks the energy price in real-time and records its destination, considering a price that would suit customers.

A company in the energy sector in Uruguay opted for a solution based on blockchain to streamline transactions in terms of renewable energy and distributed generation.

Ventus is an Uruguayan energy firm that focuses on wind energy projects, which has agreed on strategic support with PowerLedgers, a business solutions company with blockchain networks.

The link paved the way for the development of a system that uses a chain of blocks to record operations, with which a 30% saving got achieved in the firm’s operating costs and plans to improve more energy trading.

The firm created an automation model that makes it possible to predict generation and estimate the value of energy to lighten decision-making on the destination of the sale.

By: Jenson Nuñez

The price of LTC resumed its upward trend as it began to reach increasingly high lows and highs. The reading of major charts is positive, but Litecoin has not yet confirmed whether it seeks new all-time highs.

Right now, the cryptocurrency market is trying to regain its upward trend. As Litecoin (LTC) follows the tide, analysts wonder whether the cryptocurrency could soon reach new all-time highs.

Charlie Lee created Litecoin in 2011, based on the code of Bitcoin, but with modifications that make it lighter and a little faster. He worked to present the cryptocurrency as an alternative to Bitcoin rather than a competitor.

LTC is trading at around USD 177 and has accumulated a 2.28% loss in the last 24 hours, according to CoinGecko. The cryptocurrency ranks 17^th in the market, preceding Bitcoin Cash (BCH) and Wrapped Bitcoin (WBTC).

A false rumor that Walmart would start accepting payments with Litecoin caused the value of the cryptocurrency to jump by almost 40%. Once the American supermarket chain denied that news, a wave of sales wiped out all the profits at a stroke.

It is Quite Feasible for Litecoin Price to Reach New All-Time Highs

The monthly Litecoin/US dollar chart shows an optimistic scenario as there is long-term momentum developing. That suggests that the price of the altcoin could hit new all-time highs.

After many years of correction, the price of LTC recently resumed its historical upward trend. It began to reach increasingly high lows and highs, breaking through the descending diagonal line.

In the first half of the year, the price challenged the resistance zone left by the all-time high of 2017. However, there was selling pressure at that point shortly after that event.

After having retraced significantly, the price of LTC seems to be returning to its trend. The 8-week exponential moving average (EMA) and 18-week simple moving average (SMA) serve as dynamic supports.

Looking at the weekly frame, the price of Litecoin started to hit increasingly high lows after picking up demand above USD 117.58. If the value of the cryptocurrency maintains support at USD 174.48, it could soon look for new all-time highs.

LTC Must Break Through Resistance at USD 189 to Regain Its Short-Term Trend

Although the reading of the main charts is positive, Litecoin has not yet confirmed whether it seeks to hit new short-term all-time highs. The daily chart indicates that the price is in a sideways range with resistance at USD 189 and support at USD 165.

There is a dominant bullish strength on larger time frames, in addition to a continual formation of increasingly lows and highs. The odds lean towards a breakout over the top, which would make way for a rapid rise to at least USD 232.

Litecoin could be postponing the search for all-time highs as it lost the support level. However, that will not be a too worrying scenario as long as it maintains the primary trend.

By Alexander Salazar