There have been many reports of people residing in Venezuela turning to bitcoin to hedge against the country’s economic failures. Venezuelans have been using bitcoin because their national currency the Bolivar has been significantly devalued and citizens using the tender are suffering from over 1,800% inflation.
Some alarmists say that crypto-mining will consume more power than the U.S. by 2019. If that happens, then it should not only make miners to seek low-cost renewable energy, but also drive energy firms to work hard at developing solutions for them, with spillover benefits for the rest of the world. In other worlds, we will have better.
Denmark is putting the revolutionizing technology into a completely different arena: humanitarian aid. A report released by the Danish Ministry of Foreign Affairs recommends using cryptocurrencies to send foreign aid directly from Denmark to recipients in poor countries. That would make Denmark the first donor country in the world to transfer aid by using cryptocurrencies.