As everyone knows Venezuela is one of the first countries to create a cryptocurrency for its commercial use, the problem is the following, for those who do not know Venezuela is the country with the highest inflation index in the world in the last year. currency was devalued by 1.369%, an exaggeratedly high figure. The government has legalized mining in the country and brought to market the Petro Coin last December.
Advantages and disadvantages of Petro Coin
As the main advantages:
The price of this currency will be supported by oil, this is perhaps the best advantage that the petro has since Venezuela has the second largest oil reserve in the world.
It will be auctioned not only in dollars, but it will accept other cryptocurrencies in its first auction.
As main disadvantages:
- This cryptocurrency was developed by SHA-256 with Blockchain algorithm but this will be handled by national laboratories and Blockchain, and with the national and international repudiation that they have the government could be played as a counter in its first auction.
In my personal opinion is a very good option to invest as due to the difficult economic situation that crosses the country its initial offer is well below 1 USD. Converting it into one of the main options to invest and generate short-term profits.
If you found the publication interesting in any way, help me with your upvote or re-steem.
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
In fact if it is a good option to invest.
Petro is going to be backed by oil production. Venezuela's ability to produce and extract oil has declined significantly over the years. They do have a lot of reserves but are not able to get them out. As such, even before you get into the protocol issues, petro is not sustainable on the most basic level.
You said good friend will be supported, but it will not be directly linked to oil. If that were the case, his initial offer would be on a par with the crude barrel.
I think it has many possibilities to increase its price in the first days, coins without a specific goal or support have achieved it. I do not see why one who works with national mining farms can not do it.
Thanks for your comment.
Congratulations @alejandrofz! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPI am not convinced by the project. I mean the current economy is already linked to the oil price in a way, making this coin will only shift the problem not solve it. What I mean to say is that sure, a lot of money might be raised but who will it profit? Venezuelians? The Petro coin will not magically make the poor money management habits from the government disappear,...