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.
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