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The Secret, Dangerous World of Venezuelan Bitcoin Mining (New at Reason)

How cryptocurrency is turning socialism against itself

The Secret, Dangerous World of Venezuelan Bitcoin Mining |||Bitcoin's potential as an alternative to government-issued currency is still hotly debated outside of Venezuela. But in a country lacking food and basic health care, there's nothing theoretical about it, writes Jim Epstein in "The Secret, Dangerous World of Venezuelan Bitcoin Mining," a story from our January 2017 issue. Bitcoin is helping to keep pantry shelves full and medicine cabinets stocked, making life tolerable—if not always easy—in the midst of a socialist hell.

Epstein interviewed more than a dozen members of the community—some of whom are miners, and others who simply use the currency—who described how this technology has alleviated daily hardships, making it possible for them to live reasonably comfortable lives despite the disintegrating society.

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