Social App Premise Claims Increased Bitcoin Adoption in Venezuela

By August 12, 2015Bitcoin Business
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Hyperinflation Fires Up Bitcoin Adoption in Venezuela
The ongoing economical turmoil in Venezuela is influencing the people to adopt Bitcoin, according to Premise, a social mobile application.

The Android application, created by a San Francisco research company with the same name, tracks macroeconomic and human development trends by collecting data from its users. This data is archived and analyzed for further purposes. For instance: some of the data collected by Premise has been utilized by the World Bank to make productive investment and policy decisions. The company has similarly served the United Nations, Standard Chartered, Bloomberg, and many other leading organizations around the world.

The best thing about this application, however, is its rewards. For every picture collected, the company pays the users with money. It simply keeps the cycle of sharing intact and resourceful.

Due to its reachability throughout the world, Premise was also able to study the current debt crisis in Venezuela, and how it is effecting the lives of the citizens. As been reported by many media channels, the value of Venezuela’s national currency Bolivar has crashed to a record low. After receiving a series of ground reports, Premise also realized how their Venezuelan participants are ignoring to receive rewards in Bolivar.

“Upon launching in Venezuela, Premise quickly realized how difficult it is to pay people there,” Bitcoin company Coinbase noted. “There simply wasn’t a good solution that allowed them to make micro-payouts cheaply and efficiently.”

People blamed the capital controls for their reason to avoid their national currency, the report added.

Bitcoin Emerges as Alternative

To make things a little easier when it comes to micropayment, Venezuelans have been finding Bitcoin as an attractive and cheaper alternative among all. For Premise, the digital currency has also appeared as the only alternative to pay its Venezuelan users. As reported, “Premise has paid out over 45 bitcoin to over 150 people there — and they believe they are just getting started.” It has further inspired the company to start paying Bitcoin in other countries.

But meanwhile, the report proves that Bitcoin is truly emerging as the best alternative for debt-stuck nations like Venezuela. This is perhaps the best micro-payment solution amid a capital control imposition; and the people, whose countries are currently undergoing the similar economical crisis, must start collecting these tokens as backup. You can read further about in our special report here.

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Gola Yashu

India-based IT professional Yashu Gola found Bitcoin in 2012, when he was trying to send money to one of his friends in the US. As he quotes, it was “love-at-first-sight” with the mystical work of digital currencies. He left his online advertising job to work as a full-time Bitcoin writer for forex news website ForexMinute.com. Apart from covering the minute-to-minute Bitcoin events, Yashu is also an active Bitcoin trader and analyst.When not working, he is found reading and writing movie scripts, poems and songs. He is also a passionate movie buff View all posts by Gola Yashu

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