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Bitcoin Airdrop and Azul App

Can a Bitcoin Airdrop help the people of Venezuela? The country is considered one of the world’s most oppressive monetary states. Unfair practices implemented by its government to maintain control of its people has resulted in the following;

“severe shortages of medicines, medical supplies, and food have intensified since 2014, and weak government responses have undermined Venezuelans’ rights to health and food. Protesters have been arbitrarily detained and subject to abuse by security forces.” — as reported by The Human Rights Watch World Report in 2017.

But can cryptocurrency change all this? Developer John Wheeler is trying to make that the case.

The former bank employee turned developer is working on a new project — getting Bitcoin into the hands of Venezuelan citizens. Teaming with Morgan Crena, the pair have formed a non-profit organization called the Pale Blue Foundation which is currently working to create a Bitcoin Airdrop.

The Pale Blue Foundation, a Bitcoin Airdrop, and Azul

Through his foundation, Wheeler wants to use Bitcoin to change an economic and political crisis so severe that people can’t pay for necessities — food is in such short supply that joining lengthy food lines have become regular practice for citizens just trying to obtain the necessities. Prices for such necessities can also be exorbitant and routinely changed by the seller. There is no regulation.

Wheeler and Crena’s mission involves a supporting team who are developing a mobile app called Azul. This app will hopefully draw millions of donations which will be transferred via a Bitcoin Airdrop to citizens of Venezuela. The project began as an idea batted around on Medium, but it is starting to take real shape; now, it is drawing help from Bitcoin companies including OpenBazaar and LocalBitcoins.

But why Bitcoin? Crypto communities Zcash and Dash have also been long trying to help Venezuela in some way, but the team has focused on Bitcoin because they believe it to be the most widely available and resilient network with the ability to handle vast transactions.

“We’re focused on bitcoin because we think it’s the most viable solution with the most worldwide potential,” Wheeler said.

Lightning and Azul

Bitcoin’s upcoming lightning network is also a key consideration for the technical design of the Azul App. Lightning is a layer-two technology which will solve scaling issues within the Bitcoin network, increasing transaction limits exponentially. The Pale Blue Foundation is currently in discussions with relative developers — lightning wallet developers CoinClip and the lightning startup ACINQ.

With all the technicalities behind the mission on a roll and with the necessary bodies joining the fight, the team still needs to secure the funding that’ll buy the Bitcoin to be airdropped to Venezuelans. The initial hope is to secure millions of dollars from venture capitalists and donors; believers of the cause who want to join a “large-scale collaborative mission to help people suffering from financial tyranny.”

>>Bank of England Warns Executives of Crypto Risk. Read it Here!

If the Azul App and Airdrop are successful, this may be the beginning of a global effort to rescue countries facing humanitarian crises. The project is gaining momentum, but will Bitcoin be a solution for the Venezuelan people? What are your thoughts? Tell us below!

Feature Image: Google/Foreign Policy

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Charlie Lee On CNBC | Bithumb Hack, Bitcoin Price, & Lightning Network

Charlie Lee on CNBC: Charlie Lee, founder of Litecoin (LTC), chatted with CNBC about the recent Bithumb hack, Bitcoin price, and the Lightning Network.

Charlie Lee on CNBC: Bithumb Hack

The South Korean crypto exchange Bithumb was hacked earlier this week, with a total of USD $30 million in crypto being stolen. It was enough to shift the exchange from its sixth-place ranking for daily trading volume down to seventh. Along with the loss of crypto from the exchange, many cryptocurrencies’ prices plummeted from the resulting panic, including Bitcoin (BTC).

Lee explained that the price drop was to be expected. “It happens all the time,” he said. Crypto is stolen, people get scared, and so people sell, causing crypto prices to drop.

However, Lee argued that Bithumb being hacked – really, any exchange hack – doesn’t change Bitcoin’s core fundamentals. He likened this to a bank robbery:

“It’s like if a bank gets broken in and gold gets stolen, does this affect the price of gold? It shouldn’t. Same with Bitcoin. If the exchange doesn’t protect their coin well enough and gets hacked, it doesn’t really change the fundamentals of the coin that they’re protecting.”

His reasoning comes down to the fact that an exchange hack has more to do with the security of the exchange than it does with the crypto stolen.

Charlie Lee on CNBC: Bitcoin Price

Bitcoin may be dropping since the start of this year, but Lee is adamant that the coin is still “going really well.” He explains that Bitcoin’s network is becoming stronger and that the price of BTC is probably “disjointed from the actual development of Bitcoin.”

He noted that the market is unpredictable and that right now, it’s a bear market with no way of telling how long that will last.

“I’ve been in this space for seven to eight years now and I’ve seen bear markets last three to four years now. So, this one could be a three to four year market or it could recover tomorrow.”

The takeaway here is that it’s more important to pay attention to the developments of crypto projects than their current prices.

He finished by saying, “I have faith that prices will rebound and come back up fairly soon.”

Charlie Lee on CNBC: Lightning Network

Charlie Lee said that the thing he was most excited about currently in the crypto space was the Lightning Network.

“What I’m most excited about is Lightning Network. Technically, Bitcoin has gotten stronger and stronger over the past few years. SegWit has activated, developers are working hard on getting Lightning Network which is the second layer solution for payments working on Bitcoin and Litecoin.”

What did you think of Charlie Lee on CNBC? Do you agree with him?

>> Litecoin Futures Trading: Coming Sooner Than You Think

Featured image: Bitsonline

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