Latin American Economy & Business - June 2018 (ISSN 1741-7430)

Steemit attracts Venezuelans: Caught in an economy that is reeling from the combined blows of recession and hyperinflation, many Venezuelans are seeking out internet-based survival strategies. According to website Caracas Chronicles some are finding that dealing in crypto-currencies can earn them a better living than ‘real world’ employment in the country. It gives the example of Mario Pérez Chacín, a journalist who was earning the local currency equivalent of US$1 a month, and who was moonlighting as a taxi driver to try to supplement his income. Chacín discovered Steemit, a US-based social network that pays its users for the time they spend on it, posting comments, photographs, sharing or commenting. The users are paid in two crypto-currencies (Steem Dollar and Steem) that can be exchanged online for Bitcoin and ultimately for Venezuelan bolívares. Chacín says he began taking part on Steemit in December and by January “I could see I was earning more per week than what I earned in my former job in a month.” To earn the necessary credits he now spends extra time online at night and at weekends. According to the Caracas Chronicles Steemit cannot really provide a main source of income in countries with a stable economy, but it can be profitable for some users in poor areas in countries like India, Haiti or Venezuela. It also requires a long-term commitment to building up a popular online profile. Another Venezuelan user, Liseth Freitas, said she had used Steemit to save money and pay for an operation needed by her mother.

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