Hyperinflation brings about detrimental effects to societies, as prices of all goods and services rise rapidly over a short period of time, whereas your income and savings remain stagnant, thus leading to a significant decrease in purchasing power very quickly.

Globally, there are several countries plagued by hyperinflation or generally high inflation due to unsustainable monetary policies, fiscal policies, which led to the devaluation of their local currencies in foreign exchange markets thereby eroding the purchasing power of the government, businesses and its citizens. This sets off a ripple effect where the state would no longer be able to afford to maintain public goods, businesses unable to compete internationally and individuals no longer have the purchasing power to improve their lives, thus leading to an economic collapse and social breakdown.

In the article below, I set out to make a case on how countries plagued by hyperinflation can overcome it through the adoption of Bitcoin and reap the benefits of paying Bitcoin as a universal basic income (UBI) through Stacks’ Proof-of-Transfer (PoX) mechanism.