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Someone explain this part to me: > I would be happy if Zcash and Bitcoin could serve as a gateway from an unstable currency (Venezuelan Bolivar) to a stable cu
by rspeer 9y ago
Someone explain this part to me:
> I would be happy if Zcash and Bitcoin could serve as a gateway from an unstable currency (Venezuelan Bolivar) to a stable currency (EURO/USD)
How would this actually happen? Who is on the other side of this transaction? Who would want to cash out their Bitcoin in Venezuelan bolivar?
I assume the Bitcoin trades that actually occur in Venezuela are for USD and black-market goods, not for bolivar.
- irremediable 9y agoPresumably one might want to trade the BTC for bolivar to immediately spend them somewhere?
- rspeer 9y agoNot that I have experience in the matter, but I have heard that spending bolivar in Venezuela means waiting in long lines for goods with artificial prices, whereas you can buy whatever you want in USD. I suspect that the bolivar/BTC trade is just a feel-good story, and the reality is that Bitcoin is not available to ordinary Venezuelans.