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People in these countries don't use Bitcoin for daily purposes. The poor don't use Bitcoin. The middle upper class business owners who can't get access to lar
by narrator 9y ago
People in these countries don't use Bitcoin for daily purposes. The poor don't use Bitcoin. The middle upper class business owners who can't get access to large amounts of U.S dollars use Bitcoin.
They can have offshore bank accounts but getting the physical cash into and out of the country is tied up in mountains of bureaucracy and corruption. I met a guy in Panama who had to spend half his money getting the other half out of Venezuela. With Bitcoin it is actually possible to save and transfer Bitcoin to cash as needed. Carrying suitcases of hundred dollar bills around is not practical and getting cash in and out of a country like that is almost impossible.