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Given the choice would you suggest a person from somewhere such as Venezuela keep their personal savings in Bitcoin or Venezuelan bolívars?
by RidingPegasus 7y ago
Given the choice would you suggest a person from somewhere such as Venezuela keep their personal savings in Bitcoin or Venezuelan bolívars?
- atq2119 7y agoThis is a false dichotomy, since USD are very widely spread on South America.
- paulmd 7y agoI'd suggest keeping it in USD or other hard currency. Bitcoin provides no advantages in obtaining/transacting hard currency relative to other currencies, nor any stability while holding it. Either way you are going to a black market, and you are paying real, unaffordable conversion rates compared to transacting in (worthless) hyperinflationary currency. The bitcoin guy is not going to accept 1 Zimbabwe dollar to 1 USD any more than your black market dealer who has USD. The real currency conversion rate is the problem, not the act of obtaining actual hard currency.
- zadler 7y agoUSD bills can’t be easily transferred over the Internet.
- paulmd 7y agolook at this scrub who's never heard of venmo yes, there are a lot of fungible ways to transfer hard currency over the internet... once you acquire it. again: acquiring it is the hard part, because nobody wants to trade a zimbabwe dollar for a USD. Bitcoin does nothing to help your zimbabwe dollars be less worthless than they are in USD, therefore they don't help the currency conversion process at all.
- feanaro 7y agoVenmo, the service exclusively available in the United States? https://help.venmo.com/hc/en-us/articles/235225428-Signing-Up-FAQ https://help.venmo.com/hc/en-us/articles/235225428-Signing-U...
- arcticbull 7y agoEach BTC transaction fee costs 2 weeks average wages in Venezuela my dude.