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> Paying people in countries without a functional banking system is a real problem and bitcoin nicely helped with that Bitcoin isn't a solution to this problem
by root_axis 7y ago
> Paying people in countries without a functional banking system is a real problem and bitcoin nicely helped with that
Bitcoin isn't a solution to this problem because regions afflicted with non-functional banking systems have very little options for converting or spending bitcoin.
- Andrew_nenakhov 7y agoNot really. We had an extremely hard time trying to receive funds in Russia from an Indonesian customer, his native banks just flat out refused to do the transfer. Bitcoin solved the problem easily.
- alwillis 7y agoExcept that bitcoin can be converted to any fiat currency. The people with dysfunctional banking systems can trade bitcoin for fiat in a peer-to-peer manor. Somebody up the chain can trade bitcoin for USD or any other fiat currency. 1,000 sats is worth about 10 cents USD but $14 Jamaican dollars.