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The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing
by aga98mtl 5y ago
The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.
- FranchuFranchu 5y agoI'm from Argentina, people who want to trade US dollars usually do it on illegal unofficial markets with better rates. I think it's likely that it's the same in Venezuela.
- bhandziuk 5y ago> Crypto shines where the government is messing with banking and currencies but isn't any cryptocurrency still directly tied to some fiat currency? Unless everyone uses crypto then at some point it gets exchanged for dollars at which point the low value of the dollar in a place like Venezuela is realized and you're stuck in the same situation but with more hassle.
- Nursie 5y agoThat's nice, but you appear to be bringing up theoretical conditions as a counter to actual observed behaviour. Crypto might well potentially shine under such circumstances, or under your view of what such circumstances might be, but the truth on the ground is apparently different.
- didericis 5y agoCited this article in another response: https://www.coindesk.com/bitcoin-adoption-venezuela-research https://www.coindesk.com/bitcoin-adoption-venezuela-research bitcoin adoption in Venezuela is more than theoretical and is being used to send money into the country.