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> There is no societal benefit to buying, holding, selling a crypto currency. If you live a country where the govt mismanages the economy and drop the value of
by sumedh 5y ago
> There is no societal benefit to buying, holding, selling a crypto currency.
If you live a country where the govt mismanages the economy and drop the value of the nation's currency then in that case BTC has a lot of value.
- arcticbull 5y agoIn most of those countries the transaction fee is a non-trivial percentage of the GDP. Using it as a currency there would be economic suicide. And the volatility would be crushing to the poor. They'd be infinitely better off with like USDC or better yet, a USD issued CBDC.
- wpietri 5y agoIf you live in a country where the government mismanages the economy or the currency, Bitcoin is not a great choice. What most people use in that situation is just a different national currency. This is a well-known phenomenon known as dollarization or currency substitution: https://en.wikipedia.org/wiki/Currency_substitution https://en.wikipedia.org/wiki/Currency_substitution