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These places have wealth, in the form of foreign currencies like the USD, real property, businesses, commodities, etc. Their national currencies rapidly depreci
by CryptoPunk 5y ago
These places have wealth, in the form of foreign currencies like the USD, real property, businesses, commodities, etc. Their national currencies rapidly depreciates though, so it can only be used for short-term liqudity purposes.
>>Wouldn't it make more sense to use fiat from elsewhere like EUR or USD?
That's a good question. The only use-case I can see where cryptocurrencies are a better fit is when digital/international payments need to be made. Crypto allows that without any formal approval, from the state, for a USD/EUR supporting payments/e-wallet/banking firm to operate in that country.
- emteycz 5y agoIt could (in combination with Lightning) function as alternative to card payments in places where banking systems aren't functional. Also international waters. Also digital goods. However it won't be soon. It's financial infrastructure - just different from the ordinary. And that takes decades to build. Cards were accepted at only few establishments at first too.
- CryptoPunk 5y agoERC20 stablecoins on zk-Rollups could function in that role. Lightning not so much.