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Traditional currencies are already 99% digital, I don't see a considerable downside to using crypto with regards to this.
by rmbyrro 5y ago
Traditional currencies are already 99% digital, I don't see a considerable downside to using crypto with regards to this.
- Duralias 5y agoGenuinely curious, what happens if the country instead firewalls/cuts off their internet from the outside world, how does Crypto handle that? Because that is essentially what has happened now with the SWIFT sanctions.
- rmbyrro 5y agoSWIFT is not the only way for banks to communicate. Cutting off internet from outside world is much more drastic measure, highly unlikely to happen for a prolonged period of time. Even if it does happen, you can still use telephone lines to connect. [1] [2] [1] https://www.dw.com/en/european-activists-offer-dial-up-internet-to-get-egypt-back-online/a-14807049 https://www.dw.com/en/european-activists-offer-dial-up-inter... [2] https://www.france24.com/en/20110201-speak-to-tweet-egypt-twitter-google-join-protesters-internet-blackout-mubarak https://www.france24.com/en/20110201-speak-to-tweet-egypt-tw...
- muhammedbash 5y agoThe 1% analog is redundancy in traditional currencies. Outside the developed economies a huge chuck of transactions is still done with physical cash. I imagine it would be a lot more convenient to have some hard currency at hand when fleeing a conflict zone. One might need to bribe border guards at some remote location with unreliable (or non-existent) internet connection, to get to safety.
- rmbyrro 5y agoSure, holding crypto doesn't prevent anyone from also holding physical cash. Both are quite valuable tools to defend oneself. They have different balances between risk, convenience, liquidity, anonymity.