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In the least Bitcoin provides an option to opt-out, an alternative that puts some pressure on central banks to have sane monetary policy. It allows people in L
by jcbrand 4y ago
In the least Bitcoin provides an option to opt-out, an alternative that puts some pressure on central banks to have sane monetary policy.
It allows people in Lebanon (~200% inflation), Zimbabwe (~700% inflation) and Turkey (70% inflation) to maintain the purchasing power of their wealth and to protect it from confiscation.
There are many other advantages of Bitcoin, but these are already significant.
- pjc50 4y agoHowever it can't protect against real falls in the purchasing power of bitcoin vs the currency it's commonly transacted against, the dollar. I'm starting to think there's a good argument for the US treasury trying to export financial stability by making USD holdable globally. Except that runs into the policy problems relating to who's using it.
- Seriomino 4y agoThey also can just buy euro or dollar. Nothing new here. And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. And I still bet that the people in Zimbabwe in avg have more from less co2 than from bitcoin
- jcbrand 4y ago> And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. Impoverishing entire nations by making sure they can't buy necessary goods and thereby putting them at risk of starvation is more important than other nations who are impoverished and at risk of starvation due to their currencies collapsing.
- Seriomino 4y agoThey are not collapsing just for fun without a reason. The normal people of that country are btw not able to just buy crypto. After all someone still needs to take their money to exchange it and they need hardware and knowledge. You sound like crypto would just solve those issues just because it's there.