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I don't really have any interest in crypto currencies, but they seem to have fond some use in remittances to countries with dysfunctional governments and hyper-
by ch4s3 4y ago
I don't really have any interest in crypto currencies, but they seem to have fond some use in remittances to countries with dysfunctional governments and hyper-inflation that don't allow conversion to USD. It is in some of those circumstances illegal to move in and out of the local currency, but is that a just or reasonable law? If ETH or BTC allow Venezuelans(as one example) in the US to help their relatives buy food, is that not a good thing?
There are numerous accounts of people fleeing war and persecution using crypto currencies to escape with their life savings. That seems like a good use case. Not everyone gets to live in a place with strong rule of law, and bad governments love to seize people's bank accounts and hard currency.
- D13Fd 4y agoOther than the speed, though, is it better than mailing USD?
- ch4s3 4y agoWell, mail has to go through customs and cash is very easy to size. You can memorize the key to a crypto wallet and no one will know that you have it. If you try to mail USD as remittances to a lot of countries, it simply will not arrive. It's also not always possible to convert between currencies legally. A number of authoritarian governments prevent their citizens from doing so.