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> How would self-custody of BTC allowed this man to pay for his father's medical bills? As far as I'm aware the hospital did not accept bitcoin payments. Sell
by siwatanejo 4y ago
> How would self-custody of BTC allowed this man to pay for his father's medical bills? As far as I'm aware the hospital did not accept bitcoin payments.
Sell your BTC for cash, in person.
> There have also been several instances in time where BTC has lost 80% of its value (and many more instances of 50%+)
Better than the 90% inflation (or withdrawal "correction") in Lebanon.
- analog31 4y agoNobody can get cash to sell you.
- ClumsyPilot 4y ago> Sell your BTC for cash, in person. This is totally absurd - you need to buy real goods, they are priced in USD, there is shortage of USD in the country. noone will trade with you your only chance is to pay bitcoin to someone abroad who can exvhange them for USD there and ship goods to you that you can trade locally
- siwatanejo 4y ago> noone will trade with you There are P2P non custodial exchanges where you can sell your BTC in person (e.g. LocalCryptos), in case you need to stop hodling for some sudden expense, like the medical bills for your dad.
- oarabbus_ 4y agoDid you try to search Lebanon on localcryptos or localbitcoins? The former has no listings which transact in LBP, only one which requires Western Union (USD). And the latter has no listings at all in Lebanon.
- siwatanejo 4y agoOh well that's interesting. I myself have never had this problem in the countries I live.
- optimalsolver 4y agoThis should indicate to you how useful BTC would actually be in a real financial crisis.
- aaaaaaaaata 4y agoYou must have missed all of the Argentinian bitcoin stories, huh
- aaaaaaaaata 4y agoOr Venezuelan.
- headsoup 4y agoDo you mean that cash that isn't worth anything in the scenario Bitcoin is solving for??
- MisterBastahrd 4y agoFor cash? The entire reason he held up a bank is because NOBODY HAS CASH in Lebanon.