3 ms·
crypto is supposed to be money that is outside the control of central banks or governments. As a result it is good for: Getting your money out of a country th
by achenatx 4y ago
crypto is supposed to be money that is outside the control of central banks or governments.
As a result it is good for:
Getting your money out of a country that is trying to stop you from doing that
Transferring your money across borders when the government wants to impose high tariffs
Protecting your money from central banks when governments have decided to freeze your bank accounts
Protecting your money from a government that reckless with the native currency where you have no way to have accounts to store large amounts of foreign currency
You might say that this only applies to criminals, but the definition of criminal might just be whoever happens to be a target of a government. Many governments around the world are dictatorships and can decide to confiscate assets on a whim (e.g. china).
When the jews fled germany or the chinese fled communist china, they took what they could (often times gold or gems). Crypto is potentially a way to flee a bad situation while avoiding being robbed by carrying your wealth as gold.
Finally it would be interesting if BRICS started transacting oil in crypto. It would be a way to possibly break the US dollar as the world reserve currency.