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> Instead, by declining against the dollar by a factor of three in the past year, Bitcoin is quite good at debasing people's savings on its own. Srilankan rupe
by RestlessMind 4y ago
> Instead, by declining against the dollar by a factor of three in the past year, Bitcoin is quite good at debasing people's savings on its own.
Srilankan rupee lost 50% value overnight in March 2022 and is subject to futher deterioration due to the corrupt incompetent government. Same with Venezuela. Bitcoin or Gold or USD/EUR are the only good options for the millions of citizens of those countries, albeit generally available on black markets because of government controls. My colleague has his family in such a country. Guess what is the easiest way for him to help his family in need? [Hint: gold is hard to transfer and USD/EUR transfers are sanctioned because of US/EU govt policies].
- deleted 4y ago[deleted]
- pjc50 4y agoIn these situations, I always have to ask: who's taking the other side of the transaction, and for what fee? Who's trading Bitcoin for rapidly inflating Sri Lankan rupees?
- imtringued 4y agoPeople who have opportunities to buy at shops with old prices is my guess.
- RestlessMind 4y agoOne anecdote from someone I know personally - it is more of a barter. Her family needed to do a medical procedure, she transferred bitcoin from the US to her family who then gave that to Doctor in exchange for medical services. Probably, Bitcoin is working as intended?