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The obvious question is what is the difference between Somali shillings and crypto currencies? Except the granularity of the denominations? If people can trade
by talkingtab 3y ago
The obvious question is what is the difference between Somali shillings and crypto currencies? Except the granularity of the denominations?
If people can trade using worthless paper money, how is that substantively different from crypto currencies. Or dollars?
Is the real value of any currency simply the amount of credibility it has?
What exactly is money anyway.
- xandrius 3y agoCan you pass around a crypto currency physically? I don't think so. The main reason is that you are thinking in the context of a "modern" country, try to travel around villages in Africa and you'll see why cash is still king. Somewhat recently a lot have started using extensively mobile cash, using literally any phone which can make calls (which I think is genius in terms of accessibility). Of course, you could base their mobile cash off crypto but that doesn't make any difference to the user. But that requires a strong and stable mobile network infrastructure which one cannot take for granted over here.