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Capital controls are becoming more and more erratic and authoritarian. A decentralized currency provides a relief valve.
by ok123456 2y ago
Capital controls are becoming more and more erratic and authoritarian. A decentralized currency provides a relief valve.
- pavlov 2y agoMore erratic and authoritarian compared to what time? As recently as 1989, most of the world's currencies were tightly controlled and exchange rates were fixed. In many countries like the Soviet Union, you were not even allowed to bring local cash outside of the country at risk of high penalties. Sending an international wire transfer was a multi-day operation that probably involved telex messages and several phone calls. Today you can send money instantly across the European continent in a single currency at essentially zero cost. The USA is also catching up and finally bringing their banks to the 21st century with Fedwire. Everybody has multiple credit cards and uses them for online shopping across the world. Any physical product you might imagine can be ordered from China with a one-click digital payment. None of these improvements were thanks to Bitcoin or any other cryptocurrency.