5 ms·
Zimbabwe. A prime use case for Bitcoin? "At the height of the country’s economic crisis, Zimbabweans had to carry plastic bags bulging with banknotes to buy ba
by Sealy 11y ago
Zimbabwe. A prime use case for Bitcoin?
"At the height of the country’s economic crisis, Zimbabweans had to carry plastic bags bulging with banknotes to buy basic goods. Prices were rising at least twice a day."
Bitcoin is often cited as being volatile. Its never been anywhere near as volatile as that ^ (at least not in the last 2 years)
- robzyb 11y agoZimbabwe. A prime use case for Japanese yen? "At the height of the country’s economic crisis, Zimbabweans had to carry plastic bags bulging with banknotes to buy basic goods. Prices were rising at least twice a day." Japanese yen is often cited as being volatile. Its never been anywhere near as volatile as that ^ (at least not in the last 2 years)
- tormeh 11y agoThe Yen is volatile? Except for the last two years, there hasnt been any valuation change for a decade.
- donatj 11y agoWhen I went in 2008 it was 100 yen to a dollar almost exactly, made the conversation rate dead easy. 100 yen is now worth 80¢. That change was entirely US based?
- tormeh 11y agoFrom 1995 to 2012 Japanese inflation was essentially zero: http://www.inflation.eu/inflation-rates/japan/historic-inflation/cpi-inflation-japan.aspx http://www.inflation.eu/inflation-rates/japan/historic-infla...
- SideburnsOfDoom 11y ago> Zimbabwe. A prime use case for Bitcoin? As is well known and is mentioned in the article, what they actually used was other countries' currencies. Namely the South African Rand and the US Dollar. South Africa is the economically largest neighbour, and is stable by comparison. The US Dollar is the "global reserve".
- Grue3 11y agoYeah, all the poor people without access to electricity would love Bitcoin.
- zo1 11y agoNot even just poor people, almost all people have trouble getting electricity there. Of course, excluding the politically connected and powerful. </used_to_live_there>
- mrb 11y agoMost people in Zimbabwe have electricity. Zimbabwe has 97% mobile penetration: http://afkinsider.com/20015/report-zimbabwe-has-97-mobile-penetration/ http://afkinsider.com/20015/report-zimbabwe-has-97-mobile-pe... Last time I checked their phones didn't run on magic, but on electricity :) And all you need to use Bitcoin is a cellphone (a $20 smartphone). (No I am not seriously suggesting Zimbabwe uses Bitcoin. I am just pointing out you seem to incorrectly think all people in African countries live in huts or something.)
- SideburnsOfDoom 11y ago> Most people in Zimbabwe have electricity. ... you seem to incorrectly think all people in African countries live in huts I know people who live in good houses in affluent parts of one of the largest cities in South Africa, and they don't have electricity 24/7 http://loadshedding.eskom.co.za/loadshedding/description http://loadshedding.eskom.co.za/loadshedding/description.
- dagw 11y agoMore like a prime use case for foreign currency. Most affluent people in Zimbabwe use South African Rand or US Dollars to conduct busies.
- taejo 11y agoMost everybody. The Zim dollar is not legal tender any more; it's not printed any more. This is just the bank trying to get rid of its reserves. Sometimes Botswana Pula and Zambian Kwatsha are also used (esp. near the borders) but ATMs dispense USD.