Re:Bitcoin and other cryptocurrencies are useless
by maxerickson on Sunday September 02, 2018 @05:49PM
(#17898865)
Are Bitcoin easier to get in Venezuela than other Bolivar alternatives?
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Re:Bitcoin and other cryptocurrencies are useless
by PacifyFish on Sunday September 02, 2018 @08:11PM
(#17899373)
This is something I assume to be true (based on the assumption that most of Venezuela’s population has open internet access), but it probably only applies to people with at least cursory technical knowledge. Maybe ~5% of the population, optimistically.
But you can extrapolate from present-day Venezuela to future runaway-inflation crises, at which time (again, making an assumption here) bitcoin and the internet will be more accessible/prevalent.
Re:Bitcoin and other cryptocurrencies are useless
by maxerickson on Sunday September 02, 2018 @08:22PM
(#17899413)
But who do the savvy internet users purchase the Bitcoin from and what do they exchange?
Someone in country will likely be happy to exchange the Bitcoin for Bolivars at some discounted exchange rate, but that doesn't solve the problem of how they get Bitcoin.
You can have a few people working remotely for Bitcoin and the like, but that isn't going to support other people moving lots of money out of Bolivars.
Re:Bitcoin and other cryptocurrencies are useless
by roywiggins on Sunday September 02, 2018 @06:12PM
(#17898968)
That's really the question. How do people in Venuzuela even buy Bitcoin? What do they buy it with? Nobody will swap Bitcoin for their Bolivars, since (as we've decided) Bitcoin is better money than Bolivars.
Re:Bitcoin and other cryptocurrencies are useless
by diegocerdan on Monday September 03, 2018 @08:16AM
(#17902143)
Price inflation happens daily. You can store your value on Bitcoin and exchange it for enough bolivars just before you go to the supermarket.