Re:Bitcoin Halving Just Occured
by arcticbull on Tuesday May 12, 2020 @12:37AM
(#23150628)
That's covered under my point though, that if you can exchange internationally then why on earth would you bother with Bitcoin? You may as well just hold dollars or gold, you know, things that don't fluctuate 10% in a day and 50% in a couple of years. If you're already doing business abroad then forget Bitcoin.
Re:Bitcoin Halving Just Occured
by AnthonyMouse on Wednesday May 13, 2020 @01:28AM
(#23163763)
It's because Bitcoin is digital. Neither your country's banks nor some other country's banks will give you an account denominated in dollars. You can only transact in dollars if it's physical cash. Then you can't use it to buy anything electronically.
Re:Bitcoin Halving Just Occured
by arcticbull on Wednesday May 13, 2020 @07:21PM
(#23173033)
The embargo is on all trade. If you can trade, then you can open accounts. If you cannot trade, then it didn't matter in the first place.
Nobody. So you don't buy BTC with Bolivars, you sell art commissions or do some work on Mechanical Turk or grind for online game currency with a real market value, and arrange to receive payment in BTC. Then you buy stuff with BTC.
Meanwhile if there isn't that much BTC in the country, that doesn't matter -- currencies can have a different value in different places when arbitrage is restricted. So maybe BTC is worth more there. Or maybe arbitrage isn't really that restricted in practice and if it started to be more expensive there somebody would make a profit by supplying BTC in exchange for exporting boatloads of oil or coffee beans or whatever people in those countries produce.