Fair point, but curious in how many shops in those countries you can buys groceries or how many landlords take their rent in Crypto? Because if you can't use it to feed or house yourself then what's the point of owning it other than going back to BTC's only real use cases so far: storing it for speculation, drug trafficking and ransomeware payments.
Plus, can you imagine paying a $26 transaction fee every time you buy a $0.30 loaf of bread with bitcoin?
In Cuba there are 2 coins accepted CUC and CUP . The CUC was more or less pegged to the dollar and people preferred it due to distrust of their government.
It happens. And cryptocurrencies will continue to evolve to fill up that trust less requirement.
Stores and landlords won’t take payment in gold or index funds either.
Seems like a great way to lose any stored value in transaction fees. Transaction fees are $26USD right now, which is likely more than what most pay in those countries for their groceries.
That's what's said now because it failed as a currency.
Cryptocurrency cannot sustain that. DApps are effectively useless. Blockchains are expensive and environmentally destructive merkle trees and do nothing that git couldn't do faster and easier and cheaper. Decentralization has not proven itself to be useful at all to anyone.
A killer app doesn't even have to be complicated, it only has to be useful. Nothing about cryptocurrency is useful. It is an ouroboros of busywork and self-justification.
So I would ask, why wouldn't a new technology need to demonstrate utility?
Do they really? Or are you fantasizing a Cyberpunk future where they would?
Because fantasies are cheap, but food and shelter is not, and the ones who make the bread might be more into the cash in hand right now rather than waiting for your BTC transaction to clear.
The parent is clearly not making that statement.
Parent said ".. they will sell an amount of Bitcoin" which can be done either through exchanges or just as easily peer-to-peer through platforms like LocalBitcoin. If you have Bitcoin in a scenario like that, most definitely will not be a problem.
Until the regime decides to cut off access to crypto exchanges or the whole internet country wide. Good luck cashing out your bitcoins then.
How else are you gonna spend your crypto to buy food or pay for shelter or pay for travel or smugglers to get you out of the country?
Crypto would be great if it could be used 100% offline, like tap your phones via NFC, and boom, coins transferred, here's your bread.
I think at some point, government is going to ban PoW mining in the same way they ban gasoline based cars or plastic bags.
> The thing is... Bitcoin solves a problem for almost nobody. It's almost entirely a speculative bubble. Citizens of stable countries are almost entirely better off with traditional currencies
That's the key: citizens of stable countries are just speculating, but for people of not so stable countries (Mexico, Argentina, China, among several others) where people just do not trust their government & their banking system, Cryptocurrencies deffinitely have value.
In my case, I have part of my portfolio on Bitcoins, because there is no easy way to open a USD account in Mexico, and storing USD or gold is just not practial. And with our stupid president having 4 more years to go, the country is quickly going to a deep recesion. I don't doubt that when a recession come, the government will "lock" the banks to prevent a "cash run" as they did before (and as it has happened in other countries like Venezuela and Greece)