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.
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?