31–40 of 168 posts
Using [1] an average transaction costs about 10$, this is particularly bad in a poor country. I wonder if using a cryptocurrency is really the best option in this case.
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Or you outlaw changing cryptocurrency into fiat currency or providing any goods or services in exchange for cryptocurrency. What would bitcoin's value be right now, if it was illegal to convert into any fiat currency? No established exchanges (just black market ones). In addition, due to the power requirements, it is probably pretty easy to figure out who is mining.
They can outlaw exchanges and then cryptocurrencies would "simply" become a black market or "shadow" economy. But they can't stop it.
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if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?
I don't want to start the usual bitcoin scaling debate, but aren't the fees extremely high now? Using [1] an average transaction costs about 10$, this is particularly bad in a poor country. I wonder if using a cryptocurrency is really the best option in this case. [1]: https://bitcoinfees.earn.com/
It also shows 30 satoshi a byte gets you transaction accepted in 3-80 blocks, which based on experience is usually 3-12 blocks - and that works out to be 50c for the average transaction
I feel like there are whales that simply manipulate the price based on news. There's little evidence to suggest bitcoin has any usage in zimbabwe in practical day to day usage. Therelies the problem with bitcoin, why would someone in zimbabwe pay 1 week of their salary to move 3 weeks of pay and still not be sure if the money will still be there tomorrow?
For Bitcoin to succeed, it needs to conquer the US market adoption and it is not even close to doing that. All price gains are just speculation and market manipulation.
I don't want to start the usual bitcoin scaling debate, but aren't the fees extremely high now? Using [1] an average transaction costs about 10$, this is particularly bad in a poor country. I wonder if using a cryptocurrency is really the best option in this case. [1]: https://bitcoinfees.earn.com/
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if you didn't dealt with this you can't understand, but simply put, 1 week of pay could be toilet paper next week(s), as it happened in Venezuela. In my country some years ago, in a time of crisis for example the government locked all foreign currency in banks, and auto exchanged it for the national currency, at a rate set by them, it was robbery basically, prices would jump up like 25% day to day, so the national cu…
.... but bitcoin frequently jumps 25% a day on NON-domestic news.... how is it a better store of value?
https://qz.com/1130147/bitcoins-price-in-zimbabwe-is-not-act...
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Sure they can try to "outlaw" cryptocurrencies. Or the internet as a whole. Good luck with enforcing it though…
If you can control the traffic in and out a country, you can control both the internet and block off extra-sovereign chains.