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| Topic | I still don't understand the fundamental concept of Bitcoins. |
| Sad_Face 07/16/20 8:16:15 AM #8: | The Bitcoin plays a strong role in being a hedge against a falling currency. In Venezuela, their currency went through hyperinflation a few years back. People from the US attempting to send remittances to support their Venezuelan relatives would have to jump through hoops to send their money down. Going through the typical banking system, it takes days to clear and the Venezuelan government would take an exorbitant amount, say a 30% cut, of the remittance transaction entering their national banking system. With the bitcoin network, it takes minutes to transfer, and the relative would cross over to Argentina and to a BTC ATM. And there were a number of other places and contacts to trade their BTC back to their currency for local use. People have also used the BTC to hedge their wealth the same way Argentina and Lebanon. To understand and appreciate the significance of the BTC, you have to learn about the US dollar and what gives it its value (the US military). All our wars in the past 20 years or so have been about maintaining our sovereignty and the BTC was first theorized and began development as a response to the 2008 financial crisis. --- ... Copied to Clipboard! |
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