Quote:
Originally Posted by Hockeyguy15
What countries don’t have established banking systems, but have the technology to use crypto? I think you’re reaching a bit.
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I think you'd be surprised how easy it is to use bitcoin. The technology needed for bitcoin is an internet-connected device. With that you can set up a wallet that's ready to send/receive in about 2 minutes.
I read in an article awhile back that said there are over 2 billion people in the world who have access to the internet but don't have access to a privileged banking system (easy access to debit card, credit card, etc). Feel free to correct me on that if it's false as I was pretty shocked by that number as well.
Check out what happened in Kenya with M-Pesa (
https://en.wikipedia.org/wiki/M-Pesa). It started out as a service to allow people to send cellular minutes through SMS, but it quickly evolved when people started using it to paying for goods and services. I think it's now widely accepted as sort of unofficial currency for that area. It's pretty neat, and it's developing countries like these that are quickly adopting bitcoin.
Quote:
Originally Posted by Slava
I know what inflation is. You're lauding the stability of the currency at a time when the exact opposite is taking place. Their incredibly volatile at this point, and granted that's been to upside as of late, but who could really commit a pile of money here and be sure that will continue?
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Ok, then we were talking about two different things. The volatility of cryptos are crazy right now because the current market is so young. Small groups of users can influence price right now because they make up a relatively large portion of the total market. If you look at the charts, they are actually getting less volatile over time and will continue to do so as more and more people start adopting.
And you're right, because of the volatility and uncertainty, it makes me cringe hear stories of people liquidating all their assets and going 100% into cryptocurrencies.