> - Your country's financial system is unreliable or run by tyrants and the currency is bad. It might be hard to get a stable currency. Moving income into bitcoin could help you (people were doing this in Venezuela).
You know what unstable governments in the middle of a revolution don't have? Reliable power and internet.
> Your country was invaded and crossing the border requires you to interact with corrupt guards that steal anything of value you try and get out. Putting your wealth into a bitcoin wallet can allow you to escape with it intact if you memorize your seed words (there was a story about someone in Ukraine that did this crossing the border patrolled by Russian guards).
Sounds like a great way to get rubber hosed to death.
> Bitcoin is deflationary, the coins are limited and scarce, but the currency is divisible. This means they should hold value over time. Fiat currencies are vulnerable to monetary policy of governments, bitcoin is less so. Bitcoin may increase in value in part because other currencies are decreasing in value.
Deflationary, for consumers, is bad. I am also not convinced bitcoin in nearly divisible enough to actually be world currency. (And that's ignoring the fact that it would need something like 7 orders of magnitude improvement in throughput)
> Deflationary, for consumers, is bad. I am also not convinced bitcoin in nearly divisible enough to actually be world currency. (And that's ignoring the fact that it would need something like 7 orders of magnitude improvement in throughput)
I don't think it'll be used for frequent transactions unless they actually can fix the time/throughput issues, but that doesn't mean it's useless. There could potentially be a future where you move BTC to some other currency with faster transaction times in smaller amounts for immediate or frequent use.
Just because a lot of blockchain tech is filled with people running ICO pump and dump scams, speculators, and an enormous amount of bullshit in general doesn't mean there isn't also some cool stuff going on too. There's a lot of nonsense, but there are also some real current applications, and I think, some real future potential.
You know what unstable governments in the middle of a revolution don't have? Reliable power and internet.
> Your country was invaded and crossing the border requires you to interact with corrupt guards that steal anything of value you try and get out. Putting your wealth into a bitcoin wallet can allow you to escape with it intact if you memorize your seed words (there was a story about someone in Ukraine that did this crossing the border patrolled by Russian guards).
Sounds like a great way to get rubber hosed to death.
> Bitcoin is deflationary, the coins are limited and scarce, but the currency is divisible. This means they should hold value over time. Fiat currencies are vulnerable to monetary policy of governments, bitcoin is less so. Bitcoin may increase in value in part because other currencies are decreasing in value.
Deflationary, for consumers, is bad. I am also not convinced bitcoin in nearly divisible enough to actually be world currency. (And that's ignoring the fact that it would need something like 7 orders of magnitude improvement in throughput)