1 sat \ 0 replies \ @0260378aef 17 Sep 2023 \ on: F*ck me the "global south" needs bitcoin bitcoin
Some people in the thread have correctly pointed out that, from the perspective of the poorer populations in some of these countries, Bitcoin's price volatility makes it impractical for them to use in day to day life.
However don't dismiss the value proposition it holds for remittances, and especially international transfers of various types.
Generally people don't have appropriate documentation, don't want to pay extortionate international banking fees, wait inordinate amounts of time and, most of all, suffer the risk of funds freezing. Yes I am not only talking about the poorer half of the population here, but these issues plague everyone in different ways, unless they never do anything non-local in their lives.
A counterpoint being raised is stablecoins and it's a good one, but the most fundamental appeal of Bitcoin in the above situations is its censorship resistance, and stablecoins don't even come close on that metric. That's why Bitcoin is always in the discussion here, even today, let alone in future.
The tension between people's preference for the stability of USD denomination vs the rug-risk and censor-risk of the stablecoin platforms they're being offered is going to be a story for several years I think.