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1 sat \ 0 replies \ @TheBTCManual 17 Sep 2023 \ on: F*ck me the "global south" needs bitcoin bitcoin
Sometimes I feel that impatience, maybe I got in too early, or maybe I'm just too excited about the change it could bring, but realistically I think it takes a lot more time. I use South African Rands its the best shitcoin on the continent, going to places like Egypt, Zim, Tanzania, and Kenya you quickly realize you're not doing too badly as them and even their people are still willing to take that punishment.
If you are trying to preserve something, using USD is your next step and is growing in popularity because of its network effect, its trust, US culturealexports, US export markets and its relative performance vs a local currency in most global South countries, holding USD not even paying interest outperforms any savings account or stock market, not that many people invest in those assets
I think for Bitcoin to take hold it needs to be in the trillions market cap wise where very few actors or news can drive the price down, if your vol range is like 15% then its not too different from a 3rd world shitcoin in terms downside + it has potential upside.
Another key point is having methods of transfering it with a very low cost without as much custody risk, if thats covenants, if thats fedimint, I don't know yet, but if you can show people a product that is cheaper, quicker and accepted at the places they want to spend at, like the local taxi, the local shop, the local money changer guy, then you got something.
There's a lot of margin available to disrupt payments in the global South and im sure as bitcoin tech improves, companies and people will come in to capture those margins with better experiences