Real World Uses For Bitcoin
āIn many countries in Africa, there are far more cellphones than bank accounts,ā said Manuel Valente, co-founder of La Maison. āFor bitcoin, all you need is a phone.ā
Zimbabwe, where the price of bitcoin spiked to double the international rate after this weekās military takeover, shows Jamie Dimon, Axel Weber and other cryptocurrency skeptics where the real-world use of bitcoin, and possibly its future, lies. Itās becoming the preferred way for residents of failing economies to transfer money without dealing with banks, protecting their savings from political turmoil, and avoiding the local currency when its value declines due to inflation.
Thereās no data on how much digital money leaves industrialized nations for the developing world. Part of the allure of electronic cash is the ability to transfer it anonymously. But as events in Zimbabwe have confirmed, bitcoin, the worldās most popular cryptocurrency, is most attractive when confidence in institutions falls. https://www.bloomberg.com/news/articles/2017-11-17/bitcoin-emerges-as-crisis-currency-in-hotspots-such-as-zimbabwe











