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by gavazzy 3814 days ago
It's all about trade-offs. Bitcoin may have trouble competing against a "stable" currency like USD or EUR, but would have a huge benefit over a heavily manipulated one like in Venezuela, where inflation sits at ~60%.

If Bitcoin could become stable, then it would offer the freedom of converting wages into a more stable form. A Venezuelan would expect the purchasing power of today's wages to be 4% lower in just one month!

1 comments

Exactly, this is why the stateless-ness is such a drawback to adoption. Because Venezuelan gov't knows that its people would prefer to transact in a more stable currency and try to convert from the bolĂ­var to btc. And the gov't will try to do everything in its power to prevent the exchanges from happening.