[DINKDINK]

>The average "unbanked" person in a third world nation couldn't afford a $20 transaction fee for their ordinary transactions.

Someone in a country, who has the equivalent of $800 is life savings, is experiencing hyperinflation (Venezuela let's say). Are you telling me that they're not willing to pay 2.5% (20/800) of their savings to save 97.5% of it? Why do you think someone would be willing to let hyperinflation destroy 100% of their life savings when there's an alternative?

[vkou]

If it were that simple to deal with hyperinflation, why won't they just buy USD?

Because the government will forbid it? They can forbid the purchase of BTC, or the exchange of it for goods, too.

Oh, in-person off-the-books transactions will solve the problem? Well, you don't need BTC for that, you can do in-person transactions of bolivars for USD, too.

[petre]

Because there's a shortage of USD on that market, they buy it at a premium and also gov't crack down. So they are esentially forced to diversify: they buy BTC expecting to change it for USD at a later date.

[vkou]

There's also a shortage of people who want to exchange BTC for worthless Bolivars.