[architect]

> I’m fairly happy with PayPal, Transferwise & stripe. Congratulations! You're privileged so much that you don't recognize your own privilege before you. However, for those who aren't: The 'underlying value' of Bitcoin etc. is absolutely obvious!

[break_the_bank]

I was born and brought up in India. I live abroad now. People are sending each other money via UPI/ Google Pay / PayTM. No ones sending Bitcoin for the meal they had yesterday. When cash was taken away people started using PayTM and not Bitcoin. They used this to send money to the road side seller selling sandwiches for 1/3rd of a dollar.

Other developing countries could use wallets too I guess? What volume of crypto is actually used by people without a bank account? What are they buying with it? Why do I mostly see rich tech people championing for it on Twitter?

[randomhodler84]

The government of India has poisoned the minds of Indians to believe that cryptocurrency is bad, risky, dangerous and criminal. In my experience people were interested, but afraid. My western (for what it is worth) viewpoint was that adoption of cryptocurrency may challenge the gold culture in India. If BTC was promoted, I feel it would surpass gold quite quickly — India has a long term save, store of wealth culture with gold; a cryptocurrency “alternative saving mechanism” challenges the state apparatus and is of great concern to the continued control of the country by its leaders.

[architect]

Ok, so what was it like when your President/Prime Minister/Criminal in Charge (Modi?) canceled all your money overnight? Did you too lose all your savings?

[unmole]

99.3% of all notes in circulation were exchanged. A vanishingly small amount of money was lost.

The second order effects of course were much worse.