This huge price gap is interesting. Assuming it remains for a bit, it seems like if you knew someone you could trust in Zimbabwe, you could send them BTC (purchased US exchange prices) which they could then sell on the Zimbabwe exchange sites for the much higher amount. Repeat this multiple times or larger sums to gain the profit.
It appears to be on the Zimbabwe BTC exchanges, you would need a Zimbabwe bank account or other barriers which would require an actual Zimbabwe citizen.
So besides all the hassle, multiple fees, wire transfer fees etc. If they price gap is big enough, it may be worth it. Am I missing something here?
Topic: [2017-09-26] Bitcoin Trading Premium in Zimbabwe at $7,200 (Read 2882 times)
This is the sort of evidence that denies the statist calls of "well, Bitcoin will just get banned if it gets too popular, then it's going to zero"
There is no effective ban, and even when serious repression exists, what happens to the BTC price? It goes up, not down. And Bitcoin probably isn't even that popular in Zimbabwe....yet. It'd be nice to see a Bitcoin enable tax revolt in some repressive state or other, and Zimbabwe is a candidate for that. The state is pretty weak there, it wouldn't take much to cause such a fragile regime to collapse.
There is no effective ban, and even when serious repression exists, what happens to the BTC price? It goes up, not down. And Bitcoin probably isn't even that popular in Zimbabwe....yet. It'd be nice to see a Bitcoin enable tax revolt in some repressive state or other, and Zimbabwe is a candidate for that. The state is pretty weak there, it wouldn't take much to cause such a fragile regime to collapse.
Maybe it was just accidental price pump on local exchange. I`m confident, the price dropped very fast. Bitcoin is worldwide currency, it cant be worth 7200$ in Zimbabwe, and 3900 elsewhere.
The premiums are pretty normal if you take the situation there into consideration, and the fact that there is an extreme shortage of coins there. If you wait a few months, this market will more and more develop itself, and eventually the premium will definitely remain, but not in this severity. I wish more people stood up for themselves and prove that they can have the freedom they are looking for by jumping into Bitcoin. I am quite sure that if enough people are willing to do so, the government there will poop its pants. I can't understand why people keep letting themselves operate within a system that has no intention of being helpful or contributing. Bitcoin is a big F. you in the face of the government and any other central authority.
Wow! This is an amazing news and right now am planning to be going to Zimbabwe to sell some of my Bitcoin...
I am African, I live in Mozambique, I am a neighbor of Zimbabwe, I would not advise you to go to Zimbabwe even if bitcoin was worth $100,000. the political system of mugabe and its party is equal to many African countries, there is no freedom of expression, there are no human rights, the judicial system is corrupt, the police and the army are controlled by the president of that party.
in Zimbabwe you can be arrested just for criticizing the president
I have been saying this that in the whole continent of Africa, Bitcoin can flourish and be accepted as a legal tender unlike what we have seen in China in the past few weeks.
Africans are the same as the Chinese, which is why they do very well, bitcoin will face many problems in Africa
And this is just Zimbabwe...we will see how the rest of Africa would be receiving Bitcoin in the next few months. Welcome to Africa and welcome to Zimbabwe where Bitcoin is definitely the new diamond!
as I said before, In Africa have power is everything and no one wants to share power with the other, bitcoin is something decentralized and decentralized does not match with Africans
At first, my reaction was "poor guys, they have to cough up almost double the money just to get something that everyone should be able to get at the same rates. Then I came to my senses and realised that these guys buying Bitcoin at that price were probably loaded with cash anyway (hence the willingness to buy so costly). And not to play to stereotypes but in countries like Zimbabwe, if you were super rich, then you probably got there through status or some less than honest way.
Isn't there an international exchange accepting Zim at the moment? I thought Western Union was there.
Isn't there an international exchange accepting Zim at the moment? I thought Western Union was there.
Quote
Stories of hyperinflation in various countries have been mounting in recent days. As citizens face the reality that their country has devalued its currency, they are forced to take backpacks of cash to buy a loaf of bread.
Within these devalued currency environments, other forms of money--stable ones--are welcomed. Zimbabwe is one such nation. There, hyperinflation reached a critical point in 2008, and is threatening again. The country appears to be headed toward another bout of hyperinflation and citizens are turning to dollars and Bitcoin. The use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept.
In all the chaos, the price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible. Recent reports from Venezuela, where hyperinflation is actively routing the economy, indicate that a similar rise in Bitcoin usage has taken place. Citizens have been forced to turn to non-governmental sources for business purposes, leading to suggestions that such economies could face ‘Bitcoinization’.
More of this exciting news here...
Within these devalued currency environments, other forms of money--stable ones--are welcomed. Zimbabwe is one such nation. There, hyperinflation reached a critical point in 2008, and is threatening again. The country appears to be headed toward another bout of hyperinflation and citizens are turning to dollars and Bitcoin. The use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept.
In all the chaos, the price of Bitcoin on the local exchange, BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible. Recent reports from Venezuela, where hyperinflation is actively routing the economy, indicate that a similar rise in Bitcoin usage has taken place. Citizens have been forced to turn to non-governmental sources for business purposes, leading to suggestions that such economies could face ‘Bitcoinization’.
More of this exciting news here...
Wow! This is an amazing news and right now am planning to be going to Zimbabwe to sell some of my Bitcoin in there as the price is soaring so high...almost double of what we are having right now outside of that country. I am sure this can be because of the excitement that people are giving in to Bitcoin.
I have been saying this that in the whole continent of Africa, Bitcoin can flourish and be accepted as a legal tender unlike what we have seen in China in the past few weeks. Of course, this is just the start and I am sure there would be some humps and bumps later but it is fearless forecast to say that Bitcoin has a good future in Africa.
And this is just Zimbabwe...we will see how the rest of Africa would be receiving Bitcoin in the next few months. Welcome to Africa and welcome to Zimbabwe where Bitcoin is definitely the new diamond!
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