Topic: Banks do not control my bitcoins - Zimbabwe News! - page 3. (Read 431 times)

It is now the time we boast the advantages of bitcoin which can be implemented on a certain country for a better mometary system. This is a certain call for the attention of everyone to see that bitcoin is way more better than fiat and the manipulation of the government will never stop but we can be freed by bitcoin. A country should have a government that would provide suffecient needs of its people but it is contrary on what is happening on Zimbabwe so maybe things would get better if they would allow bitcoin be regulated by them.

Another coin that the government can turn to dust overnight. Zimbabwe should have learned the lesson...

Hmmpf, they should learn from us, 1 bank note per person per day, the socialist way of redistribution of wealth: quotas and lines, LONG waiting lines, so many and so long, you won't have time to do anything else which fits perfectly with their system, as there won't be any full jobs worth doing anyway.

100$ per day at the ATM? Try 2$. That's the reality here. And guess what, the money only lasts about 15 minutes, the ATMs get refilled about twice a day. Your best hope is to do the line at the bank for your daily banknote. Of course, most transactions are done with debit card, physical money is only rarely used in things like the obsolete (private) public transport city services.

To me, the only reason any government has to issue a coin, is to manipulate it and do things like printing to fit their ill conceived budgets, rather than reduce expenses.

Rather than creating fiat currencies, they should be abolishing them and just adopt bitcoin. Otherwise they are planning something shady, that only ends with MORE poverty. Indeed if you start adopting Austrian school of economy ideas, first thing you do is abolish fractional reserve banking and CLOSE the central bank. This forces the ever corrupt politicians into more transparency, no garbage budgets anymore.

Well, lets just see how long they take to repeat history. One would think 40 centuries should be long enough for humans to learn, but alas...

FIAT is crap but it is not the main problem of Zimbabwe or countries like it. The main problem is lack of natural resources, being abused by the Westerners for years as a colony, being physically away from the civilization, diseases, simply not wanting get smarter, not giving a fuck anyway, etc etc... When all these shit bad possibilities happen at the same time and combine it with FIAT, you get Zimbabwe.

Moving away from FIAT only is not going to solve shit in Zimbabwe.

Those in the higher positions are just abusing their power to manipulate the citizens of Zimbabwe. No country should experience shortcomings in terms of fiat since it is essential in their everyday lives. We can say now that relying on bitcoin would be a great idea but it would surely take up a lot of time before everything gets to work properly. On the other hand, there's no hard evidence yet that crypto can set a country in motion and boost its struggling economy so we cannot really claim that bitcoin or any crypto would solve the problem.

This is just another example of the shortcomings of fiat controlled by central entities. You literally can't get the value of your money. I'm sure that Zimbabwean people work hard for that money and still they can't use it? That's a flawed economy and it will collapse sooner or later. The inflation is ridiculously high. IMO the countries in this kind of situations need to definitely change their economy to cryptocurrencies because fiat is not viable anymore. I mean come on.. you can't withdraw 5 bucks worth of currency?! How you're gonna live ?! lol By getting back to bartering, here's my goat - give me some bread haha

This is just one of the use cases where Bitcoin could help people redeem their financial freedom. One main advantage is the removal of certain restrictions made by the government. Although we're still far from full adoption, this incremental signs and acts that leads us toward a Bitcoin-oriented economy is a positive factor to Bitcoin and its market potential. And with the help of recent advancements such as with Lightning Network, we could improve more and thus increase its value.

The Zimbabwean economy has been in shambles for a long time now and the only thing that this so called new currency issuance is going to do is to make sure that they don't use a truckload of money just to buy a few things. They are just redominating their currency that's all but they should have made sure that they had more in circulation to prevent the shortage.

I actually put a little thought into this after my last post, and it's interesting how they are reacting in this way, I think even a blind man could realize that the Zimbabwean government is extremely corrupt and it's likely why they've chose to go down this path.

I'm wondering why they aren't choosing to adopt a decentralized payment method and use it as a bandaid as they can fix their own economy, but I just cannot... Did anyone get any ideas?

Hmhm, their currency would honestly be fine if they didn't have such a shitty government...

some bitcoiners are lucky when there is an economic crisis like in Zimbabwe but it depends on the country where they live, I'm sure you also can't make anything for example now you live in Zimbabwe with events happening there even though you have some bitcoin of course you can't shop or transact with your bitcoin there because now in Zimbabwe as far as we can see they haven't received crypto payments at their stores.

Zimbabwe economical crisis is due to wrong government polices not due to FIAT currency notes. FIAT currency is still used in every country and on it the whole financial empire stands. In my opinion neither fiat nor crypto can help you if you have economical crisis due to wrong central government polices.

There's no freedom in using their money, no wonder their economy suffers as it is not run by a good government.
Compared to BTC, we can say we are having a total freedom here as we don't even need an ATM to spend it, though there's a limited supply on BTC only but we never see people complaining on shortage.

This country should adopt with crypto and leave their fiat, they might grow this way,

Oh, Jesus. The first line isn't looking good, I'm honestly dumbfounded for what Zimbawewe can do with their economy, I think it's at a state of no return and it's just going to keep going to shit...

Yikes. Looks like they are following what Argentina is doing with their currencies, and restricting users from using it... Keep in mind, this is 100 ZWL, not 100 USD, and that converts to around 5 USD. Amazing!

They should have done something with crypto-currencies and just tried to move towards a decentralized option.

I would not be happy if they were the banks limiting withdrawal of money to me, because it is my money and my right to take whatever, if indeed it happened in my country would be very terrible plus bitcoin users here would be called unlawful if using bitcoin as a tool payment, so of course it will kill me slowly, maybe I go to escape to a country that is free to use bitcoin as a means of payment

That is probably the prevailing condition especially in developing countries like mine where Bitcoin and crypto are still mind-boggling puzzles to the legislators and policy-makers. Although one has the option to choose crypto over fiat, it is unfortunate that in the end, during the moment of actual spending, one has to get back to fiat first and do the purchase. There are people here claiming that they choose crypto as their money but they are still compelled to do the same conversion regularly for their day to day needs. 

That's no imagination but a harsh reality to India as well! Recently an old bank known as "PMC Bank" failed due to corrupted lending and high percentage of NPA. The central bank immediately banned the people from withdrawing their deposits and given them a daily limit. My housing society is one of the victims and they are still hoping to withdraw their deposits.


Correct! But that is far from being a reality! We can only realize the true potential of cryptos knly if it is accepted by the stores of our country. If you don't have any way to use cryptos in your country to buy goods and services, the only way left is to trade cryptos for cash and then use it! But I understand and support your point! It is becoming more valid during the current economic slowdown.

nice step to suppress their hyperinflation, but wait?

the initial injection of funds to the bank is only $ 30 million ZWL, the daily withdrawal limit is $ 100 ZWL, equivalent to $ 5 USD
(based on sources from op)

I do not know the average cost of their daily lives, but this only meets the needs of less than 2 days, indeed their new system needs length adjustment. but it is very useful if the citizens start to trust bitcoin early to at least find a more comfortable alternative.

Not only Zimbabwe there are many more countries going through the sam problem. Surely Bitcoin means freedom from centralized control and Banks.

But, I do not understand how are you relating Bitcoin to financial freedom. As per my understanding you have to convert Bitcoin to fiat, you are still depending on Fiat.

It is a crisis situation out there, do not make a mockery of it. They need Fiat to survive, hospitals and food store there do not accept Bitcoin but Fiat.

Zimbabwe currency is one with a very low value. One Zimbabwe dollar to the USD is about 361 US dollar.
Which is a bit of a growth as to what it used to be.
Hopefully bitcoin can be the change citizens of that country needs

i think the point of what OP says is to remind others that bitcoin is more about financial sovereignty and taking that control back in your own hands.
it is all a beginning, you can't expect wide usage of bitcoin as payments (to buy something) this early on. but it is happening everywhere.

Based on the Reddit threads I've read in the past that are supposedly from Zimbabweans, some people do transact with bitcoin(though a minority as far as I know), and they trade the bitcoin for fiat and vice versa through LocalBitcoins. If I remember correctly, bitcoin is more of a SoV than an actual currency.