Bitcoin for Afghanistan and Taiwan - page 2.

AicecreaME

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Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place: assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin. The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.

I don't think bitcoin would be fit for Afghanistan especially given their current state. Bitcoin is volatile. It requires knowledge about how it works for someone to fully utilize it. In addition, the processing time is longer and transaction fees are higher compared to the usual digital banking. Although I get that bitcoin is really useful if you will really think about it because of its decentralized nature, meaning even Taliban group won't be able to regulate it as much as they would want to; but we must also take into consideration that Afghanistan is a country that is far from being developed. Their citizens would definitely have a hard time most especially if they will just be introduced to bitcoin by now.

I don't think most of their people have resources as well as of now that their country is in chaos. In addition, the establishments that are accepting bitcoin are still limited particularly to the developed countries, hence, using bitcoin would be futile because the adoption in their country doesn't happen yet.

TheNineClub

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Quote from: NotATether on August 18, 2021, 08:30:53 PM

Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Not a good idea though. If people see the Taliban use it (and let's face it, that's inevitable if the common people start using it) it will give bitcoin a bad name that we can't really recover from as long as it's used there.

This exactly. And to be fair, there is only a small percentage of Afghani people that would use BTC, most are at least 2-3 centuries mentally behind that. And this is no disrespect, the fact is that a big part of that country is just behind a bunch of years due to being in constant turmoil. I don't see how crypto would make any good sense there.

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Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

I haven't really read any news that would indicate that the average Afghan could even get acquainted with the advantages of cryptocurrencies, and far from being able to own them at all with the low standard of life. The keyword here is that something could have been helpful if people had known it at all, that is, if they had the infrastructure that would allow them to create the conditions for the adaptation of new technologies. What they have unfortunately had for the past 20 years is a false promise that brought them back to square one.

Source

leea-1334

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Quote from: dkbit98 on August 19, 2021, 08:22:19 AM

Don't hope you can run and escape global economic collapse that is slowly spreading around the world, so US or EU and not really safe havens and could soon turn more into newage concentration camps like in Canada or Australia.
I would say that safest countries are located in Latin and South America, but only outside big cities, and I think that having some Bitcoin and other hard assets is essential for surviving upcoming years.

Really those are the safest? But I have been reading in the last few years, even if you see on social media, many people in South America are sharing how worthless their currencies are and how many are protesting against the police but police brutality is so common there. On one side are drug cartels and crime gangs that force everyone to live under them. On the other side is police who are corrupt and brutal.

I have seen the protests shared on social media and people saying pray for them. Colombia Venezuela Argentina Peru I only say a few of what I remember,,,

cr1776

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Just to be clear to those advocating for some type of authoritarian system: I’m not going to accept some fake freedom where I am “free” to work as I want while you are free to dispose of my life as you want. Someplace where everyone is both a slave master and a slave.

If you think that is a good idea, I suggest that you go and live somewhere that is practicing that for a few years. See what it is like to live under the whip hand. If you survive, come and report back to us afterward, but don't pretend that it is for our own good that you want to impose your whims on people who want to be free. It is for your own selfish desire to control everyone else.

blockman

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Quote from: Sweetbtc on August 18, 2021, 08:40:12 PM

Bitcoin is not yet fully payment system like fiat.

It is.

Quote from: Sweetbtc on August 18, 2021, 08:40:12 PM

Bitcoin is high volatile and common people of Afghanistan would not like it. Well devolped countries should choose bitcoin for payments purpose than off course some small countries will also adopt it.

That's the matter for what they see in bitcoin. Bitcoin's purposely being used as both, investment and payment. But mostly today, we're all holding it and treats it as an investment and that's what's being said on the original post because it cannot be confiscated by any government unless you're the one surrendering and voluntarily giving it. And for the developed countries, they're not obliged to do it, but as long as there's no law about it, people living in those countries are free to own, use it for payments and as a store of value.

Fortify

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Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place: assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin. The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.

Bitcoin would be a great asset for savings if only it was a lot more stable - but that is something that nobody can control. Maybe a better idea is having a basket of the top 5 most popular currencies to sort of hedge your bets, even though they often move in tandem. Weight the majority of your holdings (say 40%) into Bitcoin as the first mover will always have a strong advantage over others, and taper it down in a similar way to the remaining cryptocurrencies. The trouble with your idea is, that it is hard to be safe all of the time - you might store a hardware wallet (which might be difficult to smuggle out depending on circumstances) or you might have your funds in an exchange - which are relentlessly targeted by hackers.

cr1776

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Quote from: avikz on August 19, 2021, 06:51:55 AM

Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place: assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin. The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.

These are the exact reasons why fascist and regressive countries have either banned bitcoin or in the process of doing it. Because governments do not like people to have control over their own assets, rather they want to control everything they can.

Bitcoin is indeed a great tool to avoid such intervention from the government dogs. We have seen that in the past when protest against China erupted in Hongkong. I am sure many people are using bitcoin solely for this purpose. But governments are furious. Recently Federal Reserve president said few lines on bitcoin.

Read here: https://www.marketwatch.com/story/crypto-is-95-fraud-hype-noise-and-confusion-says-feds-neel-kashkari-11629236416

Exactly. The degree to which a country bans bitcoin (or crypto) is the degree to which they are or intend to be authoritarian in nature.

cr1776

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Quote from: NotATether on August 18, 2021, 08:30:53 PM

Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Not a good idea though. If people see the Taliban use it (and let's face it, that's inevitable if the common people start using it) it will give bitcoin a bad name that we can't really recover from as long as it's used there.

People anywhere facing an existential threat who can preserve their assets with something like bitcoin would do well to do so whether or not that encourages scum to use it. Let's face it, people protect their assets with USD, Euros, gold, silver etc, just because there are bad people using them too doesn't matter.

aoluain

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Quote from: buwaytress on August 19, 2021, 10:48:28 AM

The Hong Kong protests already saw quite impressive use case demonstrations for Bitcoin. Even if you're not looking or able to flee -- and many Afghans are also choosing to stay and resist -- Bitcoin can help overcome oppressive police states, as the protestors in HK showed when they had to use Bitcoin to buy travel tickets and send assistance to circumvent China's monitoring of bank accounts to put location and linkage tracing on HK residents.

It's a great store (and transport) of value, yes. But it's also a really useful anti-censorship transmission of money.

And the recent Afghanistan scenario where thousands of people are queuing to take
their money out of the banks is another typical example of ownership of wealth and
the consequences of not having full control of what you own.

Bitcoin as posted above is a perfect store, transport and anti-censorship of wealth,
when the Taliban take full control of the country restrictions and limits will be in
place until there is a change, Bitcoin is the wealth safehaven.

bosede1

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It would have been a great advantage to holders of Bitcoin before all this started and I hope the holder of the Bitcoin over there have really safeguard their securities and Password related to Cryptocurrency.

UmerIdrees

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Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

You have the bitcoins with you, so you can survive in these tough times at Afghanistan but what's the grantee that you will live ? The currency comes in handy when you are able to survive but currently the situation of the country is not good and anyone could get a shot gun anytime Sad

Anyways bitcoin is always a safe place to keep your money without concerning much about geographical boundaries.

pawanjain

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Quote from: cr1776 on August 18, 2021, 05:40:49 PM

Given the events in Afghanistan over the last week, it is a great example of where bitcoin could have been of great use to the people of the country. The currency, the Afghani, fell to record lows. Anyone who owned bitcoin was protected and could escape the country with their assets, not worrying about capital controls or confiscation at the border.

Given that China sees how weak the current US administration is, Taiwanese should beware and should have escape plans in place: assets offshore in the US, EU, Switzerland etc and some large percentage in bitcoin. The people of Hong Kong had an opportunity to do so, and probably still have a slight window, but right now Taiwan is in a place where the people should be concerned about the communists at their door.

I was thinking of the same thing. Just as I started reading about the things going on in Afghanistan a thought came into my mind.

What if the Taiwan people who know control the government of Afghanistan declare their tradition fiat currency as illegal.
Everybody who holds that currency will basically have zero money. I explained this thing to my brother and said him that this why it is absolutely necessary to hold some possession in bitcoin.
He understood my point.

The thought of your life savings turning into zero overnight is very thrilling and this is why it is necessary that a globally accepted currency not controlled by the government should exist.
Bitcoin is the way ahead for many such problems.

buwaytress

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The Hong Kong protests already saw quite impressive use case demonstrations for Bitcoin. Even if you're not looking or able to flee -- and many Afghans are also choosing to stay and resist -- Bitcoin can help overcome oppressive police states, as the protestors in HK showed when they had to use Bitcoin to buy travel tickets and send assistance to circumvent China's monitoring of bank accounts to put location and linkage tracing on HK residents.

It's a great store (and transport) of value, yes. But it's also a really useful anti-censorship transmission of money.

mrongoz_imut

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Based on our Afghan cryptocurrency regulatory review, crypto-related activity in the country has a security rating of 1.9/10. The main ranking factor for Afghanistan is User Voting. There are 5 ICOs and 0 Exchange offices located in the country and 38 ICOs have restricted Afghan residents from taking part in their crowdfunding campaigns. Currently the state of Bitcoin in the region is controversial. You can use regulatory review this Afghan crypto to check if it is safe to invest in ICO or exchange crypto assets in the country and what legitimacy status Bitcoin has here. Today the analysis tool has rated Afghanistan at 183 number 249 out of countries by security rating.

crwth

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I like the idea of having protection from what currency they have. I hope that a lot of people from there have managed to stash some cryptocurrency to prevent those losses that can incur from what you have said. I didn't know that Taiwan is in a rough spot now or is in the hot waters with the recent happenings. I hope nothing bad happens to them though.

Gyfts

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Taiwan, not quite yet, but they would be better off storing away their currency into crypto because they won't be able to rely on the US to protect them against Chinese aggression. Afghan's are unfortunately too poor to begin with, so I'm not sure how quick they'd be to adopt crypto when their currency is already failing. Lower class usually has a problem with a fiat to crypto transmission, and it doesn't help that the entire Middle East is primitive in technology. The number of folks that are using Bitcoin to improve their situation in Afghanistan has to be next to nothing.

dothebeats

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Many will come to the aid of Taiwan, that’s for sure. The country housing one of the most important processor manufacturing companies in the world will surely be safeguarded by its stakeholders and those who have vested their interest in the said company. Also, China will have a hard time reunifying Taiwan with the mainland with the amount of pressure from the UN and other countries against the possible invasion. Taiwan could adopt bitcoin for other purposes, but certainly not because China is threatening to invade them.

Afghanistan and Taliban is a different scenario; very far from Taiwan and China. In the case of the former, the citizens were never free to begin with, and most have had no money to bitcoins for themselves.

DapanasFruit

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You know you are so right and people in Afghanistan should have considered getting into Bitcoin before the collapse of their government and the entrance of the Taliban forces. Certainly, life can never be easy and can be so tough under the new terroristic regime despite the words of promises by the new leadership. Of course, it is now too late for them. Other countries that may experience the encroachment of China should take heed and invest more with cryptocurrency as a way of storing value and a way to protect their wealth. Now, isn't it amazing that we are now seeing the beauty of Bitcoin and cryptocurrency in action?

dkbit98

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Don't hope you can run and escape global economic collapse that is slowly spreading around the world, so US or EU and not really safe havens and could soon turn more into newage concentration camps like in Canada or Australia.
I would say that safest countries are located in Latin and South America, but only outside big cities, and I think that having some Bitcoin and other hard assets is essential for surviving upcoming years.

Quote from: ?? on ??

Depends on how you store your Bitcoin. Hardware or mobile wallet could be risky if the inspector have knowledge about storing Bitcoin and decide to check your stuff / smartphone.

You know that iPhone can now scan your phone for your ''safety'' and I think that most smartphones have backdoors that governments can hack even without your permission, there are even laws forcing you to tell them your password, and that is crazy!
Similar thing can be said for hardware wallets, but miltisig fixes this and you can just bring seed words with you, maybe even in binary form like this on metal or paper:

https://github.com/jakob6102/seedcard

Topic: Bitcoin for Afghanistan and Taiwan - page 2. (Read 473 times)