Cambodia, a country that uses multiple currencies, may hold the key to mass adoption of Bitcoin.
When I first got to Cambodia, the use of the dollar took me aback. The reasons were multi fold. One is that the prices are incredibly low. A dollar can buy you nearly 6-7 pastries at a local bakery. Secondly there are no coins, this means that whilst you pay in the dollar, you get your change back in Cambodian Riels. It seems to be a common knowledge that 1 dollar is nearabouts 4000 Riels. While at first getting your change back and doing the math maybe perplexing, you can get used to it. In most non-touristy shops the prices are marked in Cambodian Riels. Divide by 4000 and you can pay in dollars or you can simply shell out the Riel. Of course at the ATM, you can get either Riels or dollars but most ATMs simply spew out dollars. A big problem though remains getting change for bigger dollar bills. If you carry around 100s that you have freshly withdrawn from an ATM, you will struggle a lot.
https://cointelegraph.com/news/bitcoins-mass-adoption-clue-is-hidden-away-in-cambodia
When I first got to Cambodia, the use of the dollar took me aback. The reasons were multi fold. One is that the prices are incredibly low. A dollar can buy you nearly 6-7 pastries at a local bakery. Secondly there are no coins, this means that whilst you pay in the dollar, you get your change back in Cambodian Riels. It seems to be a common knowledge that 1 dollar is nearabouts 4000 Riels. While at first getting your change back and doing the math maybe perplexing, you can get used to it. In most non-touristy shops the prices are marked in Cambodian Riels. Divide by 4000 and you can pay in dollars or you can simply shell out the Riel. Of course at the ATM, you can get either Riels or dollars but most ATMs simply spew out dollars. A big problem though remains getting change for bigger dollar bills. If you carry around 100s that you have freshly withdrawn from an ATM, you will struggle a lot.
https://cointelegraph.com/news/bitcoins-mass-adoption-clue-is-hidden-away-in-cambodia
Never mind the pervasive and widespread poverty, lack of human development, authoritarian-style democratically-elected government and widespread malnutrition! It was the use of the dollar that took you aback?! Holy head-in-the-clouds, Batman! Let's get back to the bat cave so I can pump out a Bitcoin-related article for Cointelegraph.com about this and submit it post-haste!
I bet the mass-adoption clue is extremely well hidden; probably buried under the millions of dead intellectuals and professionals in the killing fields.
I nominate this article for a Nobel literature prize.
I'm in an extremely cynical mood today.
