Countries like arghentina venezuela high inflation

Polo7

jr. member

Activity: 392

Merit: 7

Quote from: BrewMaster on September 14, 2020, 10:54:54 AM

because first of all people who aren't living in their parent's house have to pay for stuff from groceries to rent and utilities. and to pay for all that they have to have fiat because the grocery store, the bank, ... don't accept cryptocurrencies.

secondly what you refer to as "stable currencies" are just altcoins like any other, with the difference that these are 100% centralized. and in case of the most popular one tether it is the shadiest and most used at the same time.
assuming someone was naive enough to do this and the next day bitfinex was shut down by the FBI their lives would be ruined in a blinking of an eye because they lose all their life savings in a centralized shitcoin with no guarantee.

well the solution is go in crypto

the usd and eur most common crypto stable currenies out there.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

because first of all people who aren't living in their parent's house have to pay for stuff from groceries to rent and utilities. and to pay for all that they have to have fiat because the grocery store, the bank, ... don't accept cryptocurrencies.

secondly what you refer to as "stable currencies" are just altcoins like any other, with the difference that these are 100% centralized. and in case of the most popular one tether it is the shadiest and most used at the same time.
assuming someone was naive enough to do this and the next day bitfinex was shut down by the FBI their lives would be ruined in a blinking of an eye because they lose all their life savings in a centralized shitcoin with no guarantee.

jackg

copper member

Activity: 2856

Merit: 3071

https://bit.ly/387FXHi lightning theory

Oh yeah! Then what when fees rise to $50 a transaction! What are they buying?

Most countries like this have inflation at about 10% annually right? I don't think supermarket pricing change that often and people probably do invest or convert currency when they can, I think people from Venezuela use paper dollars for example and people in Indonesia may also use gbp or euro. But supermarkets might up their price every month or so but realistically they can't sell to you for much more than about a 5% markup on WHAT THEY PAID and if they're sourcing locally, they might have longer contracts.

If you keep £100 out of a bank account you're missing more the interest than you are the inflation cost (only about £23 at 1.4% inflation, whereas interest at 3% could be £55 over 15 years).

Polo7

jr. member

Activity: 392

Merit: 7

In those countries Why People Don't use just cryptocurrency wallet and use digital usd or other stable currencies?
Simple Solution download app or wallet buy the digital dollar usdt for example and use it with each Other with own Community,

Why They not use it all ready? As their own fiat is useless all most!

Why They Don't use their Brain?

Topic: Countries like arghentina venezuela high inflation (Read 131 times)