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Cryptocurrency vs Bank (Day 504)

It's summarized nicely with the key points in this CNBC article:

For many Afghans, this week has laid bare the worst-case scenario for a country running on legacy financial rails: A nationwide cash shortage, closed borders, a plunging currency, and rapidly rising prices of basic goods.

In some ways, it’s a perfect test case for the usefulness of bitcoin and other cryptocurrencies. CNBC spoke with several Afghans who are using crypto to learn how they got into it, how it’s helping them, and barriers to further adoption.

When legacy financial systems fail due to any reason--war, economic and political instability, or a shaky economy, etc.--cryptocurrencies become valid alternatives. You can buy Bitcoin, which could be volatile, or cryptocurrencies pegged to government-issued currencies such as USD, EUR, JPY, etc. These are known as "stablecoins," which you have total control over.

At the end of the day, you still need some legacy bank to cash out your cryptocurrencies. Or, you may use services and buy goods from places that accept cryptocurrency as a form of payment.

For people who live in unstable regions, cryptocurrency could be better than legacy banks.

  1. 1

    now, everyone has started seeing the advantages of crypto coins. you can't even argue about it any more

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    Yes, I totally agree with the article's content. In unstable regions, cryptocurrencies can be a perfect alternative to other means of improving your economic situation. The only issue is that you need large investments at the initial stage. However, if you're planning to go deep into cryptocurrencies, it is worth starting as soon as possible because you'll definitely gain a solid amount of money at a certain point. The main thing is to follow the statistics and keep yourself updated about cryptocurrencies by using such sources as bitscalp.io to make the right decisions on where to invest your money. Anyways, in unstable regions, you risk losing everything, but you have a chance to gain a lot.
    https://bitscalp.io/bitcoin-fundamental-analysis

  3. 1

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