Down With Fiat, Bitcoin Blesses Developing Countries

bitcoin-btc
  • Bitcoin (BTC) and cryptocurrency proves a blessing to developing nations. 
  • Reddit users express how crypto transfers can and have changed their lives.
  • It offers a steady option that local banks fail to deliver.

Bitcoin came to be to give the world a fair chance at financial freedom and equality. So far, Bitcoin adoption has brought in incredible change around the world. Yet, there are still many who are skeptical about the technology as they do not understand it. 

According to the Reddit thread CryptoCurrency, Bitcoin and crypto transfers will always pose a better option than fiat transactions. In detail, a particular post sparks conversation about how crypto transactions could make their lives easier. 

Specifically, the first story is about the user trying to transfer funds in USD to their family back in Iran. In particular, they tried to transfer money using banks, the transfer took over 20 days. More so, upon arrival, the transfer was rejected as Iranaians cannot have a USD account. 

To get around this issue, the only solution was a risky one. The user’s father flew out of the country and physically brought USD in cash into Turkey. The reason for this is because Turkey only allows USD to be exchanged into the local Turkish Lira. 

Thus, a simple transfer that could be done within an hour took 23 days. The user vents out their frustration over how ridiculous the whole scenario was. In fact, it is extremely unfair, for they ended up taking additional risks and would have even lost an opportunity to invest in a good property deal simply because of the stringent rules set by banks and countries. 

Ultimately, the user expresses gratitude towards crypto and blockchain technology and stresses on how lucky we are to have it. After this rant the user ends with a ‘Viva BTC’ to conclude their take on the blessing that is Bitcoin (BTC). 

In addition to this rant, another Reddit user chimes in with a similar situation they went through in Turkey. They said the only way to have resolved it was through the use of cryptocurrency. Finally, this user expresses how important crypto is for those who live outside privileged first-world countries. 

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.