Post
Topic
Board Speculation
Re: Why the Ukrainian crisis is bullish for BTC
by
kkaspar
on 03/03/2014, 21:46:34 UTC
Well, if you aren't able to withdraw more then 1000€ a day from a bank, then you won't be able to withdraw more then 1000€ from bitstamp as well.


Irrelevant. BTC has no physical cash form so being able to "withdraw" it in that sense from a legacy bank is impossible. However, so many vendors accept BTC in some form or another, in addition to their being localbitcoins and similar avenues, it is clearly superior to cash which can be withdrawal-limited by a government at whim. The government would have to enact far more draconian rules to limit electronic cash spending (i.e. you can't spend more than .5 BTC at tigerdirect or coinfueled per day... lol.)



Travel to Ukraine and try to live a month while using only BTC. Then decide how irrelevant it is.
People have done these tests in more developed countries and found it very very hard. 99,9% of Ukrainans will probably start to make fun of you, when you try to offer them bitcoins to pay your rent, bills or just get something at the convenience store.

Most of the cultists here can't understand how dependent bitcoin is to the $. Bitcoin has a childish fixed coin supply, so it needs fiat to give it value. That is the reason why stores aren't accepting bitcoins without bitpay. There is very little use of an volatile and unpredictable currency without the support of fiat.