Post
Topic
Board Bitcoin Discussion
Re: Should bitcoin really be used as currency?
by
amishmanish
on 23/06/2021, 10:20:21 UTC
--snip--
It doesn't seem right that if a family has their money in bitcoin and can afford their rent and bills one week and the next week some western US bank or 'influencer' decides to dump their holdings or cause FUD and cause a 20% drop and then that family cant pay their rent or have enough for all their food shopping the next week right?
This is a valid concern if the family actually decides to keep its savings only in BTC. While it'll only benefit in the long run, I am not sure that any family with small income can face the uncertainty. In terms of investment and speculation, Bitcoin and crypto can only be comfortable for people above a certain level of resources.

Now, this doesn't mean that those countries cannot or shouldn't use Bitcoin. Remittances convertible to Fiat without loss of the transfer cost is a big use case. Another important thing to keep in mind is that it also empowers these people to literally use their mobile phones as wallets and banks for connecting to the world of financial inclusion.

This is also good for the entrepreneurs in these countries as they can become part of the community of people who are working on crypto based products.

Just seems wrong to me the influence some people have and how it's affecting 'normal' people's lives who aren't necessarily using bitcoin as a speculative investment.
Nobody should be marketing Bitcoin as an "investment" to those people. It is primarily a tool for their financial inclusion. Of course, it must be tempered with a bit of hand-holding when it comes to handling the risk associated with cryptocurrencies. There is no dearth of snake-oil salesmen. The people should be using Bitcoin as a tool, not as a financial investment.