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Though the term emerging markets is a catch-all masking enormous variations in economic development there is no doubt that large numbers of young adults are going to face increasingly uncertain times of political and economic unrest. In these cases, as the national currency became increasingly devalued, either due to government over-printing or large injections of counterfeit bills, citizens have privileged foreign currency in order to maintain the import of goods.
But dollars are hard to come by in legal ways. Aggravated by limited foreign reserves and fixed exchange rates pegging the national currency at artificially high rates to other currencies, black market currency trading has flourished. Finally, in Nigeria, dealers trading at an exchange rate weaker than the government-sanctioned rate risk running afoul of Nigerian intelligence services.
Not all are suffering from the discordance between the official versus black-market rates. In fact, up till , some benefitted greatly from the spread. Bypassing government control and regulation, accessible via a smartphone and not dependent on a bank account, bitcoin offers one the most viable alternatives to the prized US dollar in countries suffering from an inflationary monetary policy.
Though the government is capable of limiting the supply of foreign currency through its own channels, the only way it could restrict access to bitcoin would be via nationwide internet censorship. Instead, authorities claimed the energy-intensive operation was hijacking national resources. The Latin-American nation is rocked by frequent and often severe blackouts and as electricity is heavily subsidized by the state and provided virtually free to residents, the charges of electricity theft are not entirely without merit.
Some nations have felt the currency itself directly undermines their own economic policy, and have taken steps to outright ban it. With anonymous transactions publicly controlled and validated, it has gained a reputation for being the de facto currency for extralegal, if not illegal activities.
It can be argued that these nefarious beginnings are what allowed it to gain traction in its earliest days. However, the reality is that today, Bitcoin existing independently of a regulating body is what makes it so attractive as an alternative currency. Regulating bodies are known to make mistakes and populations suffering from those mistakes must seek alternative monies regulated by alternative bodies.
Why not, therefore, a currency regulated by the people? But in Bitcoin we hope Bypassing government control and regulation, accessible via a smartphone and not dependent on a bank account, bitcoin offers one the most viable alternatives to the prized US dollar in countries suffering from an inflationary monetary policy.
Bitcoin offers one the most viable alternatives to the prized US dollar in countries suffering from an inflationary monetary policy. Not now for all, but some people need it now. Contactless cards and payments have made life in countries like Australia and the United Kingdom easier — the benefits for customers are obvious.
But why has the United States been lagging behind for so long?