Bitcoin Forum

 http://www.bloomberg.com/news/articles/2015-02-22/greenback-is-king-as-zimbabweans-favor-candy-over-local-coins?hootPostID=e44ced00192fdb94854d0b24733d9fd1



 ;D so ... use bitcoin instead ... with direct print from paper wallet  :D

I don't understand why they need a financial system at all. It seems to be too expensive for them to maintain.

financial service can delivery tools ... to work or create job for foods or others repair service.

Talk about a dumb statement.. altho hes right about acceptance. Seams not alot pople there are worried about purchasing power loss over the year.

cheers

We've got the same problem here with altcoins. Some people may try to pay you with some unknown, invented yesterday, altcoin, but most folks only accept BTC.

there is no 60 minutes wait, first confirmation is much faster

Not always. Nevertheless, other cryptocoins are still a lot faster. For example, the first confirmation for a dogecoin transaction usually arrives within a few minutes.

CryptoCurrency can not save Zimbabweans, may be they can use some traditional method, like gold?

People has been skeptical about introduction of the bond coin as they fear that the physical coins will be the government's first step to reintroducing back the Zimbabwe dollar. so in this scenario, I don't see any obstacle on why they shouldn't use bitcoin. At least they can use it as a day to day exchange currency to buy goods and stuff rather than accepting candy or pens?

Gold is not very "user friendly" for everyday life (neither is bitcoin).

That's because Bitcoin favours large payments. This is where it excels with its small fees and secure transactions. It's still hard to use for people on the move, who want to quickly grab a hot dog from a stand, but it's great if you're buying something in the internet. There are services, that don't even wait for the confirmation and immediately know the transaction has been made. For example I bought a steam game recently, and had the key on my mailbox in less than a minute.

The, we shall remember that Zimbabwe in one the world's poorest country.
A man making $100 in a month is rich out there.

Most transactions are very small, below $1.

true ... but when you pass an entery country to bitcoin ... what it append ?  ;D to the moooooooooooon !

and the 2nd question is not a problem now, i have the 0 confirmation and not ever a problem since 2 years of using bitcoin.

I'm afraid Zimbabweans would kill any money.

lol and fiat dollars are backed by what? Oh sorry, they are backed by a gun  :-\

China's leaving, Zimbabwe's coming. The end of days is looming for the bitcoin world.

You can get much farther with a kind word and a gun than you can with a kind word alone.

What Zimbabwe needs is a better government.  :)

been doing btc transactions for a while now. there hasnt been a time that i had to wait more than 20 minutes for the first confirmation.

Once I had to wait for nealy 50 minutes. I think many bitcoin arbitrageurs have seen even longer times for the first confirmation to hit the blockchain.

why do you say china is leaving? the situation is been even worse for them and bitcoin in the past. you think current events would really squeeze them out of the market?

are you really implying that bitcoin is as unusable as gold in everyday life?

i guess you are right, and im just being lucky .. looke it up and since the avarage transaction time is between 5 and 15 minutes, there has been people who were waiting for transactions to go tghrough were as long as 3 hours

At least 7170 bitcoins allegedly left China recently. What events do you refer to, what did I miss?

Zimbabweans is one of the most poorest countries. There is nearly no internet connection, bank account even reliable gov there. How do you expect ppl there to use BTC?

Gold being completely inappropriate for everyday transactions doesn't per se make bitcoin more usable if that was your point.

We all need better governments

And it is not the average time between transaction confirmations on the whole that matters. It is more important that your transaction got included in the new block. I've seen it a few times already that my transactions didn't get confirmed with the new block. And a few of them even required two or three new blocks generated to finally get just the first confirmation.

China does nothing for BTC other than mine, sell and make up fictional numbers on exchanges. Any attempt to actually use it out in the open would be squashed pretty rapidly.

One of the larger Chinese exchanges estimated they had 10,000 regular users during the peak in 2013. If a decent chunk of Belgians or Luxembourgers started using BTC it would make up for their exit.

Yes, I had to wait. I was sending a few bitcoins from one exchange (won't name it) to another, and as I could see it on the blockchain, the incoming transaction to my wallet was from a few dozen addresses.

Their economy is a complete disaster. I've recently done some courses in related fields and have a better understanding now. I understand that they're very poor, but they are just making things worse, instead of making them better.       
But Bitcoin can't save Zimbabwe, that's for sure.

Agreed... but WE do not have a 91 year old dictator at the wheel.... Robert Mugabe is driving that country into the ground. The people fear him and his followers and they will suffer because of that.

The voting is rigged and the economy is based on selling off mining rights. These companies stip the country and it's minerals and they are left with VERY little.

Nobody does nothing .... On the one hand you have countries with sanctions and on the other hand countries supplying them with the goods being sanctioned for their mineral rights.

The people can do NOTHING about that.... !!!!!

incoming transaction from a few dozen adresses? this is the first time i hear thats possible. been doing transaction betweens exchanges. not a lot, still a newbie.
the waiting times are horrible. exchange to exchange has taken even days to complete.

Yes, it is quite possible. Below's a snapshot of bter exchange sending bitcoins from their change wallets to their hot wallet address.

http://s28.postimg.org/dkz946c3x/bter.png

well, italian lira is always like that ... before the euro.
500 000 Lira = 300 Euros (300 USD).

http://www.banknotes.com/IT118S.JPG

Wow, I didn't knew Italia had to resort to that.
It's still nothing to the trillion dollar zimbawe dollars tho lol.

that's why i trust in bitcoin ... because of the multiple devaluation of the FIAT paper money.
and the printing machine of money (QE) will accelerate the paper money ... fall value.

I lived in Italy long before the Euro and it was pretty stable. I think they took a long old while getting up to those numbers.

They are selling them online as a novelty item now... it has even more value now.  ;D ;D

When your currency reach those levels, it would be more cost effective to use it as toilet paper. I still have one of those notes somewhere from the times when I did some contract work in Africa.

I know, after World war II in the depression times, people got paid with wheelbarrows full of cash...  https://keripeardon.files.wordpress.com/2013/06/a16e0-090107-weimar.jpg?w=189&h=152 (https://keripeardon.files.wordpress.com/2013/06/a16e0-090107-weimar.jpg?w=189&h=152)

It becomes better to barter for goods and avoid cash completely. { I give you 12 eggs for a bread } kind of thing.... who needs cash?  ;D   

Some are saying that when most people expect Greece to be the first country that leaves Euro, it may be a country like Italy that says fuck it, and goes back to their own currency.

yep, italia is the next country to ... have problems after espania.  :-[

That is right. Stability is what matters.
If we start talking in satoshis now, we would have a ridiculous amount of zeros.
That really doesn't matter.

I dont get it , cant the zimbabwe people just take millions in loans and then payit back when a million is dust? oh wait it already is  ;D

Yeah, taxpayer's heaven, when you pay, say, your income tax with just dust due to hyperinflation. The other, "bright" side of the inflation tax, so to speak.

That is why you should not trust anything FIAT based bitcoin is no exception to this rule. The only difference is that bitcoin is virtual but it will not prevent btc to be cheap like trillion zimbabwean dollars some day if people said so...

What do you think the interest rates in a hyper-inflating economy would be?  :)

Howerer due to some issues many ppl concern, XRP's price fluctuates a lot recently. It still needs some time to go.