175 Quadrillion Zimbabwean Dollars Now Equals 0.02164502 BTC

[bitboy11]

I guess I could finally become a Gazillioniare!

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[cupscrypto]

I've always found it amusing and fascinating how the Zimbabwean currency lost so much of its value.

You know that sad laugh of surrender.... it became so natural here you would think that is how all of us laugh.

[moni3z]

South African Rand is also legal tender in Zimbabwe nobody actually uses the official currency, it's all USD or Rand.
They could definitely use a bitcoin money transfer system from ZA->Zim because it's impossible as hell for migrant labors in South Africa to wire money home. You need piles of ID cards and money transfer corps charge enormous fees when usually these guys are just transferring weekly small amounts under $200.

[moni3z]

South African Rand is also legal tender in Zimbabwe nobody actually uses the official currency, it's all USD or Rand.
They could definitely use a bitcoin money transfer system from ZA->Zim because it's impossible as hell for migrant labors in South Africa to wire money home. You need piles of ID cards and money transfer corps charge enormous fees when usually these guys are just transferring weekly small amounts under $200.

Where do you get this false information? It's actually very easy to get money sent form S.A to Zim, what is difficult is sending money out of the country.

For Bitcoin to be worth anything to us we need a means to either spend it as bitcoin or easily change it to USD. Currently that is nearly impossible. Bitcoins utility here is almost non-existent except for fringe people like myself. Here everyone is signing up for Mobile money solutions like Ecocash, hell they are even offering us Mastercard access , meaning i can go global with it.

For bitcoin to work, we need to be able to use it.

Migrant workers need 'official South African ID' and most are not registered so can't use WU or other money transfer unless it's black market for like 10%+ fee
http://www.aljazeera.com/video/africa/2013/05/201352033350727917.html

[ObscureBean]

Well one thing's for sure, growing up with that many zeros, these guys must have paranormal math abilities by age 30 just by going to the grocery store every week   Seriously though, imagine having to add, multiply, divide 6-8-digit numbers multiple times every day. Good for them!

[SebastianJu]

Well one thing's for sure, growing up with that many zeros, these guys must have paranormal math abilities by age 30 just by going to the grocery store every week   Seriously though, imagine having to add, multiply, divide 6-8-digit numbers multiple times every day. Good for them!

The prices probably are in million Dollars. So it would not make a so big difference if you pay $3.50 for your bread or $3.5 Million. I doubt any seller would bother to use all the places of the prices.

It would be fun though in developed countries. Instead $4.99 you would maybe have $4,999,999,999.99 or so. Though in fact they would limit it too.

[larsson]

So what happens to the people living there? How do you buy anything?

[misterycoins]

many people turn to barter or other types of trade that are not dependent on currency. Sadly, in most affected countries, this also means a large increase in crime.

[misterycoins]

crazy In three years time the inflation went from under a thousand percent to nearly 80 billion percent. They had to constantly write additional zeros on their bank notes or else you had to take a whole wheelbarrow full of bills with you to buy a bread.

[bitcollins85]

The Zimbabwe dollar is worthless. They're literally not worth the paper they're printed on (or at least they're not worth what they cost to make)

[Gleb Gamow]

The Zimbabwe dollar is worthless. They're literally not worth the paper they're printed on (or at least they're not worth what they cost to make)

So, are you saying that a country could go broke if the printing cost for their currency exceeds what the denominations are worth?

<just my penny's worth of opinion>

[centauribit]

Hyperinflation is a bitch. it can't be converted into any other currency. They have the second worse case of hyperinflation in history

[RustyNomad]

AFAIK the Zim Dollar is no longer in use, Zimbabwe is now using the US Dollar

Edit:

Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. The Zimbabwean dollar is due to be demonetised (no longer legal tender) by the end of 2015.

https://en.wikipedia.org/wiki/Zimbabwean_dollar

[Falconer]

AFAIK the Zim Dollar is no longer in use, Zimbabwe is now using the US Dollar

Edit:

Use of the Zimbabwean dollar as an official currency was effectively abandoned on 12 April 2009. The Zimbabwean dollar is due to be demonetised (no longer legal tender) by the end of 2015.

https://en.wikipedia.org/wiki/Zimbabwean_dollar

Yeah thats why some people made an auction for their Zimbabwean dollar since it wont be used again. You could look one of them here https://bitcointalk.org/index.php?topic=1094455.0
Can you imagine then if you have this money which it is a part of history? 

[manselr]

That is just beautifully insane. In the future all fiats will end up like this against Bitcoin, because honest money always win and dishonest money goes Zimbabwe. By then we'll all be filthy rich and laughing at the fiat bagholders.

[apriyani420]

wow that is really impressive... how they dont search for alternatives or dont just cut some 0s on their money? it would be easier to use and it wouldnt require too much calculating

[Bitcoinpro]

this analysis is to incredible for its own thread

im finding evidence of a fiat wide concerted effort by all Paper tigers

trying to Defend against the Crypto onslaught !!!!!!

[dodgecharger]

This problem is caused when the government spends more than its gross domestic product and prints money to pay for the deficit. So the problem isn't the way the money is printed, but the fact that the government continues to spend more money than it generates.

[Jushe]

I can't even imagine having to wheel barrel my cash to pay for a candy bar.

[spin]

Old news. They've been off the ZWD for some time now.  Larger companies are paying salaries in USD.  I guess the informal sector works on USD and ZAR as well.