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Author Topic: The Satoshi Value Economy  (Read 175 times)
FanEagle
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June 12, 2019, 06:53:32 AM
 #21

This is not really the case for many currencies that are undervalued neither. I may not really understand the situation very well so I am sorry if I understood it wrong but for example you can stay at a hotel in Venezuela for 7 dollars (5 star best hotel btw) as well but in their currency it takes thousands of their currency.

Which means there are currencies with inflation that are like 20 thousand of fiat of that country equals to 1 bitcoin but when it comes to purchasing power the dollar and bitcoin worths a lot and can be used to purchase a lot of stuff whereas you would need thousands of Zimbabwe currency to do the same.

Smaller denomination doesn't always means its better or worse, bigger could mean bad things too sometimes. Like euro for example has better denomination than dollar and stronger whereas Iranian is lower too but means bad things.

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June 12, 2019, 07:10:07 AM
 #22

This is a situation that would just get worst as time goes by, because Fiat currencies in 3rd world countries are failing at a rapid rate and they are trying to print them out of trouble to keep the local economy from collapsing.  Roll Eyes

Hyperinflation is also a real problem and the next global financial collapse will trigger a global currency crisis. People will soon realize why Bitcoin is a safe haven against Hyperinflation and toilet paper currencies.  Wink  <Examples : Zimbabwe & Venezuela>  Angry

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June 12, 2019, 10:10:27 AM
 #23

It's a nice little bit of trivia, but what does it really mean? For example, economy of any of those countries is far bigger than Bitcoin economy, and those currencies have more users than there are Bitcoin users in the whole world. There are currencies that cost more than the US dollar, like how Kuwaiti Dinar costs $3.29, but this doesn't really mean that it is better than US dollar in some way

But it still gives a warm feeling

I agree that those countries are bigger than Bitcoin in most aspects, but this is definitely not because Bitcoin is somehow worse than the respective currencies. It just happens that the countries mentioned have many millions of people living there (e.g. Iran or Indonesia), and all these millions have to use the official currencies whether they like it or not. But do people outside these countries use them? I guess, not much. But Bitcoin is used across the world and that's a real thing and a real advantage. Simply put, in real competition on equal grounds Bitcoin will beat most of fiat monies out there and with a vengeance at that

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June 12, 2019, 12:47:14 PM
 #24



Do you know that using the current rate of bitcoin against the USA dollar, the smallest denomination of bitcoin, a single Satoshi, is now worth more than some national currencies like:

- Iranian Rial
- Vietnamese Dong
- Indonesian Rupiah

The 1 Satoshi is at USD $0.0000772318 while Iranian Rial is at 0.0000237959 USD, Vietnamese Dong at 0.0000426711 USD and
0.0000700676 USD is for Indonesian Rupiah.


Wow, I have never done my research to this length and it is really good to know that Bitcoin value is better than some country’s value. This may be the reason why some smaller countries are really the ones very friendly to cryptocurrency and adopting it.

Once Bitcoin becomes a global currency in future, it will surely be able to solve some of the challenges that these countries are having with their economy that is making their paper coin valueless, with Bitcoin, they will be used to digital currency which will also give them an idea as how to make their own currency work. Bitcoin being a global currency still doesn’t stop each country from having their own digital currency.

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June 12, 2019, 03:53:37 PM
 #25



Do you know that using the current rate of bitcoin against the USA dollar, the smallest denomination of bitcoin, a single Satoshi, is now worth more than some national currencies like:

- Iranian Rial
- Vietnamese Dong
- Indonesian Rupiah

The 1 Satoshi is at USD $0.0000772318 while Iranian Rial is at 0.0000237959 USD, Vietnamese Dong at 0.0000426711 USD and
0.0000700676 USD is for Indonesian Rupiah.


comparing the price of bitcoin with USD is actually a wrong thing,it should be done with satoshi value.I guess there are many fiat currencies value against USD is very low so there are many comparision can be given other than these three.
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