Banks do not control my bitcoins - Zimbabwe News!

[Kakmakr]

So, everyone should already have heard that Zimbabwe has issued a new currency, because most of us look at Zimbabwe as an example of what goes wrong with Fiat currencies when they fail. 

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

[Daniel91]

So, everyone should already have heard that Zimbabwe has issued a new currency, because most of us look at Zimbabwe as an example of what goes wrong with Fiat currencies when they fail. 

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

Do you live in Zimbabwe?
Can you use btc to buy something?
Do you have btc ATMs or exchange offices where you can exchange btc to fiat?
What about taxes?
It will be great if your local people can directly spend btc instead of waiting to get fiat money.

[mk4]

Do you live in Zimbabwe?
Can you use btc to buy something?
Do you have btc ATMs or exchange offices where you can exchange btc to fiat?

Based on the Reddit threads I've read in the past that are supposedly from Zimbabweans, some people do transact with bitcoin(though a minority as far as I know), and they trade the bitcoin for fiat and vice versa through LocalBitcoins. If I remember correctly, bitcoin is more of a SoV than an actual currency.

[Herbert2020]

Do you live in Zimbabwe?
Can you use btc to buy something?
Do you have btc ATMs or exchange offices where you can exchange btc to fiat?
What about taxes?
It will be great if your local people can directly spend btc instead of waiting to get fiat money.

i think the point of what OP says is to remind others that bitcoin is more about financial sovereignty and taking that control back in your own hands.
it is all a beginning, you can't expect wide usage of bitcoin as payments (to buy something) this early on. but it is happening everywhere.

[Upgate]

Zimbabwe currency is one with a very low value. One Zimbabwe dollar to the USD is about 361 US dollar.
Which is a bit of a growth as to what it used to be.
Hopefully bitcoin can be the change citizens of that country needs

[pakhitheboss]

Not only Zimbabwe there are many more countries going through the sam problem. Surely Bitcoin means freedom from centralized control and Banks.

But, I do not understand how are you relating Bitcoin to financial freedom. As per my understanding you have to convert Bitcoin to fiat, you are still depending on Fiat.

It is a crisis situation out there, do not make a mockery of it. They need Fiat to survive, hospitals and food store there do not accept Bitcoin but Fiat.

[the rise]

nice step to suppress their hyperinflation, but wait?

the initial injection of funds to the bank is only $ 30 million ZWL, the daily withdrawal limit is $ 100 ZWL, equivalent to $ 5 USD
(based on sources from op)

I do not know the average cost of their daily lives, but this only meets the needs of less than 2 days, indeed their new system needs length adjustment. but it is very useful if the citizens start to trust bitcoin early to at least find a more comfortable alternative.

[avikz]

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day.

That's no imagination but a harsh reality to India as well! Recently an old bank known as "PMC Bank" failed due to corrupted lending and high percentage of NPA. The central bank immediately banned the people from withdrawing their deposits and given them a daily limit. My housing society is one of the victims and they are still hoping to withdraw their deposits.

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  Wink This is just another reminder of what true Financial freedom are supposed to be.

Correct! But that is far from being a reality! We can only realize the true potential of cryptos knly if it is accepted by the stores of our country. If you don't have any way to use cryptos in your country to buy goods and services, the only way left is to trade cryptos for cash and then use it! But I understand and support your point! It is becoming more valid during the current economic slowdown.

[Darker45]

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  Wink This is just another reminder of what true Financial freedom are supposed to be.

Correct! But that is far from being a reality! We can only realize the true potential of cryptos knly if it is accepted by the stores of our country. If you don't have any way to use cryptos in your country to buy goods and services, the only way left is to trade cryptos for cash and then use it! But I understand and support your point! It is becoming more valid during the current economic slowdown.

That is probably the prevailing condition especially in developing countries like mine where Bitcoin and crypto are still mind-boggling puzzles to the legislators and policy-makers. Although one has the option to choose crypto over fiat, it is unfortunate that in the end, during the moment of actual spending, one has to get back to fiat first and do the purchase. There are people here claiming that they choose crypto as their money but they are still compelled to do the same conversion regularly for their day to day needs. 

[bitcampaign]

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

I would not be happy if they were the banks limiting withdrawal of money to me, because it is my money and my right to take whatever, if indeed it happened in my country would be very terrible plus bitcoin users here would be called unlawful if using bitcoin as a tool payment, so of course it will kill me slowly, maybe I go to escape to a country that is free to use bitcoin as a means of payment

[Kyraishi]

So, everyone should already have heard that Zimbabwe has issued a new currency, because most of us look at Zimbabwe as an example of what goes wrong with Fiat currencies when they fail. 

Oh, Jesus. The first line isn't looking good, I'm honestly dumbfounded for what Zimbawewe can do with their economy, I think it's at a state of no return and it's just going to keep going to shit...

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Yikes. Looks like they are following what Argentina is doing with their currencies, and restricting users from using it... Keep in mind, this is 100 ZWL, not 100 USD, and that converts to around 5 USD. Amazing!

They should have done something with crypto-currencies and just tried to move towards a decentralized option.

[stadus]

There's no freedom in using their money, no wonder their economy suffers as it is not run by a good government.
Compared to BTC, we can say we are having a total freedom here as we don't even need an ATM to spend it, though there's a limited supply on BTC only but we never see people complaining on shortage.

This country should adopt with crypto and leave their fiat, they might grow this way,

[kro55]

So, everyone should already have heard that Zimbabwe has issued a new currency, because most of us look at Zimbabwe as an example of what goes wrong with Fiat currencies when they fail. 

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

Zimbabwe economical crisis is due to wrong government polices not due to FIAT currency notes. FIAT currency is still used in every country and on it the whole financial empire stands. In my opinion neither fiat nor crypto can help you if you have economical crisis due to wrong central government polices.

Authorities in Harare hope the supply of new notes, worth about ZWL 30 million (about $2 million on the official exchange), will end a cash crisis that has ravaged Zimbabwe for more than two years.
Source

[bounceback]

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

some bitcoiners are lucky when there is an economic crisis like in Zimbabwe but it depends on the country where they live, I'm sure you also can't make anything for example now you live in Zimbabwe with events happening there even though you have some bitcoin of course you can't shop or transact with your bitcoin there because now in Zimbabwe as far as we can see they haven't received crypto payments at their stores.

[Kyraishi]

There's no freedom in using their money, no wonder their economy suffers as it is not run by a good government.
Compared to BTC, we can say we are having a total freedom here as we don't even need an ATM to spend it, though there's a limited supply on BTC only but we never see people complaining on shortage.

This country should adopt with crypto and leave their fiat, they might grow this way,

I actually put a little thought into this after my last post, and it's interesting how they are reacting in this way, I think even a blind man could realize that the Zimbabwean government is extremely corrupt and it's likely why they've chose to go down this path.

I'm wondering why they aren't choosing to adopt a decentralized payment method and use it as a bandaid as they can fix their own economy, but I just cannot... Did anyone get any ideas?

Zimbabwe economical crisis is due to wrong government polices not due to FIAT currency notes. FIAT currency is still used in every country and on it the whole financial empire stands. In my opinion neither fiat nor crypto can help you if you have economical crisis due to wrong central government polices.

Hmhm, their currency would honestly be fine if they didn't have such a shitty government...

[yoseph]

The Zimbabwean economy has been in shambles for a long time now and the only thing that this so called new currency issuance is going to do is to make sure that they don't use a truckload of money just to buy a few things. They are just redominating their currency that's all but they should have made sure that they had more in circulation to prevent the shortage.

[blckhawk]

This is just one of the use cases where Bitcoin could help people redeem their financial freedom. One main advantage is the removal of certain restrictions made by the government. Although we're still far from full adoption, this incremental signs and acts that leads us toward a Bitcoin-oriented economy is a positive factor to Bitcoin and its market potential. And with the help of recent advancements such as with Lightning Network, we could improve more and thus increase its value.

[ChrisPop]

This is just another example of the shortcomings of fiat controlled by central entities. You literally can't get the value of your money. I'm sure that Zimbabwean people work hard for that money and still they can't use it? That's a flawed economy and it will collapse sooner or later. The inflation is ridiculously high. IMO the countries in this kind of situations need to definitely change their economy to cryptocurrencies because fiat is not viable anymore. I mean come on.. you can't withdraw 5 bucks worth of currency?! How you're gonna live ?! lol By getting back to bartering, here's my goat - give me some bread haha

[Kersh768]

So, everyone should already have heard that Zimbabwe has issued a new currency, because most of us look at Zimbabwe as an example of what goes wrong with Fiat currencies when they fail. 

The problem is that they have a huge shortage of the new currency, so people are only allowed to withdraw a limited amount of it and then there are already people selling it on the street at a premium to people that desperately need it.

So imagine this, you rock up at the ATM and you want to draw $500, but all the ATMs tells you that you can only withdraw a maximum of $100 per day. 

Luckily for us Bitcoiners, nobody can tell us how much we can use, because we control our own currency.  This is just another reminder of what true Financial freedom are supposed to be. 

https://www.businesslive.co.za/bd/world/africa/2019-11-12-zimbabwes-new-banknotes-run-out-within-hours-of-introduction/

https://www.fin24.com/Economy/Africa/long-qeues-form-in-harare-as-zimbabwe-releases-new-bank-notes-coins-20191112

Those in the higher positions are just abusing their power to manipulate the citizens of Zimbabwe. No country should experience shortcomings in terms of fiat since it is essential in their everyday lives. We can say now that relying on bitcoin would be a great idea but it would surely take up a lot of time before everything gets to work properly. On the other hand, there's no hard evidence yet that crypto can set a country in motion and boost its struggling economy so we cannot really claim that bitcoin or any crypto would solve the problem.

[mindrust]

FIAT is crap but it is not the main problem of Zimbabwe or countries like it. The main problem is lack of natural resources, being abused by the Westerners for years as a colony, being physically away from the civilization, diseases, simply not wanting get smarter, not giving a fuck anyway, etc etc... When all these shit bad possibilities happen at the same time and combine it with FIAT, you get Zimbabwe.

Moving away from FIAT only is not going to solve shit in Zimbabwe.