Worsening Lebanese Crisis May Spark Bitcoin Adoption

[figmentofmyass]

Just like Venezuela, it looks like Lebanon might be the next to start adopting Bitcoin and other cryptocurrencies.

every financial crisis or instance of civil unrest, bitcoiners get all excited that they will facilitate bitcoin adoption. i'm always skeptical of these narratives. the hong kong protests were supposed to be a similar opportunity for adoption but protestors revealed otherwise:

However, the Hong Kong protester added, “there is no [internet] connection in the protest area, no matter which service provider you used,” and protesters are generally not clear on how bitcoin would be used by individuals during a time of civil unrest. It is mostly useful for receiving donations from abroad that don’t require prompt liquidity.

Plus, he said protesters who tried mesh-network devices, which basically bounce a message or transaction across a web of devices until it finds a device with internet access, found they were “not useful for a confrontational situation.” Although many protesters use Telegram because it allows chatting without revealing the users’ phone numbers, he said tools that rely on mobile data providers offer limited functionality in times of turmoil.

so it seems that bitcoin usage is extremely hampered in conflict areas. the same goes for the middle east:

Despite regaining some level of connectivity, he said his bitcoin wallet apps and mobile apps like Telegram are still blocked. It’s especially difficult for Iranians to access foreign servers and infrastructure because many companies ban Iranians for fear of U.S. sanctions.

“We're locked up in a prison that the U.S. and Iranian governments have built for us,” he said, adding the Blockstream bitcoin satellite and mesh network technologies aren’t useful when you’re in a massive internet desert. “In situations where we don't have physical connection none of these fucking technologies help us,” he said.

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[qiman]

The Lebanon issue is a very complicated and deep rooted one. I do not think the people are too aware of Bitcoin, like for example the Turks are, who as soon as we had a few months ago the Turkish Lira nose dive, you saw hoards of Turks going into Bitcoin and the digital currency markets at large. I think there is a minority of people there exploring Bitcoin, but we would need more people to get educated and open to it. Still they need to sort our their internal strife out and weed out corruption. Of course Blockchain technology adoption could help in weeding out corruption at the core, which is always a big issue in countries that have chronic problems.

[gentlemand]

I do not think the people are too aware of Bitcoin, like for example the Turks are, who as soon as we had a few months ago the Turkish Lira nose dive, you saw hoards of Turks going into Bitcoin and the digital currency markets at large.

Where's the evidence for that?

Turkish Localbitcoins volume has been tiny since forever and what spikes there are have followed everyone else's attention. This week it's been a deeply impressive $31,000.

As for that survey that told us 20% of the Turkish population owns BTC, gimme a bleedin' break.

[figmentofmyass]

I do not think the people are too aware of Bitcoin, like for example the Turks are, who as soon as we had a few months ago the Turkish Lira nose dive, you saw hoards of Turks going into Bitcoin and the digital currency markets at large.

Where's the evidence for that?

Turkish Localbitcoins volume has been tiny since forever and what spikes there are have followed everyone else's attention. This week it's been a deeply impressive $31,000.

As for that survey that told us 20% of the Turkish population owns BTC, gimme a bleedin' break.

the turkey hype was a load of crap.

however, it seems like there is actually some substance behind the claims of growing adoption in venezuela amidst the turmoil there. they are now 4th in the world in localbitcoins volume:



localbitcoins data obviously doesn't tell the whole story, but the fact that they are doing half the volume of the USA really says something.

[hatshepsut93]

Bitcoin is 11 years old, it witnessed so many crisis' in this decade, and there never was strong correlation between them and Bitcoin's price. If they have any impact, it's so small that it's effectively unnoticeable in Bitcoin's volatility.  Just stop spreading this myth already, it creates false expectation in newbies, and frankly it's just inhumane to be enthusiastic about someone's suffering because it might cause the price of your investment to go up.

[joinfree]

I don't think this will have great effect on the price of bitcoin as you are saying. Well some folks might decide to switch to the use bitcoins to avoid tax but ask yourself the population size which will cause accumulation in order to increase the price. Lebanon is not as huge as China, Russia, USA etc.

[bitcoindusts]

The middle eastern nation of Lebanon has been suffering its worst civil and economic crisis since its civil war in the mid-1970s. With no end in sight, the desperate yet resourceful population may start to explore Bitcoin as a weapon against the corrupt political and banking system.

BeInCrypto first reported on the civil unrest in Lebanon in October. Demonstrators took to the streets to voice their objections to a planned tax hike on tobacco, fuel, and telecom tariffs. As is often the case, this quickly morphed into a general movement against political and financial corruption.

Source link here

Just like Venezuela, it looks like Lebanon might be the next to start adopting Bitcoin and other cryptocurrencies.

Despite that Venezuela is on a crisis, they already made their move in using Bitcoin for various cases. Now that Lebanon is facing crisis and may worse in months to come, it’s time for them to accept and embrace Bitcoin with open arms.

What do you think about this latest situation in Lebanon? Do you honestly think that Bitcoin would really save them from their ongoing crisis?

It could be great for adoption in that area, but it won't effect the entire community and cryptosphere really at all, just like Venezuela didn't really do much. I think these smaller countries going through economic meltdowns dont have much buying power to move the price up. It could be nice when they get back into a better place economically but we just have no real data or experience of a country relying on crypto during hard times and what they will do later.

Price for now does not matter, I believe it is a great thing if Lebanon fully adopt Bitcoin and starts to flourish if they do so.  If that happen, this would be a great example for other nation that is hesitant of Bitcoin.  Small steps but steady progress is what Bitcoin needed and  Lebanon adoption is one of it.

[gweedo]

I never understand why wherever there's crisis people think bitcoin will be the one who get all the benefits. those people im sure majority of them dont even have idea that bitcoin or crypto exist except from a local media that usually only cover a tiny bit of the whole crypto and it complexion. they'll just convert it to USD or another stronger fiat from stable country.

I think that because bitcoin and cryptocurrency are stable and don't lose value like Fiat in their country, so they can use bitcoin cryptocurrency to prevent inflation if it happens. I also see many countries supporting cryptocurrency but most of them are in terrorism and inflation

[blckhawk]

Though Bitcoin or cryptocurrencies in general isn't a quick patch fix to an ailing economy, it could help in some ways. For one, faster transactions, domestic and abroad, could potentially make economic growth faster than traditional banking ways. Though it could impose some risk for the government since implementing tax could be a challenge in adopting cryptocurrencies.

[airdnasxela]

Countries who are facing crisis right now are trying to move to cryptocurrency. They are finding alternatives and ways to survive without the use of things related to the government. When a country's economy fall, it's mostly because of their government and I think why crypto becomes the people's option is because they already don't trust their government. I've been hearing some news about struggling countries that are adopting crypto and during this phase they'll be able to understand how useful crypto could be.

[msarro]

Lebanese crisis is not a financial crisis it a political one between two religious groups. I don’t see bitcoin is solution for this crisis. Even if that’s a financial crisis how a volatile currency can solve that problem. I guess bitcoin can further worsen the financial crisis.