Worsening Lebanese Crisis May Spark Bitcoin Adoption

[cheezcarls]

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?

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[samuraijin]

this must be supported when many countries experience crises like this so they get a way to solve this problem with crypto or bitcoin, I expect a lot of adoption in many countries it's just that we need to wait for many countries to go bankrupt and the crisis to get more adoptions for using crypto or bitcoin, this may seem evil but may actually be good for everyone

[Tipstar]

The situation between Venezuela and Lebanon are different. Venezuela crisis is originated from outside in the matter of trade and currency. By using crypto, they are avoiding IMF. While for Lebanon, it are stupid people who want change but no one wants to take the lead. Nothing can save them if they don't get a good leader within themselves.

[pakhitheboss]

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?

Bitcoin should not be treated as a last resort to come out of economic crisis.

Like Venezuela I do not think such situation will change anything for those who are suffering, only the rich will be able to utilise the benefits of cryptocurrency and Bitcoin.

[Thekool1s]

@cheezcarls I don't think its that easy TBH.

With many people facing a choice between starvation and suicide

Given that's the ground situation. A cryptocurrency will be the last thing on their minds. Lebanon also lacks the basic infrastructure to support this "Crypto Revolution" that you are suggesting. Given that you require a passport^[1] just for getting a "SIM card".

A passport is required to purchase a SIM card in one of the shops of the operators. You may be called by the operator to verify your identity.

Not All People have passports, there is a special fee^[2] these people have to pay to get a passport. The Data Rates are also on the higher side and given that the Country is facing an economic crisis, the last thing people will be spending their money on will be buying "Data" to use a Cryptocurrency which they may not even understand the basics of. So yeah I don't think this "economic-crisis" will trigger a "Bitcoin adoption" revolution of any sort.

It is one of the most expensive passports, at 60,000 LBP (40 USD) for 1 year, or 300,000 LBP (200 USD) for 5 years, or 500,000 LBP (333.33 US$) for 10 years. Same price applies for renewal.

Source:
[1] https://prepaid-data-sim-card.fandom.com/wiki/Lebanon
[2] https://en.wikipedia.org/wiki/Lebanese_passport

[ChrisPop]

If Bitcoin has become so popular in Venezuela I don't see why wouldn't be a viable solution for Lebanon as well. Eventually the whole world will realise that fiat currencies damage the economies by their design. Developing and growing economies on enormous debt like the US does is not a healthy nor a sustainable way.

I do think that countries should have their own currency as well until we don't become an utopia, but there is a need for a worldwide reference, mainstream decentralized currency like BTC.

[johnwest]

I dont know whether to be happy about the countries which get into these type of situations or be sad to see the common man's suffering. Venezuela is a different case as they claim they have the oil to back the cryptocurrency. Lebanese groups may try and bring money into the country and try to work something out.

[Lucius]

One more shitposting/promoting article from cheezcarls which merely repeats the already told story conveyed by all the portals related to crypto, the question is just who came first and who just recycled the story.

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

Same I think 2 months ago, Bitcoin is not the magic savior of no country or economy. Especially not a country where it's almost impossible to legally buy BTC since most exchanges put Lebanon on the blacklist due to possible Hezbollah involvement in financing with crypto. Therefore, articles like this do nothing but fill in the blanks and engage people with things that have no relevance to Bitcoin as a whole.

What about the situation in Irak, Iran, Chile, Hong-Kong, Haiti, Bolivia (Primavera Latinoamericana), will Bitcoin save all of them?

[posi]

One more shitposting/promoting article from cheezcarls which merely repeats the already told story conveyed by all the portals related to crypto, the question is just who came first and who just recycled the story.

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

Same I think 2 months ago, Bitcoin is not the magic savior of no country or economy. Especially not a country where it's almost impossible to legally buy BTC since most exchanges put Lebanon on the blacklist due to possible Hezbollah involvement in financing with crypto. Therefore, articles like this do nothing but fill in the blanks and engage people with things that have no relevance to Bitcoin as a whole.

What about the situation in Irak, Iran, Chile, Hong-Kong, Haiti, Bolivia (Primavera Latinoamericana), will Bitcoin save all of them?

Definitely not but bitcoin will save people that are into it for it was implemented as an alternative to make people financial freedom. With that been said, Hezbollah accusation involvement of Lebanon was not the only reason they are blacklist from most exchange site because they also have the issues of OECD which was predicted could lead to then been blacklist either.

[gentlemand]

Yep. Just like Cyprus, Greece, Argentina and Venezuela.

Just like those places I'd say at least 50-55 people in Lebanon will buy some BTC.

Hang on to your motherfukkin hats.

[target]

I dont know whether to be happy about the countries which get into these type of situations or be sad to see the common man's suffering. Venezuela is a different case as they claim they have the oil to back the cryptocurrency. Lebanese groups may try and bring money into the country and try to work something out.

Not that we are celebrating, we were just discussing how they may be able to get around. The banks in the country are limiting access to USD, what choices do they ave right now. People in the country will find ways and that's something to work out, if BTC works in Venezuela I don't see it not working anywhere else like Lebanon.  Raising taxes and political crisis are just ingredients of economic crisis it affects daily lives of the people.

[BlackFor3st]

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?

I am not sure whether bitcoin can really save Lebanon to its current situation but what I'm sure is there is a chance if they will start to adopt bitcoin and other currencies right now.

All will depend to their resources also whether there is an exchange that is willing to be a bridge to their adoption in crypto currencies so they can easily start as cashing in and cashing out is their main hurdle if no local exchange will be launch in Lebanon.

[Baofeng]

Yep. Just like Cyprus, Greece, Argentina and Venezuela.

Just like those places I'd say at least 50-55 people in Lebanon will buy some BTC.

Hang on to your motherfukkin hats.

You forgot to add Hong Kong as well or even Zimbabwe.

The media hype the story and says that they're all moving to BTC, but we haven't seen any concrete evidence that they are hedging their funds into crypto, just all speculations so I guess we can't really say for certain that adoption will be coming from Lebanese, lol.

[bounceback]

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?

as far as we have seen, of course bitcoin or other cryptocurrency will be a solution for countries experiencing economic crisis because they can make cryptocurrency as an alternative currency, and it is very possible if the Lebanese state adopts cryptocurrency it really helps them to fight the political system or corruption due to cryptocurrency cannot be controlled by the government or by a central organization.

[MuffinMaster]

The support given to him by powerful Shia Muslim movement Hezbollah also angers many protesters and pro-Hariri Sunni Muslims.
https://www.theguardian.com/world/2019/dec/28/protesters-call-for-lebanons-new-pm-to-quit-as-crisis-deepens

first, understand the problem then propose the solution. Not every crisis has bitcoin as a solution.

[Edraket31]

I heard this too that they are suffering from transferring money and the rate of dollar to their money is very expensive, so it is possible that they could also adopt cryptocurrency in their system for them to be able to transfer money with their loved ones just like what Venezuela did as an alternative way for their crisis.

[Eternad]

I heard this too that they are suffering from transferring money and the rate of dollar to their money is very expensive, so it is possible that they could also adopt cryptocurrency in their system for them to be able to transfer money with their loved ones just like what Venezuela did as an alternative way for their crisis.

Bitcoin is good alternative for countries that having economic crisis as it can help them at times like this, let's just hope that they will not banned crypto and allows bitcoin to be used in their country so they have option while their figuring it out the solution to their problem. Many countries already using it due to superinflation that they wanted to keep off.

[tsaroz]

It's no surprise that capital are at risk on protest and political change. Bitcoin has become a safe and private way to store your fund without letting others know about it and hold your funds with you every time. Safety of funds were the reason why swiss banks flourished. Bitcoin is a swiss vault in your own pocket.

[Lion BItcoin Shop]

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.

or maybe they are buy "gold"
in indonesia, we have new issue and people interesting to buy "real gold " than convert it to other currency .
of course the bitcoin comunity already growing, but the legal issue for bitcoin  and some ponzi bitcoin system scam making people not interesting to buy and invest in bitcoin

[sovie]

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.

Demand for protestors are

An end to government corruption
An end to the sectarian political system
The recovery of stolen funds and holding the corrupt accountable
Fair tax and financial procedures
https://www.amnesty.org/en/latest/news/2019/11/lebanon-protests-explained/

I wonder where is bitcoin in the list