It's viable if they pick up a currency widely used like the dollar or the euro.
If they try to control everything, there's potential they could just cut off your Internet and kill everything that way.
You could still potentially sell some for cash etc but because of transaction times with most coins they'd probably expect you'd double spend on them unless they get you to wait for it to confirm.
I don't think they would not dare to cut off the internet.
Bread & Circus , we ran out of bread, they need to go on with the circus.
And yes, most of people here now bow down in front of the "almighty dollar".
What are your thoughts about BTC being use as a store of value in hyperinflationary/ authoritarian economies like mine (Venezuela) ?
If your purpose is storing a large amount of value which you intend to keep for a long period of time, I guess BTC is much preferred compared to foreign currencies such as the USD or the Euro. They're also shedding value regularly. But if you are just trying to get away from losing much of your worth in so quick a time due to hyperinflation but you need to withdraw from it every now and then for your daily expenses, then shifting to USD or Euro is the more convenient option.
Do you think is it an opportunity for bitcoin in terms of adoption?
Yes, of course, but we all know how Bitcoin is being perceived or treated differently now. That's adoption as a store of value and not as a currency.
Do you think that people within this situation should opt for other more conservative alternatives?
Like what? Real estate properties, for example? I guess so. It is always nice to diversify.
What would an authoritarian government do when realizes people is using something they cannot completely control?
They will make it illegal within their territory. The worst scenario is that they will aggressively crack down on its use and trade. But I don't think it is easy to do. With BTC, there is no office you can raid, license you can revoke, person you can arrest and detain, and so on. The online world is their battlefield and it would be harder for them to dominate, much less win, there.
There is not much choices to diversify here, tbh.
Government actually tries to centralize the mining (registring the miners, imposing a "mining license" and creating a "national mining pool"). One can get in trouble if caught mining outside their twisted system.
What are your thoughts about BTC being use as a store of value in hyperinflationary/ authoritarian economies like mine (Venezuela) ?
BTC was adopted in Venezuela because of TINA (There is no alternative). Under pressure and a total US economic embargo, BTC and cryptocurrencies were the only options. Income depends on exports of crude oil, national consumption relies on imports and dependence on the dollar is high, so that the embargo directly causes hyperinflation.
Do you think is it an opportunity for bitcoin in terms of adoption?
The opportunity for the adoption of BTC at the individual level is enormous and society is required to know what cryptocurrency is.
Do you think that people within this situation should opt for other more conservative alternatives?
Beginner investors who are just interested in investing. Investors usually choose the type of investment that is stable, low risk or even no risk at all. This type of investor must have long-term investment objectives because the value obtained in the short term is not much. Usually the investment options are gold, savings, deposits, and money market mutual funds.
What would an authoritarian government do when realizes people is using something they cannot completely control?
This type of leadership puts the power in the hands of one person. The leader acts as the sole ruler. The position and duties of subordinates are merely executors of decisions, orders, and even the will of the leadership. The leader views himself as more in all respects than his subordinates. The ability of subordinates is always looked down upon so that they are considered unable to do something without being ordered.
Leadership requires the ability to use the sources of influence they have. Included in the category of sources of power are physical means of coercion, wealth and property (economy), normative, position, expertise, information, social status, personal popularity, and organized masses. Maduro's power uses physical means such as traditional and modern weapons, conventional weapons, forced labor, prison, technology and weapons-using apparatus. In developing countries, conventional weapons are not only used to defend sovereignty from outside penetration but also to break the opposition and groups that are considered to oppose power for reasons of order and stability.
So as long as Maduro thinks that BTC can benefit his government it will still be used even though it is decentralized.
Society is required to know that crypto is, but I find this context to be surreal. Many of us are not investors.
We were just seeking for a shelter in this crazy inflationary storm, back in 2016-2018 if you kept your money in your bank account for 3-4 days in a row you lost about 40% of the acquisitive power. Local currency is like a bomb which you want to pass to another person before it explodes in your pocket.
BTC is volatile but at least is not always going downhill.
