Iranian protests over currency collapse show why bitcoin is needed

[Die_empty]

Iran is another example of the cruelty of inflation. We just have to wait and see, as our own country is slowly but surely experiencing inflation, which is inevitable, especially in a country with a government struggling to strengthen its economy.
Yes, Bitcoin is another way to protect ourselves. While it may not be a complete security, it's far better to have it than nothing at all. Another option is gold, which we know is much more stable.

With the right economic policies and actions Iran can overcome this high inflation. The case of Zimbabwe was more terrifying. As of the end of December 2008, one US dollar was exchanged for 2,000,000,000 Zimbabwean dollars. The government of that country implemented several economic and monetary reforms, which included abandoning its currency and adopting a gold-backed currency named the ZiG. This new currency was backed by 2.5 tons of gold and $100 million in forex reserves. I just read an article today that the ZiG has kept appreciating and is now valued at 25.98 against the dollar. Iran might decide to use gold and another currency to support the Rial.

[Synchronice]

The government created inflation in their own favour but which could be a disadvantages for citizens that does not know what to do but keep their money in bank. Iranian protested in Iran’s capital after the rial slid to record lows, prompting Bitwise CEO Hunter Horsley said that bitcoin could help Iranians protect their savings.

https://www.mexc.com/news/372731

This is not just the problem, the problem is that many other countries are suffering from inflation. Some countries may not suffer from significant inflation today but how about tomorrow. In long years, fiat become more worthless.

Bitcoin is a store of value.

This doesn't really show why we need Bitcoin and Bitcoin wasn't really created to be a store of value, it was created to solve the trust issues in e-commerce, to get rid of 3rd parties and have a P2P system. We later made it a store of value because people started buying and holding of Bitcoin, since it returned back extraordinarily high ROIs. Also, let me explain to you why Bitcoin brings back so much profit. It's still an innovation, a brand new currency. In its early days, the market cap was extremely low, it went from a few hundreds to a few thousands, 100k thousands, millions and so on. When the market cap is so low and every year lots of people put money into it, it will definitely bring back tons of profit. But, it doesn't mean that Bitcoin automatically brings profit back, that happens because the market cap is low and more money is getting invested into Bitcoin but this doesn't give Bitcoin the ability to beat inflation in any country. If people start withdrawing money, then Bitcoin will go down. It only goes up when more people deposit money than withdraw.

[Spaceman1000$]

The government created inflation in their own favour but which could be a disadvantages for citizens that does not know what to do but keep their money in bank. Iranian protested in Iran’s capital after the rial slid to record lows, prompting Bitwise CEO Hunter Horsley said that bitcoin could help Iranians protect their savings.

https://www.mexc.com/news/372731

This is not just the problem, the problem is that many other countries are suffering from inflation. Some countries may not suffer from significant inflation today but how about tomorrow. In long years, fiat become more worthless.

Bitcoin is a store of value.

Bitwise CEO is right about saying Bitcoin will help protect their savings,  but then I am of the opinion that citizens should be allowed to protest and show out their rejection and show their anger about this inflation, once citizens begin to shy away and look for other means on how to keep their money safe, the government will be emboldened to cause more inflation and even increase their tax net. The people that are running the government of different Nations across the world don't need to be treated with kid gloves as they are most times hardened whe they are making decisions, so citizens should match up the energy by protesting and coming out to show that whatever the government is doing is a total rejection from them.

[Bitcoin_Arena]

I even made a comment on a related thread here: https://bitcointalk.org/index.php?topic=5569726.msg66228987#msg66228987

It was specifically about having dollars to protect yourself from the local currency
At least in my experience, and many Brazilians also keep some money in dollars to protect themselves from the devaluation of our currency
In addition to suffering from inflation, we also suffer from the devaluation of our currency against the dollar, so it is often a viable and safe option to have dollars

Obviously, I have more BTC, but I also have some in dollars
The problem of inflation is real

Where people have problems with the local currency, BTC may thrive. We have already seen this big problem in Turkey

The irony is that even folks from The United States of America keep complaining about inflation from time and again 
So even if you try to run away from your local currency's inflation, you won't survive the inflation on the USD. We have been made to believe that the USD is the safe haven against inflation, but that is not true. Bitcoin is when we look at it in longer time frames.

[tbct_mt2]

The irony is that even folks from The United States of America keep complaining about inflation from time and again 
So even if you try to run away from your local currency's inflation, you won't survive the inflation on the USD. We have been made to believe that the USD is the safe haven against inflation, but that is not true. Bitcoin is when we look at it in longer time frames.

All fiat currencies have inflations that's why people in all countries complain about inflation and its consequences in their country. From the USA, UK, European nations, China, Japan, and other nations like third world from Africa continents to Venezuela, Iran, people complain a lot about this problem. It's only more or less severe among different nations by different money printing rates and their national political social economic conditions.

In addition, nobody feel completely happy with what they have, so they will complain not only about their national fiat currency, its inflation rate, its consequences and many other things they don't agree with and don't feel happy with.

[Dunamisx]

Bitcoin provides with the privacy needed in finances, but the government in some situations wont allow for such, because they still wanted us to continue operating under the centralized financial institutions which they control by their regulation, whereas under a decentralized system, all these does not work, if we know what is good for us, then we should go for it and fight for it as well independently by the adoption of bitcoin.

[Lida93]

My advice is for people to have their money stored in assets format that helps maintain and appreciate their funds in the long run, say many years from now, because the banks in contemporary time with the fiat savings in there are all obsolete as solution to the economic inflation affecting different countries. Bitcoin is one of those class asset aside with gold, silver and other precious metals for diversification purposes. Money in fiat is good for spending and not holding.

[JiiBs]

The government created inflation in their own favour but which could be a disadvantages for citizens that does not know what to do but keep their money in bank. Iranian protested in Iran’s capital after the rial slid to record lows, prompting Bitwise CEO Hunter Horsley said that bitcoin could help Iranians protect their savings.

Bitcoin is a store of value.

Ignorance is hardly an excuse in the face of any development and I don’t really think there are those that would have a lot of money stacked away in a bank account and they wouldn’t understand the context of inflation. They know these things but, might come under the impression that they could manage it with less stress.
Eventually, it always hurt more than you know because, you would feel cheated, buying the same product for a different value.

However, government could be that terrible and uses their control over the currency to instill suffering over the masses without giving it much thought on how this affects the citizens. This is where Bitcoin is of advantage over fiat currencies.

[BIT-BENDER]

The government created inflation in their own favour but which could be a disadvantages for citizens that does not know what to do but keep their money in bank. Iranian protested in Iran’s capital after the rial slid to record lows, prompting Bitwise CEO Hunter Horsley said that bitcoin could help Iranians protect their savings.

https://www.mexc.com/news/372731

This is not just the problem, the problem is that many other countries are suffering from inflation. Some countries may not suffer from significant inflation today but how about tomorrow. In long years, fiat become more worthless.

Bitcoin is a store of value.

Fiat is already worthless, many countries that are already suffering Inflation and their leaders are clueless on how to even help with the inflation in the country.
I would protest is I were to be a citizen of Iran because how can the government think creating inflation will help them in any way. Many government are looking for short term solution which will cause a bigger problem in the nearest future.

[dzungmobile]

Fiat is already worthless, many countries that are already suffering Inflation and their leaders are clueless on how to even help with the inflation in the country.
I would protest is I were to be a citizen of Iran because how can the government think creating inflation will help them in any way. Many government are looking for short term solution which will cause a bigger problem in the nearest future.

Fiat currencies have inflation or hyperinflation but it does not make their national fiat currencies worthless. People in any nation still need their national fiat currency or fiat currencies of other nations, mostly stronger nations like the USA and US. dollar to save their wealth against their national inflation problems.

It is not like a harsh word but I truly think sayings like "Fiat currencies are worthless" is like worthless my ass. Take it for fun, and please don't feel too seriously with this saying.

I only want to debunk that opinion as even we are trying to de-fiat currency, we still need them to use in real life, just less than in the past.

[macson]

For countries experiencing high inflation, storing assets in bitcoin is the most appropriate choice because their fiat currency will become worthless as inflation rises, while the price of bitcoin, on the other hand, will tend to increase over time, allowing them to secure their assets from continuous depreciation.

However, for countries like Iran that restrict cryptocurrency trading, it may be more difficult for citizens to convert their assets into Bitcoin. Therefore, they may need to think creatively, perhaps through P2P.

[sokani]

Bitcoin is not banned in Iran, so citizens can always use the currency for thier benefits.

Cryptocurrency in Iran is very complex. From the body language of the government, one can easily conclude that they would have banned it outrightly if not for the Western sanctions.

A similar incident happened in February last year, according to an Al Jazeera report. Though it was as bad as this one, where the Rial hit a record low against USD. The government moved into action by stopping the buying of crypto on exchanges with Rial and vice versa. So, I guess they have already taken the same step this time around to halt P2P trade on exchanges, but I don't doubt if it will have any meaningful effect other than frustrating the lives of the citizens.