138 sats \ 1 reply \ @anita OP 10 Nov 2022 \ parent \ on: Anita Posch AMA bitcoin
Specifically in Zimbabwe I know from a trader who exchanged a volume of 7 Mio USD in 2021. This person told me that most people want USDT, because of its "stable" value. There are real Bitcoiners here too, who are holding and buying since many years. But it's just a handful compared to those that want USDT.
The people want the speed, low transaction fees and the possibility to send money in and out of the country (foreign exchange controls) wihtout banks and without the government being able to seize their money or exchange it into worthless Zim dollar.
When you earn almost nothing you can't afford to lose value because of BTC volatility.
I got to know 3 traders in Zambia and Zimbabwe who have been doing BTC to USD since years. None of them has ever held on to BTC. I don't understand it. But....what shall I do.
Like you said, these people are just trying to survive with miserable local currencies. We can't expect them to worry about bitcoin adoption. Perhaps in the future, as all fiats degrade, they may feel differently.
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