75% of West Ham fans use mung beans as currency

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comment by United we win (U19958)
posted 32 minutes ago
Makes sense Nigerian currency isn’t strong. It’s better to you crypto and this will be case in many African countries. Also there are many billions of people in the world who are not able to get a bank account. Crypto solves this issue. Makes complete sense
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I guess the headache then is how they convert back to their currency to be able to use it..

Chicken and egg scenario

comment by Boris 'Inky’ Gibson (U5901)
posted 2 hours, 4 minutes ago
75% of West Ham fans use mung beans as currency
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Thought you'd say something along the jellied eels lines..

comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 5 minutes ago
comment by United we win (U19958)
posted 32 minutes ago
Makes sense Nigerian currency isn’t strong. It’s better to you crypto and this will be case in many African countries. Also there are many billions of people in the world who are not able to get a bank account. Crypto solves this issue. Makes complete sense
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I guess the headache then is how they convert back to their currency to be able to use it..

Chicken and egg scenario
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If everyone accepts it then there is no problem I guess..

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The Central Bank of Nigeria devalued the currency, the naira, by 24% last year. There are fears of a further fall in value by as much as 10% this year.
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Sooner or later, this will happen in a western country and shiitt will hit the fan. We live in a crazy financial bubble, it's a matter of when, not if.

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Didn't we just bail out Greece....

comment by Kingdom of Davids (U21957)
posted 36 minutes ago
comment by Ji Sung Park's Cousin - A Beekers Dozen (U2958)
posted 5 minutes ago
comment by United we win (U19958)
posted 32 minutes ago
Makes sense Nigerian currency isn’t strong. It’s better to you crypto and this will be case in many African countries. Also there are many billions of people in the world who are not able to get a bank account. Crypto solves this issue. Makes complete sense
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I guess the headache then is how they convert back to their currency to be able to use it..

Chicken and egg scenario
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If everyone accepts it then there is no problem I guess..


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Except they won't be able to tax it, and a lot of nigerians don't have access to a bank account, never mind the internet or a device to use crypto.

Just further separating the rich from the poor.

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I think using Nigeria as the example regarding crypto and generalising across the continent is pretty dumb.

Especially as some countries are early adopters of fintech and banking. An example being Kenya and M-Pesa; which I think now 10+ countries have adopted.

There are other equivalents as well.

In fact Telco services have been a presence of many African countries since the late 2000s. Meaning that infrastructure and culture is used to mobile banking systems.

Assuming that the masses will subsequently jump to crypto is lazy.

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But that’s just a lot of words and stats without saying anything.

You can argue that Crypto so far has been but unpredictable chaos itself. Your conclusions are quite a leap.

I think bitcoin or similar will need to stablise a lot more before we see it become a usable currency in any country. I do think the recent institutional investments in BTC will start to do just that.

While the user still has to move to their own currency, it is a hassle and also when prices fluctuate hugely on a day by day basis, the idea of using it to purchase goods becomes less enticing (of buyer and seller).

The concept of being your own bank has huge merit, that part is clear... Making the next step to being a usable every day currency is the much harder step.

Also fundamentally having hard cash in which you can buy essentials like groceries etc is far more important than anything. Until you can buy a loaf of bread at your local store with a few Bitcoin it’s never going to quite take off

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Surely it would be most attractive in countries with hyper inflation with the added bonus it can't be physically stolen as cash Dollars or Euros.

comment by United we win (U19958)
posted 1 minute ago
Cash will be gone eventually though. It’s already taken off.. btc has hit a trillion market cap already. It’s also a very new market. Nothing happens over night.

Who knows the circumstances needed for things to change majorly. A massive crisis and huge inflation is all it takes
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Similarly a huge crypto market crash and/or globally heavily regulated market is all it takes for it to become defunct.

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