@rezoanulvibesOnNoiseApp
Some Lebanese locals started mining bitcoin. They earn bitcoin and convert that into USDT to buy goods and services that they need. Businesses accept USDT to sell their products in spite of prohibiting crypto payments in law. Can they trust their traditional financial system? It gets them rekt. They work hard to build their wealth, but due to the economic crisis, what they have in fiat currency disappears like magic.
7 comments
İn the end though, they still have to trust Tether and US Dollar. It's not like I have a better solution for them, just starting the obvious :)
You brought up a good point. If things go back to the gold standard, it will be different. Holing BTC for the long term would increase its value. They can convert that amount into fiat that is needed to spend.
Hopefully, the price BTC will pick up sometime soon so they'd be getting better gains!
BTC price will not be at this level forever. This bear market will end at some point and the crypto market will change its direction.
Exactly!
I would mine BTC too if electricity wouldn't be that expensive here. It's a loss for every second you mine. You need free solar energy or very cheap electricity to be profitable.
So true. Without reducing electricity costs and mining equipment costs, it will be tough to move on.