Bitcoin has become an alternative currency and store of value in several countries in recent years, despite its sharp price fluctuations.
Bitcoin has been known to be more accepted in certain countries than other Western countries, and not just since it was recognized as a national currency in El Salvador. This is also because Bitcoin is a real help for many people as an alternative currency.
Especially in developing countries, their own currencies are highly unstable and massive inflation rates have been a part of everyday life for years.
In addition, there are great difficulties for the population of these countries to make payments within the country or abroad. Banks and payment service providers charge extremely high fees for transactions in these countries. Additionally, certain countries are often isolated from international payment systems such as SEPA.
Bitcoin offers an open and decentralized alternative for payment transactions in these countries. In case of extremely high inflation, it can be used as a store of value service, which can only be purchased through a simple Internet connection.
Bitcoin can bring many benefits in different countries. In certain countries, it may become essential in the future and solve major problems of the population. Below are three countries that Bitcoin could save in the future.
Nigeria
In Nigeria, Bitcoin was trading on exchanges at an average of $40,000. This is due to the fact that the government wants to establish eNaira, the electronic currency of Nigeria.
The new digital currency of the central bank is viewed with great criticism by the population. Therefore, in recent weeks, extremely low withdrawal limits have been set for physical money. Nigerians are now taking refuge in bitcoin to escape the control of centralized digital money.
Argentina
Europe had to deal with high inflation in 2022. While inflation rose to 10% in Germany, Argentina has to deal with inflation rates of over 80%.
That is why Bitcoin is booming in South American countries, and more and more people are taking refuge in the cryptocurrency. Argentina and Brazil also want to introduce their own currency and break away from the US dollar. Bitcoin, or a currency that is covered by BTC, is slowly coming into the discussion.
Iran
In Iran, a large part of the population is fighting against the ruling regime. However, the population problems are not only due to oppression within the country. As an Enemy of the US, Iran is locked out of the US dollar system, which poses extreme economic problems.
Therefore, Bitcoin can serve as an alternative payment network that is not controlled by a central authority and any country. In the future, the population of Iran will be able to use Bitcoin economically without control or censorship.
By Audy Castaneda
