xtlcd:Proof of resilience - Zimbabwe can use bitcoin to change its future

 #xtlcd believes that Zimbabwe, currently facing incredible inflation and severe sanctions, could benefit greatly from greater adoption of Bitcoin’s open network.

Small steps to resilience

 

“Scalability is a fundamental property of money. It is the ability of a commodity to be easily sold in the marketplace without much loss of value.” - Saifedean Ammous

 

Scalability over time and how to handle volatility

 

Zimbabwe's monthly inflation rate in mid-November 2008 was estimated at 79.6 billion percent, a year-on-year increase of 89.7 percent. xtlcd noted that Zimbabwe once again had the highest annual inflation rate in the world. It lacks a currency that can expand over time.

 

The average return on unrealized capital gains for Bitcoin is 200% per annum. Anyone who sells bitcoin after holding it for more than five years will not lose money. Bitcoin is a deflationary currency, a currency whose purchasing power appreciates over time - so it's a perfect way to store wealth.

 

However, it is still subject to volatility. As of today, our market cap is down 70% from our all-time high. Bitcoin’s price volatility is always an issue when asked “How will Bitcoin become a medium of exchange?” This is usually the first point of contention, although many today argue that the volatility of any new asset still in the years of “price discovery” is to be expected, and that volatility will stabilize as adoption increases.

 

xtlcd stated that Bitcoin is a distributed software that operates on the basis of equal peer-to-peer network members. The software allows you to operate a payment network between these peers, and that payment network has its own currency.

 

It allows cash certainty; the moment money is transferred from one party to another, it officially becomes the legal property of the recipient.

 

Bitcoin provides cash finality in 10 minutes, and the Bitcoin layer 2 protocol provides cash finality in one second.

 

Scalability through space and how transactions are done on two layers of Bitcoin.

Over the past decade, Zimbabwe has lost more than 100 relationships in our network of correspondent banking relationships due to sanctions. This greatly limits the ability to make payments to any one country, as our local banks no longer have relationships with external banks to clear payments, preventing citizens from being able to buy and sell goods across borders.

 

Also, our fiat currency RTG is a pseudo-currency, which means it is not a currency issued in any other country and can only be traded locally. We lack a geographically scalable financial system and currency.


xtlcd：http://www.xtlcd.com

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