At this time, there are large demonstrations throughout Germany. In the capital, Beirut, where the roads are blocked off. Originally it started with the protests of dissatisfaction with a new tax of $ 6, per month at of dialing call via social media networks like WhatsApp, but soon it grew to a demonstration.
The protesters maintain that the political elite and the government responsible for the deteriorating economic situation and the poor state of public services, and corruption in general.
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Not have access to the money
As a consequence of this is that millions of Lebanese citizens of all of a week, and don’t have access to their own money, which they have in the bank facilities. In this ongoing financial crisis to show how bitcoin can be used as a substitute for the financial system. That now seems to be a utopia, at least in Japan. The government of the Lebanese people is difficult to the cryptocurrency-to-own.
The protesters went out on the 17th of October to the streets to protest against a new belastingvoorstel of the government of prime minister Saad Hariri. The new law has introduced a tax on the use of WhatsApp and other similar apps. In all likelihood, this was the last drop that made the cup did overflow, and for a lot of Lebanese people, because in the demo they seem to be now, to focus on the systemic corruption in the country.
Banks all across Lebanon are closed again today, while protests against government corruption and the political elite will continue.
That’s now 7 days of not being able to access your own money.
Bitcoin isn’t a get-rich-quick scheme, it’s a get free quick scheme.
— R (@Rhythmtrader) October 23, 2019
As of the first day of the demonstrations, and the banks are closed and atms are out of money. Because of this, there are a lot of citizens are out of money, and it is even difficult to buy food.
Prime minister Hariri is trying to the demonstrators was to convince some of their demands, including that of dismissal. After the announcement of a reform package on Monday for the protesters to be calm, the government on Wednesday, the army’s major roads are once again free to create one.
The potential of bitcoin
There are a lot of examples of where bitcoin can play a role during periods of political unrest. This we saw in Cyprus, in Venezuela, and most recently in Hong Kong. This is because some of the features of bitcoin, in unstable areas, the more it is highlighted, then in a quiet residential area, such as in the Netherlands. In essence, bitcoin is namely to provide a censorship-resistant alternative, to have more financial freedom than with the current centralized monetary system the us is able to offer.
Bitcoin does not rely on a centralized banking system, so bitcoin does not stop when banks are closed, or if there is political unrest. In addition, the decentralised digital cryptocurrency such as bitcoin is a potential solution for the loss of purchasing power. This is very visible in Ukraine, where the citizens, bitcoin buy, in order to protect themselves against the inflationary economy, the Venezuelan peso. In many third world countries, the Us dollar is very popular because they are more stable than the local currency, but nearly everyone has access to the internet, bitcoin is more and more common as an alternative to seen.
A couple of months ago, we saw this in Zimbabwe, a country with a hyperinflationary economy, and continuing political unrest. Bitcoin has been so popular that there are Zimbabweans at a certain time, with a premium of 650 per cent had to be paid to the peer-to-peer trading platform LocalBitcoins, Zimbabwe. The price for a single bitcoin was less than $ 75,000.
There are more real-life examples of how bitcoin is helping to provide. However, in its current form, bitcoin is still not a perfect solution to all our financial problems. To really get as an alternative is seen to be a bitcoin still some shortcomings to fix. Think about the scale of the currency, and privacy. Fortunately, there is plenty of space on the schedule, and to work with the brightest minds in the protocol of bitcoin.