In developed countries, BitcoinBitcoin
The first blockchain-based cryptocurrency, launched in 2009. Bitcoin remains the most influential and widely recognized coin. All other cryptocurrencies are known as "altcoins," simply because they are not Bitcoin.
In developed countries, BitcoinBitcoin
The first blockchain-based cryptocurrency, launched in 2009. Bitcoin remains the most influential and widely recognized coin. All other cryptocurrencies are known as "altcoins," simply because they are not Bitcoin.
Approximately 29 percent of Iranians surveyed have managed to store approximately $5,000 of their wealth in crypto, a growing trend in the area. To fully understand this, take into account that 14 percent of respondents make more than $10,000 a year.
Even more surprising, 70 percent of respondents would be interested in learning more about potentially growing local miningMining
The process by which new coins are created as transactions on a network are verified.
KYC
Know Your Customer. Information gathered by cryptocurrency exchanges in compliance with AML (Anti Money Laundering) laws.
Still, this setback has actually proven beneficial for the local market. Besides helping them to develop their own Bitcoin economy, their prices are largely unaffected by the prices of external markets, which make it possible for many to hold their Bitcoin long-term without worrying about losing a lot of their initial value.
Take, for example, Mahmoud Eskandari, a Tehran-based blockchainBlockchain
A digital, distributed ledger which contains data for all the transactions that have ever taken place using a given cryptocurrency.
About his own experience and observations, Eskandari states:
“Today it is clear to me that more and more people are using bitcoin,” Eskandari told CoinDesk. “Bitcoin has not had a profound impact on the lives of the Iranian people, but its use is growing among the people and I can see that.”
Eskandari isn’t the only one thriving from using cryptocurrency, however. Approximately 29 percent of Iranians surveyed have managed to store approximately $5,000 of their wealth in crypto, a growing trend in the area. To fully understand this, take into account that 14 percent of respondents make more than $10,000 a year.
While Bitcoin may not be a viable currency or store of value in the U.S. and in other areas, we need to remember the true value of digital currency for those who may not have access to the same financial tools or privilege that we do.
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