RE: Southern African Banking Tensions Great For Bitcoin
The amount of remittance between South Africa, Namibia, Botswana, Mozambique, and Zimbabwe might not be the biggest, but it's because we don't account for a lot of it, as it goes through gray markets, we send cash over the border or transport goods for resale.
Bitcoin and the lightning network can help people do this in a more efficient manner, while large transfers let's say farmers or miners can settle on the base chain since they're moving larger orders. It will be cheaper, faster and you don't need the banks to clear shit.
Dear @chekohler, From my point of view, the current economy of African countries has collapsed and their fiat currency is being pooped.
The fact that African countries, including South Africa, have given up their fiat currency and use Bitcoin as an international currency seems different from East Asia.
China and Japan, which are currently the second and third largest economies in the world, seem to want their respective fiat currencies to become international currencies that can counteract the USdollar.
PS: I was new to lightning network! 😯
Is it perhaps the channel through which African countries trade bitcoin with each other?