In recent time, civil unrest in some Middle Eastern Country has been emerged because of sturdy banking limitations and deficit of dollar. People in those countries started being jobless as of the fact too. But even in that crucial moment Lebanese moves on with the help of bitcoin indeed as conventional bondage is necessary in time of this crucial situation.
Why talking about banking shortage appeared because in Lebanon we saw that during economic downturn, associations of banks has fixed an withdrawl limit for people at commercial banks and there were some other civilians who are struggling to even access their bank accounts storing any currency.
Even a trader said they are gradually running out of imported items and goods. The nearly supermarket was empty as traders can’t increase (lira) prices. So it is thought in that case remittances are a lifeline. Helping more than 35 families, a bitcoiner, who doesn’t accept fiat or local payments for his services, in Beirut, is the capital and largest city in Lebanon, said those who are expatriates trying to send money to help their families to them bitcoin is much congenial. The bitcoiner charges a small premium in bitcoin because his Lebanese credit card has been limited to $200 of spending a day.
Another bitcoiner from Byblos, is the largest city in the Mount Lebanon Governorate of Lebanon, told his customer base went from roughly 30 people a month to 200 people this past month converting bitcoin remittances to dollars. More than $6,000 worth of bitcoin came into Lebanon throughout his deal only. Customers for sending bitcoin abroad are also increasing in a number. They are sending money in foreign countries to receive merchandise.
Bondage of Kith and Kin
Maybe, bitcoin itself can’t solve the crisis emerged in Lebanon but what it can that is it can tighten resources as like as the bondage of kith and kin. Shopkeepers in a large number are maintaining paper ledger of credit for native families and many more on the ground of sources which is a conventional practice in some manners. There are also some traders who are thinking relying on bitcoin is risky because of misinformation and political rivalries. Some think stokes animosity augments violence within the community. Word-of-mouth education is required to demonstrate bitcoin as an apolitical asset. With a view to spreading this education, bitcoiners can play a vital role.