Narrowness of Bitcoin Caught in Economic Crisis of Lebanon

Narrowness of Bitcoin Caught in Economic Crisis of Lebanon

Recently a piece of news is scattering towards media that banks of Lebanon will remain closed for a fifth working day to help ease an economic crisis. It gives raise of thoughts to the inhabitants of the country about global bitcoin as they can no longer send foreign currencies because of heavy restricted banking access and limited liquidity. As a result of that civilians of Lebanon started working to acquire bitcoin.

Rkein Motors, a car dealership, helmed to accept bitcoin payments hearing the bank limitations and along with this a number of Telegram and WhatsApp groups for local traders have doubled in size over the past year. Users of Bitcoin and Non-user of bitcoin created unfavorable conflicts in the region. According to a Bitcoin user it came to our sense that only politicians who are filthy rich will be benefited by Bitcoin as they have access to money. Fact is that if people were sitting at home with 24 hours worth of electricity and internet and they could work online to get paid for their online work, only then they would be benefited by Bitcoin.

Another issue is that most bitcoin exchanges don’t serve Lebanese users and an allege report stood against Lebanese bank, which is allegedly connected to the paramilitary group Hezbollah. As a result crypto users in the state are on wary.

Rising Appearance

  Some exchanges are serving Lebanese bank accounts price bitcoin purchases in dollar which ruins matters worse for expected bitcoiners. Few people are there who want to sell bitcoin for cash and so four LocalBitcoins enlisted traders are working with bitcoin amounts tantamount to up to $1,000 each. 10 percent premium can be charged upon traders. In Lebanon there is demand and supply for OTC bitcoin transactions but local authorities are unable to support the needs of less tech-saavy users. A Lebanese trader is suggesting finding a way to buy bitcoin as they warily eye the treat of stricter capital control on the horizon. Hence, the amount of buying of bitcoin is increasing on daily basis.

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