The Bitcoin Dealers of Beirut
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SHOW DESCRIPTION
For 28 years, Lebanon's Lira has been pegged to the US Dollar. But 18 months ago, following widespread protests, the government collapsed. Loan defaults and central bank mismanagement saw the Lira devalue and the people of Lebanon could only watch as the value of their savings dropped by the day.
Currency controls have meant that getting access to US dollar savings is heavily restricted in Lebanon and converting them into local currency at the bank rate is almost worthless.
But a small group of entrepreneurs in Beirut have created an underground Bitcoin market. These Bitcoin dealers meet clients in quiet corners of supermarkets to convert their hoarded dollars into Bitcoin in a bid to preserve their value from the banks 80% devaluation. And to convert overseas dollar remittances into dollars at a real market rate to enable residents to pay for essential services.
As Lebanon is on the brink of collapse, we look at how the Beirut locals are increasingly looking to Bitcoin as an alternative to their broken banking system.
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SHOW NOTES
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Kraken - the best place to buy, sell or trade Bitcoin.
