You have never heard of non-crypto Special Drawing Rights, eh?
The Developing World has a lack of infrastructural development on par with the Developed World. So, in case of say Latin America, the State of California in the USA has more telephone lines (from the former infrastructure of land-line phones--like I grew up with) running through its state than all of Latin America combined.
But with the dawn of smartphones Latin Americans even in the slums had a means of jumping over that
lack of communication infrastructural development, not only with phone communication, but with computer access to the internet. I was reading about this many years ago, long before Bitcoin ever existed. Why was it brought up by American tech minds and even benevolent Western people that wanted to decrease the "information gap" across the world and help give the poor in Africa, Latin America, and Asia access to the internet (and its available information)? It was brought up by them because the
new technology of smartphones were considered a means to bridge that gap. And in fact it has. You look at the Brazilian favelas (slums) and plenty of its residents have smartphones.
So, I remembered all of that when I read how bright minds (from the tech and financial sectors) have been constructing plans to use the blockchain (new technology) to bring access to financing to even the poor in the Developing Countries. This is why I go back to the
concept of Special Drawing Rights (as analogy for Bitcoin or any crypto-currency [but smartcontracts as well--which is what 2G or Second Generation crypto like Ethereum brought). You are stuck on the fact that Bitcoin is usually needed to be converted to a national currency. For me I care little about that because Special Drawing Rights allows an institution to pick any national currency they want to be paid in.
The Developing World is a massively under-tapped market. Kind of like Brazilian favelas in relation to government taxation. Brazilian favelas originally formed as squatter camps had no addresses and of course no public services brought to them by their local government. No property taxes were paid to local government and rents essentially became un-taxed, underground economies. Just one Brazilian favela in Rio, just one, might have a population of 100,000 people. And there are many favelas throughout that city. And then there are favelas spread throughout all cities throughout the entire country of Brazil. Imagine the untapped revenue in Brazil from the lack of tax dollars brought in? So, this is kind of analogues to the
lack of financial infrastructure (banks, access to loans) through the impoverished sectors of all of the Developing Countries.
I view the emerging blockchain and crypto world technology like early technological stages of 1G or First Generation cellphones. In the First Generation they were thick phones and had no internet connection, had no apps to load your credit/debit card to pay groceries and other products with at checkouts at stores, you could not upload videos or text photos to people. Now, in your flagship smartphones you can even take some of the 5 feet under water and shoot video and photos, some of the glass used now is unlikely to to scratch or crack (let alone shatter) if you drop the phone or hit it with a hammer.
I do not view blockchain and crypto as a "fad." I have
zero emotions involved in it. No more than I have emotions involved debit cards and online shopping. And I'm old enough to remember when debit cards really did not exist. Credit cards existed when I was a small child id debit cards did exist then very few Americans had them. Now they are normal.
Your problem is you have an
emotional investment in wanting to see Bitcoin and crypto in general "fail."
