Monday, July 15

Why is Bitcoin a Saving Choice for Lebanon?

A golden shinning bitcoin standing out amongst many.

Behind the running state of downtown Beirut, we see some vast buildings that played their part as a head office of a local bank in Lebanon. We know the story of Lebanese that remained successful in banking reputation often dates back to the state’s inception in the early forties. You can even find out the success in this domain for many people in several aspects like the one that is not confined to the one strict monetary policy of Bitcoin network the central bank. You also have the chance to see the success in this domain found in many more aspects. These are not limited to any central bank or some once strict monetary policy. And one can find that the gain of gold making this country the biggest holder of gold per capita worldwide that found in North Africa or even in the Swiss banking domain has attracted many people and companies to invest there. You can grab the entire story at the website Hier for more. 

The state of Lebanon 

 Earlier in 2020, one can find two kinds of jobs that seemed lucrative for any average Lebanese citizen that seemed working in any banking sector or government department. The former only meant that you are part of a big industry that tends to fail in the market. The latter allowed people to enjoy a good salary and several regular benefits with job security. For these reasons, the country’s banking sector has remained a beautiful place for investors and worked only for people for specific periods. You can say this from the civil war of the country that kept the secret in the market.

The banks quickly lured investors into the country by promising higher dividends. These people were called the depositors who kept money in the bank for investment purposes. We even saw the government using these banks to sell high-interest bonds to the banks with the help of their central banks. The depositors had good reasons to benefit from this scheme and make good money. The interest rates were high, reaching up to 15 per cent, which was an excellent deal for the consumers. However, the bubble burst as we saw the banks failed to return the money to the depositors. The central bank quickly printed the paper currencies to return the depositors’ money, which led the country to face hyperinflation. The situation went wrong, and we saw the solution coming from Bitcoin.

Bitcoin as the ray of hope 

 The past two decades have gone tough in the market, and we see the average depositor in Lebanese banks not finding any intention to fund any government. Everyone knew that the government was never efficient in addressing the trust of the people they had earlier. The country seemed pitted with protests, wars, political assassinations and many more similar things. Everything the government offered collapsed, and nothing came out of it. We saw the Lebanese citizens now coming to save loads of systems, but they failed. The only answer they had was in the form of Bitcoin. We see everything is collapsing in the financial system. So, the solution one can find them in for Bitcoin.

Bitcoin shares an exciting story as it does not lure its investors or make tall claims to give good gains in the future. The record for currency speaks for itself. Many Lebanese liked the idea of a 21 million coin policy for the crypto monetary system in the world. They liked the idea of investing big in the market and gained an excellent way to earn big, allowing everyone to enjoy good returns. The limited number of coins gives a firm saving policy with Bitcoin. Also, several other policies with Bitcoin promise the country the best returns. It is true to see BTC offering P2P and borderless settlement worldwide. It is a beneficial bet for any average Lebanese citizen found all over the debunk banking domain. However, the lack of saving the problem often kept the investors at bay for the economic collapse.

Wrapping up 

Bitcoin gave the people of Lebanon an excellent opportunity to survive in this tough time when they have been struggling for the last two decades. Unfortunately, the failure to fight corruption within the government led the people to lose their money, which failed other aspects of the country. But thanks to digital coins like Bitcoin, the sovereignty and peace within the country are gradually being restored.

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