Defiant Practices of Payment: The True Use Case of Bitcoin
summary
Argues Bitcoin helps Venezuelan middle classes as a hedge—experiments show tech-savvy workers get paid in BTC, convert weekly and grow a bitcoin stack—but it fails for the poor: $1–3 transaction fees and lack of phones, data and education make small purchases impossible for people living on $5/month. City uses multiple currencies (dólar, peso, bolívar, bitcoin); a local Bitcoin ATM removed and low Lightning acceptance mean adoption stays niche, not a mass solution for LatAm hyperinflation.
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