Comment by aaronwalker | Hacker News Reader

Comment by aaronwalker | Hacker News Reader

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> The normies are into crypto because of hype and FOMO.

Hype and FOMO are indeed drivers of growth, but those alone would not explain why rates of crypto adoption are highest in countries with large unbanked populations.

Take a look at this website, which ranks countries by rates of crypto adoption: https://blog.chainalysis.com/reports/2022-global-crypto-adop...

Then compare it to this chart from Statistica, which ranks countries with highest unbanked populations: https://www.statista.com/statistics/1246963/unbanked-populat...

Notice that there is a lot of overlap.

While Bitcoin adoption in countries with strong national currencies like the US or EU is likely driven by FOMO and hype, its main appeal is as an investment/store-of-value for those who lack access to them otherwise, and that is why Bitcoin adoption is highest in unbanked populations.

Well I was replying to your comment about general appeal of bitcoin to the masses. Your last question relates as to why certain countries are adopting first. I think that's an important distinction, might not be the same underlying reasons.

I don't have answers, but I can throw out potential answers that come to mind.

- I agree there's utility to the unbanked. Having a bitcoin is better than having nothing. Could be better than national currency depending on the country you're living in. I still suggest that those people would rather get their hands on $$$ if they could.

- A lot of crypto is used for crime. 419 scams come to mind (yes I know a lot are in $$$). The point is that some of the adoption in these poor countries could just be explained by criminal utility.

I appreciate your perspective. My point being I don't think it's that cut-and-dried. My gut says bitcoin is better than nothing, but $$$ are better still for most.

Lastly, and it's an important point I keep forgetting to make. Almost everyone into bitcoin are into it because of the $$$ they can later get out of it. That's a huge litmus test for me, telling me that it's not about the bitcoin to them. They want $$$ at the end of the day.

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