1/ "The development of payment gateways and online stores and adopting BTC as a payment method in physical spaces led to a $ in BTC listed higher in Cuban pesos than a $ in cash for the first time"
𧡠on what Cubans are doing with Bitcoin π¨πΊ β‘
eltoque.com/products-and-sβ¦
𧡠on what Cubans are doing with Bitcoin π¨πΊ β‘
eltoque.com/products-and-sβ¦
2/ **Paying for Apple+, Netflix and Spotify Premium**
-More and more homes are able to access a stable internet
-VPN use is widespread
-One can use BTC to pay for streaming services via services like @bitrefill
-More and more homes are able to access a stable internet
-VPN use is widespread
-One can use BTC to pay for streaming services via services like @bitrefill
3/ **Transfers to international bank accounts**
-Using services like @QvaPay, one can top up their account with BTC and transfer funds to a US bank account
-Outside of cryptocurrencies, this isn't structurally easy, as the Cuban financial system is designed to trap value
-Using services like @QvaPay, one can top up their account with BTC and transfer funds to a US bank account
-Outside of cryptocurrencies, this isn't structurally easy, as the Cuban financial system is designed to trap value
4/ **Paying a bar bill**
-At least four bars in Havana accept Lightning for purchases: Yarini, El Cafe, paZillo and Al Pirata
-The article recommends @MuunWallet as an app a Cuban might use to do this
-Not widespread, but growing
-At least four bars in Havana accept Lightning for purchases: Yarini, El Cafe, paZillo and Al Pirata
-The article recommends @MuunWallet as an app a Cuban might use to do this
-Not widespread, but growing
5/ **Buying bikes, motorbikes, cellphones, electrical appliances**
-Via @QvaPay Cubans can buy things in the Panama free trade zone w/ BTC and have them shipped to the island
-The same method can be used with Bachecubano, one of Cuba's first online stores
-Via @QvaPay Cubans can buy things in the Panama free trade zone w/ BTC and have them shipped to the island
-The same method can be used with Bachecubano, one of Cuba's first online stores
6/ **Services**
Browsing Vivencrypto, Cuba's cryptocurrency community directory, one can pay for a range of things with BTC including:
-Photography
-Marketing services
-Installation of digital TV antennas
Browsing Vivencrypto, Cuba's cryptocurrency community directory, one can pay for a range of things with BTC including:
-Photography
-Marketing services
-Installation of digital TV antennas
7/ It is fascinating to see the growth of Bitcoin/LN as a medium of exchange in Cuba.
It's a bright spot in an otherwise tragic mess, as the Cuban peso has fallen all the way to 100 per dollar.
Last summer it traded around 60 per dollar.
Officially, it's supposed to be 24:1
It's a bright spot in an otherwise tragic mess, as the Cuban peso has fallen all the way to 100 per dollar.
Last summer it traded around 60 per dollar.
Officially, it's supposed to be 24:1
8/ Of course, many Cubans have been saving in BTC and using it for remittances for several years at this point. The Biden Administration has refused to change any of Trump's policies which, for example, closed Western Union services on the island and left it financially isolated
9/ Meanwhile, the regime continues its financial repression, paying public sector workers in the collapsing peso, while forcing Cubans to buy goods via the MLC currency which can only be legally obtained with foreign hard currency. Pesos cannot be officially converted to MLC.
10/ For more background on Cuba's financial collapse and rising Bitcoin adoption, see my essay on the subject from last summer:
bitcoinmagazine.com/culture/cubas-β¦
bitcoinmagazine.com/culture/cubas-β¦
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