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Bitcoin helps the middle class survive the pandemic

Regulators still imply that Bitcoin is just a tool for criminals, but it seems to be a lifesaver for the middle class.

Even when politicians like European Central Bank President Christine Lagarde criticize cryptocurrency for providing "windows" used by criminals, people like Saeed - an Iranian immigrant living in France - see cryptocurrency as a necessity because of its difficulty in using it. general financial systems.

Bitcoin

Until 2020, Saeed was a software engineer in Iran whose salary dropped to 300 euros due to inflation. In 2017, he started working as a freelancer for international clients who paid him in Bitcoin. By September 2020, he had amassed enough Bitcoin to do his master's degree in France. However, the pandemic made the migration process much more difficult.

"I went through all this bureaucracy to start my studies in France in September, with only 1.000 euros in my pocket," Saeed said. "THE HSBC, The Banque Nationale de Paris, La Banque Postale, all rejected me, telling me that I could not open a bank account in their banks. I finally opened an account at another bank after a month. ”

Saeed, meanwhile, used Bitcoin for its transactions. He is exactly the type of person who has benefited from the "windows" in the traditional banking system.

Saeed believes that Lagarde represents the interests of bankers and the government, not the average citizen, who cooperate with him. However, Iranian immigrants are not the only ones who benefit from using Bitcoin during the pandemic.

In the United Kingdom, a British immigrant named Paul was trapped in London when flights to his Asian country of residence were canceled. Due to the continuous lockdown he was trapped in London.

"I closed my business [in Asia] just before the pandemic started. My father died and it was hard to keep her company open to me, "said Paul. "I stayed in hotels and Airbnbs for weeks and had no home address; without Bitcoin I would have run out of cash. I could only withdraw money from ATMs for a few months because there are restrictions for people in the country for a specific time. "

Fortunately, Paul had some Bitcoin at his disposal. Unlike Saeed, he did not feel comfortable using it currency, but learned quickly. Use Bitcoin to buy groceries, pay phone bills, hotels and Uber and more.

Today, almost a year later, Paul still does not have access to most of them his financial accounts. Instead, download Monzo, a banking application that uses passports for authentication instead of home addresses. From there he makes his transactions.

Bitcoin

Meanwhile, the price of Bitcoin has risen over the past six months. This gave Saeed and Paul a little extra capital to spend until they saw what they would do next.

Let's look at the experience of a student in Kansas named Hess. Quarantine managed to "kill" his relationship and after six years he was forced to move. Bet all of them savings in Bitcoin in the spring of 2020, so that by December it can move. This is an extremely dangerous economic move that we would not recommend. However, for many people they face the unexpected changes due to COVID-19, Bitcoin has become their salvation.

In another example, Lawrence Douglas, a former business director at an event security company at California, lost his job as a result of the pandemic. "The Cash App has changed my financial life a lot," said Douglas. "Bitcoin prices in the 2020 calendar year really helped me, and I'm currently looking for a new job."

These were just a few of the middle class users who survived the use of Bitcoin.

Source of information: techcrunch.com

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