What are the benefits of Bitcoin in Saudi Arabia Specifically, Middle east generally_ _ Bitcoin priceless mastercard

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Before I start, let me start by saying I am a big bitcoin enthusiast and evangelist. I started the interest group here in saudi and have a few projects in the works.

I can see the problem solving potential bitcoin has in many countries.

-USA: BANKS

-india: remittance

-argentine: inflation

-[countryname]: unstable gov/currency, TAX

And i love it all and preach it to the masses around me. But I cannot for the life of me find a selling point for people here in saudi.

There is no tax in saudi, and banks are not horrible people here and do a fairly efficient job at not harassing people. Internal transfers only take a few hours and are already dirt cheap. International transfers are done suing SWIFT system.Priceless mastercard inflation is around 3/5 and doesn’t effect the general public. The government and currency and extremely stable.

And the bitcoin infrastructure here is non-existent (I’m working on it). No exchanges, no sellers accepting it. I suspect it will remain like this for a while as well.

Essentially, it wouldn’t change the bottom line of their lives. If lesson it, as infrastructure is nonexistent.

The only way where it would make a dent would be in remittance. There are large numbers of expats that vary from origin. Many western individual and many asians of various origins remit thousands of saudi arabian riyals (sars) back home and all are looking for a cheaper/faster deal to do it.

So after all of that, I would like the opinion of the collective. What is the value add of bitcoin in life of a middle class?Priceless mastercard

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Muslim here. What it comes down to is this: government money like the US dollar is created as a debt by the federal reserve, a debt which must be paid back with interest by the american people. This would mean that the method by which dollars are created is based on usury (riba). So the theory is, how the hell can dollars be considered halal to use? And using middle eastern currencies doesn’t improve the situation because arab countries like to tie the value of their currencies to the dollar. So using the dollar or riyal should be considered haram to use. Problem is, this issue doesn’t get discussed much at all! And it is so baffling to me! If muslims knew a currency was made of pig skin, would they use it?Priceless mastercard i don’t think so. So why are we being hypocritical when it comes to a currency based on riba?

Bitcoin is very much like gold and silver, that is, they are not based on debt and riba.

Just started a brand new subreddit called r/muslimsforcrypto if you are interested (im assuming you are muslim, but forgive me if i am wrong)

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I’m not sure if those are similar issues. Using government money when we now have alternatives (granted, it might be 5 – 20 years before bitcoin is usable by the average joe), is giving legitimacy to the system. If we know how these currencies are created, we should make efforts to stop supporting those systems, otherwise, we are giving it power to keep going. If we stopped using US dollars, the less power it will have, meaning less power is given to the system of riba.Priceless mastercard using riba based money is agreeing to the method by which they are created.

And here’s another important aspect – in order for the government to pay back the debt and associated interest, the central banks create more money at a faster rate (they have to, because when x money gets created, 1.06x has to be paid back) – in other words, inflation is baked into the currency. Inflation steals purchasing power from everyone holding the currency, which helps pay back the interest of the older money created. So again, when we hold these government currencies, we are subject to the inflation of the currencies, which is used to pay back the interest of when money gets created. So just by holding these currencies, we are being forced to pay the interest (riba) thru inflation.Priceless mastercard all screams haram when we analyze fiat money more closely. It’s no wonder that islamic money has traditionally always been gold/silver, you can’t inflate those to collect interest payments.

Edit: riba works both ways. It is haram (forbidden) to receive as well as give riba.

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Old generation:

So far the only benefit i can see for locals would be nothing. Over 50% of the country works for the government and they have bank accounts with never use their ATM cards but to withdraw from atms, they never use it at a purchase point.

Most think credit cards are still evil.

Younger generation:

Just started having credit cards, young professionals who have too much to loose by going into bitcoin. They just started trusting banking, even through the ATM machines at stores break constantly.Priceless mastercard they havn’t trusted the banks yes to distrust them and go find an alternative. To them all sort of banking including bitcoin is scary still.

Conclusion:

NOT THE RIGHT TIME FOR LOCALS

On the other hand,

Low waged expats who send money every oher day to their families in southen asian countries continue to pay fees that can reach up to 20% of the amount their are transferring. This is the opportunity that exists now, this is a problem worth solving.

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