Thought recently about those countries with capital controls and crashing national currencies...
The question I was puzzled with is - who is going to sell bitUSD to a Venezuelan, and for what?
if Venezuelan wants to buy bitUSD for cash or bank Bolivar - who will be ready to part with their bitUSD for Bolivars and what would be their motivation?
If Venezuelan wants to get USD out of the country and instead of carrying fiat it is way less risky to carry bitUSD balance through customs - which seller of bitUSD is happy to get paid cash USD in Caracas? Be it some international guy who travels and has USD account in the US, so he can buy bitUSD with it. But why such seller would want his USD back in cash in Venezuela?
Agree bitUSD could be great remittance vehicle. Also if some people who have cash USD in Caracas prefer to hold bitUSD for more secure storage, but here again, this requires a local seller who somehow managed to buy bitUSD from someone with access to on ramps.
Does someone understand what I am trying to express here? Apologies if my concern is not as clearly articulated. I mean for every buyer there has to be a seller or a short who is happy to be paid in something that a buyer has...
Is the answer similar to China - they mine BTC locally and exchange this into bitUSD??