- funded an Afghan refugee friend in Turkey with ETH. they have no bank account.
If they have no bank account, how do they convert ETH into something actually useful to them (presumably Turkish Lira)?
If they have no bank account, how do they convert ETH into something actually useful to them (presumably Turkish Lira)?
"The Turkish lira hit its weakest ever level against the US dollar on August 7, trading at 7.36 at one point, having lost nearly 20% of its value since the beginning of the year....The lira has been on life support for the past two years and the economy has continually struggled."
https://theconversation.com/turkeys-collapsing-lira-governme...
Yeah, no, it actually is.
The USDTRY rate doesn't matter nearly as much if you actually live in Turkey, for hopefully obviously reasons.
And if your argument is that realized volatility makes a currency useless, then I'm afraid I have some very bad news about cryptocurrency.
Volatility based on speculation, price discovery, and early adoption is different than volatility because of high inflation. The former just means you might lose your investments. The latter means your government could collapse.