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Questions and Answers
What is the main reason for the high transaction fees for cryptocurrency in Argentina?
What is the main reason for the high transaction fees for cryptocurrency in Argentina?
- The lack of links to global financial systems
- The presence of EIP-1559 transactions (correct)
- The presence of local exchanges
- The presence of high inflation
What is the primary benefit of cryptocurrency in wealthy countries?
What is the primary benefit of cryptocurrency in wealthy countries?
- Low transaction fees
- Quickly confirming transactions
- Making donations (correct)
- Convenience
What is the main purpose of cryptocurrency?
What is the main purpose of cryptocurrency?
- To replace traditional banking
- To provide a secure form of payment (correct)
- To combat inflation
- To provide a global financial system
What is likely to remain true of cryptocurrency in wealthy countries?
What is likely to remain true of cryptocurrency in wealthy countries?
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What is the primary advantage of cryptocurrency in countries with high inflation?
What is the primary advantage of cryptocurrency in countries with high inflation?
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Study Notes
- Cryptocurrency is increasingly being used for everyday transactions in Argentina and other countries around the world where links to global financial systems are limited and extreme inflation is a reality.
- There are local exchanges as well as Binance, a growing number of which are located at airports.
- Transaction fees are high, but this is because EIP-1559 transactions do not yet confirm quickly.
- Cryptocurrencies have value in wealthy countries because they can be used for basic financial activities, such as making donations.
- Cryptocurrencies are more convenient than traditional banking, which is especially true in countries with high inflation.
- There is still significant value in cryptocurrencies even in wealthy countries, and this is likely to continue for the foreseeable future.
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